2023 China Retail Market Annual Report
JLL presents the annual report with comprehensive analysis derived from tracking 21 key cities and over 1,600 commercial projects.
2023 marks China's 'Year of Consumer Revival,' as the economy rebounds with domestic demand at its core. JLL presents the '2023 China Retail Market Annual Report,' a comprehensive analysis derived from tracking 21 key cities and over 1600 commercial projects.
Supply: Retail supply totaled 7.9 million square meters in 2023, a 2.3% year-on-year decline. First-tier cities contributed 32.3% of this supply, the highest since 2018.
Demand: The pandemic's impact and economic uncertainty have shifted consumer behavior, with a focus on value. Events like sports and holidays are key drivers of consumer spending.
Key Indicators: The average vacancy rate stands at 10.5%, down 0.7 percentage points from the previous year. Rental remain under pressure, reflecting ongoing market challenges.
2023 China Prime Retail Market Dashboard – National Summary
