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Briefing Retail Sector January 2018

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Briefing Retail Sector January 2018 Savills World Research Beijing Briefing Retail sector January 2018 Image: WF Central, Wangfujing SUMMARY Four new projects were launched onto the retail market in Q4/2017, resulting in a decline in the overall occupancy rate. Four new projects launched City-wide shopping mall first floor in Q4/2017, contributing a total of rents registered a growth of 0.4% “The integration of online and 699,400 sq m of new retail GFA. As QoQ to an average of RMB956.1 per offline retail channels will continue a result, total shopping mall stock sq m per month in Q4/2017, up by to emerge under the “new retail” increased to 9.62 million sq m, while 1.6% YoY. department store stock remained at movement. A greater number of 2.1 million sq m. It is expected that the market will retailers will explore crossover see the debut of three new mid-to- City-wide shopping mall high-end projects during Q1/2018, and new marketing initiatives as occupancy rates declined by 0.8 of contributing a total retail GFA of they aim to create a sense of a percentage point (ppt) quarter-on- approximately 190,000 sq m. freshness and raise consumer quarter (QoQ) to 93%, down by 2 ppts year-on-year (YoY). awareness of their brands.” Jack Xiong, Savills Research & Consultancy savills.com.cn/research 01 Briefing |Beijing retail sector January 2018 Market Overview GRAPH 1 A strong preference for prime Retail Sales, Jan 2010 – Nov 2017 submarkets by both domestic and Retail sales (LHS) Retail sales nominal YoY growth rate (RHS) international retailers pushed the F&B revenue YoY growth rate (RHS) occupancy rate in prime areas up by 120 30% 0.4 of a ppt QoQ and 1.2 ppts YoY to 100 25% 94.8%. Large amounts of new supply 80 20% in non-prime areas resulted in the occupancy rate remaining largely flat 60 15% during the quarter, up by only 0.2 of 40 10% a ppt QoQ to 93.0%, although down RMB billion RMB by 2.5 ppts YoY. Occupancy rates in 20 5% suburban markets declined by 3.3 ppts 0 0% both QoQ and YoY to 91.7%. -20 -5% City-wide shopping mall first-floor -40 -10% rents continued to edge up during -60 -15% Q4/2017, increasing by 0.4% QoQ and Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 1.6% YoY to an average of RMB956.1 Source: Beijing Municipal Statistics Bureau, Savills Research & Consultancy per sq m per month. Both average prime and non-prime rents recorded total of 699,400 sq m of new retail in Beijing, such as, Links of London, positive growth. GFA. As a result, total shopping mall Café Landmark, Jade Garden and The stock increased to 9.62 million sq m, Cheesecake Factory. Seven shopping mall projects entered while department store stock remained the market in 2017, contributing a total at 2.1 million sq m. Xitieying Wanda Plaza of 1.2 million sq m of new supply. The Xitieying Wanda Plaza, the sixth majority of new supply was located Hopson One Wanda Plaza established by Wanda in non-prime areas, accounting for Hopson One, the first retail project Group in Beijing, entered the market approximately 60% of the total. Total in Beijing under Hopson Group, and contributed a total of 108,400 shopping mall stock increased to 9.62 entered the market adding 176,000 sq m of GFA. The project was fully million sq m. No new department store sq m of retail GFA. The project is occupied upon its opening. Looking to projects were launched on the market located adjacent to Jiulongshan fill the consumption gap of the rapidly in 2017. However a number closed Station of Metro Line 14 in Chaoyang maturing residential community and over the period, including Junefield district. Strong pre-commitment surrounding student population, the Sogo Department Store, Parkson in rates witnessed the mall achieve an project has focused on introducing Changying Street and Ito Yokado- occupancy rate of approximately 80% children’s educational and recreational Qilizhuang in the Fengtai district. As a upon opening. Major tenants include facilities, as well as some experiential result, department store stock declined Uniqlo, Zara and Hoyts Cinema, the stores. to 2.1 million sq m in Q4/2017. high-end branch of Wanda Cinema. FC Plaza Holiday Life City Economic Overview WF Central FC Plaza Holiday Life City debuted in Retail sales increased 5.7% YoY to WF Central is the first large-scale Jiugong Town, Daxing district, adding RMB1,047.4 billion in the first 11 flagship retail project by HongKong 340,000 sq m of GFA to the market. months of 2017. Online retail sales Land in Beijing. Located in Wangfujing Strong pre-commitment rates have continued to record strong growth, district, the project has contributed seen the mall achieve an occupancy registering an 11.6% YoY increase to an additional 