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Briefing Retail Sector December 2014 Savills World Research Shenzhen Briefing Retail sector December 2014 Image: Coastal City, Nanshan district SUMMARY A significant amount of new supply is expected to enter the market in Q4/2014, leading to increasingly fierce competition in Shenzhen’s retail market. Shenzhen’s retail sales totalled quarter (QoQ) to an average of RMB303.5 billion in the first eight RMB1,061 per sq m per month in months of 2014, up 8.9% year-on-year Q3/2014, up 5.8% YoY. “Nine Square has opened in (YoY). Longhua, becoming the first Three new high-end shopping One new project, Longhua Nine malls – Coco city (星河Coco city), No.8 regional commercial centre in Square (龙华九方购物中心), was Outlets (8号仓奥特莱斯) and Chinaland handed over to the market in Q3/2014, Mall(新港商城) – are expected to be this area.” Sherry Xu, Savills Research pushing city-wide stock up by 4.8% to launched in Q4/2014, adding 220,000 2.2 million sq m. sq m of retail space to the market and pushing total stock up by 10.0% First-floor prime shopping mall rents increased 1.4% quarter-on- savills.com.cn/research 01 Briefing |Shenzhen retail sector December 2014 Market overview Supply Longhua Nine Square entered the Retail sales continue to grow, One new project, Longhua Nine market ahead of Galaxy Coco City totalling more than RMB303.5 billion Square, was launched onto the and No.8 Outlets, which are also in the first eight months of 2014, market in Q3/2014, pushing city-wide expected to launch in the Longhua up 8.9% YoY. This upward trend is area in the remainder of 2014. It has expected to continue during the next stock up by 100,000 sq m to 2.2 quarter and through to 2015. million sq m. become the first larger shopping mall and is a landmark in the Longhua area. However, many of GRAPH 1 the project’s services and facilities Retail sales, Jan 2008–August 2014 were not completed upon opening. Retail sales (LHS) Retail sales growth (RHS) As a result, issues such as a lack of 50 25% interior design lowered the appeal to consumers. 40 20% Rents First-floor prime shopping mall rents increased 1.4% QoQ in Q3/2014, to an average of RMB1,061 per sq 30 15% m per month, up 5.8% YoY. This continued increase in rents, which reflects strong demand levels seen RMB billion within Shenzhen’s prime shopping 20 10% malls, is expected to continue as limited supply is expected to enter the market in the next few years. 10 5% Retailer and project information Retailer information 0 0% Michael Kors, a light luxury brand, Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 launched its first two fashion stores Source: Shenzhen Statistics Bureau, Savills Research & Consultancyw in MixC in the Luohu district and Coastal City in the Nanshan district. Gant, a luxury American clothing GRAPH 2 brand, opened its first store in Shopping mall supply and stock, 2002–Q3/2014 Shenzhen in City Mall in the Futian district. Supply (LHS) Stock (RHS) 500,000 2.5 MUJI opened its 10th store in 450,000 2.3 Shenzhen in Nine Square Longhua; H&M opened its 11th store in the city 400,000 2.0 in this mall. 350,000 1.8 Uniqlo, an international, Japanese, million sq m fast-fashion brand, launched its 16th 300,000 1.5 store in Shenzhen in Nine Square sq m Longhua. 250,000 1.3 Project information 200,000 1.0 HNine Square Longhua is positioned 150,000 0.8 as an "urban-life shopping centre", introducing interior design and 100,000 0.5 activities focused around art, ecology and family entertainment 50,000 0.3 components. The shopping centre occupies an area of 100,000 sq 0 0.0 m, which is the largest and most 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 diversified shopping centre in Source: Savills Research & Consultancy Longhua New district. 02 Briefing |Shenzhen retail sector December 2014 Nine Square Longhua introduced located in the Longhua area and are GRAPH 3 a number of brands which had not expected to stimulate the emerging Shopping mall rental indices, Q4/2008– previously entered the Longhua area, local purchasing power. Rents in including MUJI, H&M and Uniqlo, the district are expected to rise. Q3/2014 Overall Luohu Futian Nanshan striving to build the first regional Chinaland Mall, opening in the 130 commercial centre in Longhua. The downtown area (a rare opportunity mall is co-operating with Alipay, due to limited available, buildable 120 attempting to change the traditional land), is also expected to open by retail channels to ‘Online to Offline’ the end of this year. However, due 110 (O2O) mode. Many brands are also to its relatively small size (60,000 sq optimistic about its prospects, m), it may have a limited influence on 100 leading to a pre-commitment rate of average rents in the Futian district. Q4/2008 = 100 more than 90%. 90 . No. 8 Outlets has been positioned Market outlook as a one-stop discount mall in the 80 Three new high-end shopping malls Longhua area, which is close to many Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 08 2009 2010 2011 2012 2013 2014 –Coco city (星河Coco city) and No.8 residential areas. No. 8 Outlets is Source: Savills Research & Consultancy Outlets (8号仓奥特莱斯) in Longhua expected to introduce more than 200 and Chinaland Mall (新港商城) in domestic and international brands: Futian –are expected to be launched With 63.0% of space allocated for in Q4/2014, adding 220,000 sq m of retail outlets, the remaining 37% retail space and pushing total stock will be distributed between F&B up by 10.0%. (20%), cinemas (10%) and children/ educational sectors (7%). Coco city (星河Coco city) andNo.8 Outlets (8号仓奥特莱斯) will be Please contact us for further information Savills Research Savills Project Development Savills Agency & Consultancy James Macdonald Sherry Xu Woody Lam Benny Kwok Director, China Director Managing Director Director +8621 6391 6688 +86755 8828 6922 +8620 3892 7108 +8620 3892 7174 [email protected] [email protected] [email protected] [email protected] Savills plc Savills is a leading global real estate service provider listed on the London Stock Exchange. The company established in 1855, has a rich heritage with unrivalled growth. It is a company that leads rather than follows, and now has over 600 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East. This report is for general informative purposes only. It may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or other document without prior consent. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research. 03 .
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