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An Overview of 30 Retail Locations in China Retail Sales in 2013

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An Overview of 30 Retail Locations in China Retail Sales in 2013 China City Profiles 2014 An Overview of 30 Retail Locations in China Retail sales in 2013 Y-o-y Growth (%) Beijing 8.7% Shanghai 8.2% Guangzhou 15.2% Chongqing 11.9% Tianjin 14.0% Shenzhen 10.6% Wuhan 13.0% Chengdu 13.1% Suzhou 11.5% Hangzhou 19.9% Nanjing 13.8% Shenyang 13.7% Qingdao 13.3% Changsha 14.1% Wuxi 12.9% Harbin 13.9% Fuzhou 18.7% Ningbo 13.2% Ji'nan 13.4% Zhengzhou 12.9% Xi'an 14.0% Dalian 13.6% Foshan 12.1% Changchun 13.3% Nantong 12.8% Kunming 14.0% Changzhou 13.7% Hefei 14.5% Xiamen 10.5% Zhuhai 13.4% 0 100 200 300 400 500 600 700 800 900 1,000 (RMB billion) Source: CEIC Disposable income in 2013 Y-o-y Growth (%) Shenzhen 9.6% Shanghai 9.1% Guangzhou 10.5% Ningbo 10.1% Xiamen 10.1% Suzhou 9.5% Beijing 10.6% Nanjing 9.8% Hangzhou 4.8% Wuxi 9.4% Foshan 10.0% Changzhou 10.0% Zhuhai 10.3% Ji'nan 9.5% Qingdao 9.6% Changsha 11.1% Xi'an 10.4% Tianjin 10.2% Fuzhou 9.7% Nantong 9.8% Dalian 9.8% Chengdu 10.2% Wuhan 10.2% Shenyang 9.6% Kunming 10.3% Hefei 10.4% Zhengzhou 5.2% Changchun 12.8% Chongqing 9.8% Harbin 12.0% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 (RMB per annum) Source: CEIC 2 China City Profiles 2014 China Retail Profiles 2014 The China market presents a compelling opportunity for retailers. China’s retail sector has long been firmly underpinned by solid demand fundamentals – massive population, rapid urbanization and an emerging consumer class. China’s economic growth model is undergoing a shift from investment-led growth to consumption-led growth. Supported by massive accumulated household savings and low household debt levels, China’s domestic consumption offers immense headroom for growth. In this report, we profile 30 major cities in China and the defining characteristics of key submarkets within them. This allows readers to see, for example, which area has traditional department stores, which area has a pedestrian street, and which areas are quickly emerging as the next retail hotspots. The profiles also show which areas are mature and which are still emerging. Equipped with this information, readers will be able to readily identify areas that are frequently discussed by local consumers in each city and serve as a starting point for a retail store rollout plan. It is our hope that this guide will provide a useful reference when talking about cities in China. Steven McCord Local Director Head of Research, North China Lead Analyst for China Retail Research [email protected] Eugene Tang Head of Retail, Shanghai and Eastern China [email protected] An Overview of 30 Retail Locations 3 30 major cities covered in this report Harbin Changchun Shenyang Beijing Tianjin Dalian Jinan Qingdao Zhengzhou Changzhou Wuxi Xi'an Suzhou Nanjing Nantong Hefei Shanghai Wuhan Hangzhou Chengdu Ningbo Chongqing Changsha Fuzhou Kunming Xiamen Guangzhou Foshan Shenzhen Zhuhai REIS is a premium subscription-based service which provides comprehensive in-depth data on the 30 cities shown above. It features detailed forecasts for thirty of China’s fastest-growing cities. Coverage includes office, retail, residential, and industrial markets, with expansion to new sectors and geographies. • Timely, accurate, and insightful data and Features: For further information please contact: analysis: All major property indicators as • Detailed supply pipeline Dr Jane Murray well as forecasts and extensive reports on • Historical time series and 3-4 year forecasts Head of Research – Asia Pacific each market sector. +852 2846 5274 for property indicators (through 2017) • Comprehensive coverage: historical data [email protected] • Insight into cities before you travel to them going as far back as 2005 for most Tier 2 Roddy Allan markets. • Quarterly updates on the market REIS Asia Pacific • Consistent methodology across localities: • Access to local analysts and a global network +852 2846 5790 Allowing like-for-like comparisons across of researchers via REIS “hotline” service. [email protected] markets • Market presentations Michael Klibaner • Access to extensive network of real estate Head of Research – Greater China +852 2846 5276 professionals: 120 researchers across the [email protected] Asia Pacific region, 50 dedicated researchers in 12 offices in mainland China. • REIS service supports most of the major real estate investors, developers and equities analysts in the region. Real Estate Intelligence Service 4 China City Profiles 2014 Contents Beijing 6 Nanjing 38 Changchun 10 Nantong 40 Changsha 12 Ningbo 42 Changzhou 14 Qingdao 44 Chengdu 16 Shanghai 46 Chongqing 18 Shenyang 50 Dalian 20 Shenzhen 52 Foshan 22 Suzhou 54 Fuzhou 24 Tianjin 56 Guangzhou 26 Wuhan 58 Hangzhou 28 Wuxi 60 Harbin 30 Xiamen 62 Hefei 32 Xi’an 64 Jinan 34 Zhengzhou 66 Kunming 36 Zhuhai 