75,000 sq m of retail rate of approximately 80%. The tenant RMB205.45 billion, which accounted GFA to the market. The high quality mix includes a range of fashion brands, for 19.6% of total retail sales, during of the project appealed to a dynamic F&B retailers and some experiential the same period. array of well renowned international stores. Being one of the largest retailers. Notable leases include; projects in southern Beijing, along with Supply and Stock Victoria’s Secret, who launched their having a higher positioning than the Four new projects launched on the fourth global flagship store; and a other surrounding lower-end projects, market in Q4/2017, contributing a number of brands making their debut it is expected that the project will 02 Briefing |Beijing retail sector January 2018 emerge as a landmark shopping mall GRAPH 2 in the area. Major Retail Area Vacancy Rates and Rent Index, Q3/2017 vs Q4/2017 RentVacChartEN Demand and Occupancy Rates Q3/17 Rent index (LHS) Q4/17 Rent index (LHS) Q3/17 Occupancy rate (RHS) Q4/17 Occupancy rate (RHS) Leasing demand was strong in 400 100% Q4/2017, with the most active expansions continuing to stem from the high footfall generating fashion 320 96% and F&B retailers, accounting for 35% and 33% of total leasing demand respectively. Both domestic 240 92% and international retailers displayed Q1/2008 Q1/2008 = 100 strong appetite in Q4/2017, with the 160 88% demand being driven by domestic F&B and international fashion retailers. International retailers continued 80 84% to display a strong preference for prime submarkets, accounting 0 80% for approximately 70% of total CBD Lufthansa Sanlitun East 2nd Ring ZGC Xidan WFJ international retailer expansions and Source: Savills Research & Consultancy new openings. Page 1 The development and penetration of 11.11 Global Shopping Festival. A the younger generation, who place a the internet, continues to see retailers variety of family scenes built around greater emphasis on the experiential showing a greater willingness to products purchasable from Tmall were aspect of shopping. Looking to avoid partner with internet companies as on show, with QR codes on display for being branded as homogenous, recent they look to attract more attention consumers to scan and place orders activity in projects included: from young consumers. The majority online. The initiative looked to create of cooperation is currently being a physical interaction with consumers - SKP Rendez-Vous, a self-operated carried out in the form of pop-up and drive online consumption. bookstore featuring a café, restaurant stores and offline experiential stores. and art & cultural space, opened up Offline experiential stores and activities - Mafengwo.com, an online travel on the fourth floor of SKP Beijing in provide a platform for consumers platform, recently held an indoor November. to interact with a brand and build exhibition dubbed “A Tour of the an emotional connection which World’s Most Popular Walls” (攻略全 - “The Art of Healing”, an art exhibition can potentially lead to online sales. 世界网红墙). The display, which was by X+Q Art, was held in Parkview Activities during the period included: held in Taikoo Li South in Sanlitun, Green in November. featured thirteen of the world’s most - Zhihu.com (知乎), a domestic popular landmark walls posted on - Swire Properties, the Hong Kong question-and-answer website, opened social media, such as the Berlin Wall developer of Taikoo Li Sanlitun, signed a pop-up store branded “Don’t Know in Germany and Wall of Love in Paris. a long-term lease of the Yashow Clinic” (不知道诊所) in Taikoo Li The “tourists” were able to scan QR Market from owner Beijing Kuntai Sanlitun in November. The display codes to learn more about the history Real Estate Development Group in offered a variety of themes, with the of each wall and travel tips. December. The agreement will see intention of making knowledge sharing Swire renovate the project with an art more visual and entertaining. The trend of consumption upgrade museum-inspired design theme and continues to see more landlords pay relaunch as Taikoo Li West. - Tmall.com, a dedicated B2C online greater attention to introducing a better retail platform, launched a pop-up balance of art, cultural and commercial Brand crossover continues to gain store in Topwin Centre in Sanlitun elements in their projects. Creating popularity. Activity in Q4/2017 has district. The project opened in early the right atmosphere can attract a seen a number of fast fashion brands November in the lead up to Alibaba’s larger group of consumers, particularly develop their own beauty brands, as savills.com.cn/research 03 Briefing |Beijing retail sector January 2018 well as some beauty brands explore GRAPH 3 the incorporation of F&B elements.
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