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NANJING Retail Q4 2020

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NANJING Retail Q4 2020 M A R K E T B E AT NANJING Retail Q4 2020 YoY 12-Mo. Major Urban Area Submarkets Welcomed Large-Scale New Malls Chg Forecast Several major new malls opened in Nanjing in Q4. Yuhua Wuyue Plaza and Longpan Center opened in November, while Xinyao Gemdale Plaza launched on December 24, and Jinmao Place hosted pre-opening events for its new The Mall of Splendors brand project in December. Two 4.0% Paradise Walk projects also opened in 2020, marking it as a year of significant new supply entering Nanjing’s prime shopping mall market. Disposable Income The total stock of quality retail space subsequently reached 3.86 million sq m, 1.5 times the space recorded at the end of 2019. The newly opened malls have greatly improved the shopping experience for residents living relatively far from the old city centers. 0.8% Population Growth (2019) Mall Upgrading Prompted New First Store Openings Mall operations fully resumed in Q4, aided by the effective pandemic containment measures. A number of the vast new malls face no real -0.2% competition in their own districts and have enjoyed good take-up from many new quality brands, ensuring a low vacancy rate for their operators. Consumption Expenditure Growth Influenced by the new entrants, many prime malls in relatively older submarkets in the city have upgraded their layouts and brand mixes. The quarter also marked a new high in 2020 for new first store openings, with Tims Coffee, Other Tea, East & West, and a series of well-known food Source: Nanjing Statistics Bureau. and beverage, fashion and beauty brands launching Nanjing first stores in Q4. The forecast is based on Oxford Economics With the Double Eleven shopping festival period extended this year, most shopping centers expanded their related promotion activities. After going NANJING ECONOMIC INDICATORS through the crisis caused by COVID-19, many quality new brands adopted new strategies to capture more customers. Heytea opened eight new JAN-SEPT 2020 stores in Nanjing, while M.A.C, Wowcolour, Only Write, The Colorist and Perfect Diary made use of live broadcast channels. Furthermore, the YoY 12-Mo. success of Popmart in the late fall and winter showed that the appeal of “emotional consumption” is gaining growing popularity among young Chg Forecast female consumers. After a taxing year, the average vacancy rate in the city edged down to 3.6% at the end of the quarter. -1.2% Total Retail Technology and Online Operation Helped Small Submarkets Evolve Sales Growth In 2020, surburban markets welcomed many large-sized local shopping malls, especially in Q4. The low rental level in these submarkets pushed the overall average monthly rental in a downward dirction to RMB755.6 per sq m at the year end. Xinyao Gemdale Mall is the first mall in Nanjing to comprehensively use 5G. Likewise, many newly opened malls in Nanjing not only offered better online services but also better offline services, 3.3% too. This has helped these malls achieve relatively higher rental rates in the local neighborhood and will boost retail development in these GDP Growth submarkets. RENT / VACANCY RATE RETAIL SUPPLY PIPELINE BY SUBMARKET 3.1% CPI Growth Source: Nanjing Statistics Bureau The forecast is based on Oxford Economics M A R K E T B E AT NANJING Retail Q4 2020 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 25,584 3.7% 108,000 600-2,900 Gulou & Hunan Road 218,469 23,052 10.6% 150,000 200-600 Confucius Temple 229,567 9,007 3.9% 0 470-810 Hexi New Town 1,011,614 40,618 4.0% 640,656 150-1,000 Jiangbei 471,557 9,333 2.0% 378,000 700-760 Xianlin 264,000 5,280 2.0% 275,000 300-370 Baijiahu 450,000 16,000 3.6% 0 426-500 Others 515,000 9,250 1.8% 817,000 300-1,000 NANJING TOTALS 3,856,058 151,884 3.6% 1,348,656 150-2,900 * 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 Q4 2020 SHAUN BRODIE PROPERTY SUBMARKET TENANT SECTOR Head of Occupier Research, Greater China Deji Plaza Xinjiekou H.E.A.T Beauty 42-43/F, Tower 2, Plaza 66, 1366 Nanjing West Road Cenbest Xinjiekou Only Write Beauty Shanghai Cenbest Xinjiekou Tim Hortons Coffee House/Tims Coffee Food & Beverage Tel: +86 21 2208 0529 / [email protected] The Central Xinjiekou Sevenbus Café Food & Beverage cushmanwakefield.com Golden Eagle (Xinjiekou) Xinjiekou Other Tea Food & Beverage One Mall Hexi New Town East & West Food & Beverage A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Yuhua Wuyue Plaza Others (Banqiao) Yer-sharl Halal Restaurant Food & Beverage Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for SIGNIFICANT PROJECTS UNDER CONSTRUCTION real estate occupiers and owners. Cushman & Wakefield is PROPERTY SUBMARKET EXPECTED OPENING YEAR SQ M among the largest real estate services firms with Zendai Himalaya Center Others 2021 130,000 approximately 53,000 employees in 400 offices and 60 countries. Across Greater China, 22 offices are servicing the Jiangbei (Qiaobei) Mixc Qiaobei 2021 100,000 local market. The company won four of the top awards in Longfor Hexi Paradise Walk Hexi New City 2021 160,000 the Euromoney Survey 2017, 2018 and 2020 in the categories of Overall, Agency Letting/Sales, Valuation and Nanjing SHK IFC Hexi New City 2022 93,000 Research in China. In 2019, the firm had revenue of $ 8.8 Greenland Zijin Center Gulou & Hunan Road 2022 150,000 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other Qixia Yanziji Mixc Others 2022 210,000 services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. ©2021 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources believed 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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