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NANJING Retail Q1 2021

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NANJING Retail Q1 2021 M A R K E T B E AT NANJING Retail Q1 2021 YoY 12-Mo. Bymall Opened in Q1 2020 Chg Forecast Bymall in Jiangbei New Area opened as scheduled at the end of January. Still completing its comprehensive health service center, the creative mall is looking to satisfy more varied demand from customers living near the Jiangpu neighborhood in Pukou District. Once operating at full steam, 4.9% the mall aims at becoming a dynamic gathering point for families. As more quality malls nearby complete soon, such as Longfor Paradise Walk Disposable Income and Wonder City, market competition is likely to be intensified. 0.8% After a database adjustment, total stock of quality retail space reached 4.11 million sq m at the end of Q1 2021. Many previously delayed malls are Population Growth (2019) now expected to be completed this year, which will particularly boost the development of Hexi New Town and Jiangbei New Area. -0.2% Popular Malls Still Upgrading Consumption Expenditure Growth Impacted by national policies on restrictions on holiday period travel to rural areas, about 2 million more people stayed in Nanjing during the Spring Festival Holiday this year compared to last year. Retail sales revenue during the holiday period consequently rose greatly, especially for large Source: Nanjing Statistics Bureau. shopping complexes such as Rsun Square, Deji Plaza and Aqua City. Deji Plaza again achieved the second highest mall sales total in 2020 The forecast is based on Oxford Economics nationwide. Exceptional sales revenue in Xinjiekou in 2020 also helped to strengthen market confidence in the early part of 2021. Themed events surrounding the Chinese New Year period also revived atrium customer footfall numbers in major shopping malls. Cinemas also saw a revival of NANJING ECONOMIC INDICATORS customer flow. Meanwhile, some new energy vehicle brands opened pop-up stores inside malls to further boost revenue with promotion policies. 2020 Even though malls enjoyed a rebound in 2020, operators in Xinjiekou were still tweaking their internal brand mixes in the first quarter to keep YoY 12-Mo. abreast of changing customer tastes and ensure their retail offering remained relevant. On the tenant side, Popeyes opened its first store in the Chg Forecast Central, and Tim Horton opened its second and third stores in Nanjing. More first store openings expected in the near-term will continue to attract 0.9% customer attention. Total Retail Sales Growth Further Strengthening of Omnichannel Platforms Expected Vacancy at 3.7% and low rentals in non-core submarkets continued to suppress citywide overall monthly rental. At the end of the quarter overall average rental stood at RMB723.4 per sq m. With consumers accustomed to post COVID-19 life, more malls are now expected to further 4.6% strengthen their online and offline operations. GDP Growth RENT / VACANCY RATE RETAIL SUPPLY PIPELINE BY SUBMARKET 2.4% CPI Growth Source: Nanjing Statistics Bureau The forecast is based on Oxford Economics M A R K E T B E AT NANJING Retail Q1 2021 MARKET STATISTICS UNDER CNSTR TILL 2023 OVERALL AVG RENT (RMB/SQ SUBMARKET INVENTORY (SQ M) VACANT (SQ M) VACANCY RATE (SQ M) M/MO)* Xinjiekou 695,851 28,851 4.2% 108,000 600-2,900 Gulou & Hunan Road 198,469 29,254 14.7% 150,000 200-600 Confucius Temple 229,567 8,223 3.6% 0 470-810 Hexi New Town 1,011,614 40,634 4.0% 722,656 150-1,000 Qiaobei 471,557 9,187 2.0% 550,000 700-760 Xianlin 264,000 5,280 2.0% 205,000 300-370 Baijiahu 450,000 16,020 3.6% 0 426-500 Zhushan Road 281,000 3,850 1.4% 0 350-500 Others 509,872 12,355 2.4% 610,000 300-1,000 NANJING TOTALS 4,111,930 153,654 3.7% 2,565,436 150-2,900 * Rental rates are calculated by NLA and considered as consistently achievable for prime space (usually the ground floor) in major shopping centers, excluding management fee, promotional fee and other fees. SIGNIFICANT STORE OPENINGS Q1 2021 SHAUN BRODIE PROPERTY SUBMARKET TENANT SECTOR Head of Business Development Services, East China & Deji Plaza Xinjiekou Fendi Caffe Fashion + Food & Beverage Greater China Content Deji Plaza Xinjiekou Gentle Monster Fashion (Optical) 42-43/F, Tower 2, Plaza 66, 1366 Nanjing West Road The Central Xinjiekou Popeyes Food & Beverage Shanghai Tel: +86 21 2208 0529 / [email protected] Rsun Square Qiaobei Suning Jiwu New Retail Rsun Square Qiaobei Fresh Hema New Retail cushmanwakefield.com Maoye Plaza Confucius Temple Xiding Hot Pot Food & Beverage A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Golden Eagle (Jiangning) Baijiahu Dim-Dou-Duk Dim Sum Food & Beverage Cushman & Wakefield (NYSE: CWK) is a leading global real Jinmao Palace Gulou & Hunan Rd. Nayuki Pro Food & Beverage estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is New City Plaza Hexi New Town Tim Hortons Food & Beverage among the largest real estate services firms with approximately 50,000 employees in 400 offices and 60 countries. Across Greater China, 22 offices are servicing the local market. The company won four of the top awards in the SIGNIFICANT PROJECTS UNDER CONSTRUCTION Euromoney Survey 2017, 2018 and 2020 in the categories of Overall, Agency Letting/Sales, Valuation and Research in PROPERTY SUBMARKET EXPECTED OPENING YEAR SQ M China. In 2019, the firm had revenue of $ 8.8 billion across Zendai Himalaya Center Others 2021 130,000 core services of property, facilities and project management, leasing, capital markets, valuation and other services. To Jiangbei (Qiaobei) Mixc Qiaobei 2021 100,000 learn more, visit www.cushmanwakefield.com or follow Longfor Hexi Paradise Walk Hexi New City 2021 160,000 @CushWake on Twitter. Nanjing SHK IFC Hexi New City 2022 93,000 ©2021 Cushman & Wakefield. All rights reserved. The information Greenland Zijin Center Gulou & Hunan Road 2022 150,000 contained within this report is gathered from multiple sources believed Qixia Yanziji Mixc Others 2022 210,000 to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy..
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