68 Glossary of Terms 70 An Overview of 30 Retail Locations 5 Beijing Taikoo Li South (opened in 2008) The political pulse of the nation and the cultural capital of Centralised Areas: China, Beijing also lays claim to a well-developed retail Central Business District (CBD) submarket: With convenient access market that has undergone a decade of rapid expansion to Metro Lines 1 and 10, this area has a strong concentration of high-end and given rise to numerous new submarkets throughout malls offering a plethora of top-tier international luxury brands, the most the city. Critical to the China expansion strategies of most well-known of which is the sprawling China World complex. Nearby Shin international luxury brands, Beijing boasts mainland Kong Place consistently tops the city’s ranking of total sales revenues. China’s number one luxury market – a standing that it is The CBD has a heavy concentration of international companies that dedicated to keeping. With one of the most sophisticated employ a huge white-collar workforce. core retail markets on the mainland, the Chinese capital Third Embassy Area submarket: As a newer urban retail area in the also gains from its popularity as a tourism destination, upmarket eastern part of Beijing, Third Embassy is characterised by annually welcoming more visitors than any other city in trendiness and lifestyle. It attracts mid-to-upper class shoppers who have an international flair in their tastes for shopping, dining, and brand the country. Beijing also enjoys the title of China’s top preferences. Taikoo Li and Solana have become particularly popular with retail spender, an accomplishment achieved by raking families as they feature outdoor shopping and dining areas. Taikoo Li is in more than RMB 837 billion in retail sales in 2013. established as one of the top shopping centres in the city, enjoying high Although Beijing’s spending power is backed by a strong foot traffic and conversion rates. Third Embassy Area enjoys convenient presence of state-owned enterprise headquarters, the city’s access to the Third Ring Road, a key artery through east Beijing. predisposition for luxury items has softened in the wake West Chang’an Avenue submarket: This submarket benefits from a of the country’s nationwide anti-corruption campaigns. large population base and an older, stable population. Local residents The central government is aiming to curtail traditional here are still accustomed to the dominant department store format, gift-giving practices. However, demand from the growing although the presence of shopping malls has become more obvious in middle-class, powered by a surging set of diversified the past five years. The 2012 additions of Capita Crystal and Charter industries, including IT and automotive, is expected to rise Shopping Centre, Beijing’s largest department store, have helped lift the and drive retail demand growth in Beijing. submarket’s positioning from a strictly mid-range market to an upper mid- range to high-end market. 6 China City Profiles 2014 Wangfujing submarket: Located just east of the iconic Forbidden City, the most traditional and well-established retail precinct in Beijing features an 800-metre pedestrian street lined with mid-range and high-end shopping malls as well as department stores. It is a quintessential “bright lights, big city” shopping experience. With as many as 1 million visitors per day on major national holidays, about two-thirds of the visitors to Wangfujing are tourists and one-third local residents. The area features a range of shopping formats, ranging from small street-side shops selling traditional Chinese goods and snacks to well-established department stores and shopping centres housing a wide variety of international brands. Apple and Forever 21 are among the more recent flagship stores that have opened here, leading the charge for many properties to upgrade. Key landmarks include Beijing APM and Oriental Plaza, with the latter’s expansive one-stop-shop complex considered among the highest revenue-earning malls in the city. Xidan submarket: Popular among students and young people on the lookout for a bargain, this submarket presents a shopping street that is easily accessible from Metro Lines 1 and 4. Xidan is dominated by a cluster of high-traffic department stores targeting middle-class teenagers and young adult shoppers from across the entire city. Xidan Joy City is regarded as the busiest shopping mall in the whole city, with several stores in the complex reporting record high sales for China. Most young visitors to Xidan come to the area with the intention of at least stopping at Joy City. The French department store Galeries Lafayette’s opening in 2013 represented a significant shift in direction for the submarket by providing a more upscale experience for the younger, moneyed generation of consumers who are interested in trendy international fashion.
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