Media OutReach
Greater China Retail Supply/Demand Trends 2025 – Shifting consumption patterns reshaping retail real estate
The supply/demand rundown for 17 city core area-level markets in Greater China (Q2 2025)
Source: Cushman & Wakefield Research
Duke Zhen, Managing Director, Head of Retail Services, China, Cushman & Wakefield, said, “With policy stimulus, the consumption environment improved marginally in the first half of 2025, reflected in both the recovery of consumer confidence and the accelerating growth of total retail sales of consumer goods on a quarter-on-quarter basis. Driven by emotional consumption and the increasing importance of quality–price ratio, the Chinese consumer market has become more diverse and dynamic, exhibiting renewed vitality.”
Shaun Brodie, Head of Greater China Research Content, Cushman & Wakefield said, “Since the start of this year, a series of supportive policies have continued to stimulate consumption, driving steady growth in the Chinese consumer market. To meet increasingly diverse and personalized consumer demands, the retail sector has been actively introducing new business models, consumption scenarios, service offerings, and retail formats.”
Retailers and shopping center landlords are responding with a renewed focus on customer experience, introducing new technologies, and experimenting with innovative retail formats. In terms of supply and demand, several key trends stand out in 2025:
- Renovation and upgrading of existing properties;
- Integration of cultural and tourism consumption;
- The rise of pop toys as part of emotional consumption;
- Strong growth in health-related consumption.
While slower economic growth and uncertain disposable incomes are likely to temper household spending, ongoing government measures to stimulate consumption — together with the success of new retail concepts and formats — are expected to support steady momentum. The outlook for Greater China’s retail property market remains positive, with policy support, changing consumer preferences, and innovative supply all converging to drive sustainable long-term growth.
Beijing
By the end of H1 2025, the total stock in Beijing’s retail property market reached 18.7 million sq m, of which 16.9 million sq m was accounted for by shopping centers.
Despite pressures from an economic slowdown and consumption downgrading, the market broadly maintained stability over the past year. Average asking rents stood at RMB2,130 per sq m per month, while the vacancy rate edged down to 10.5%. To adapt to shifting consumer sentiment, malls have actively renewed and upgraded their tenant mixes, aiming to attract footfall, enhance customer loyalty, and align with changing demands. The strategy has helped mitigate operational challenges faced by both projects and retail brands.
Looking ahead, approximately 500,000 sq m of new supply is scheduled to enter the market in H2 2025. This pipeline is concentrated in suburban developments and urban renewal projects across traditional submarkets, which will further diversify Beijing’s retail landscape.
In parallel, Beijing has rolled out a series of supportive policies to stimulate consumption. A new policy issued in June emphasizes upgrading traditional submarkets and malls, fostering innovative consumption scenarios, promoting the introduction of brand first stores, and providing targeted support for China-Chic brands and time-honored domestic brands. Together, these measures are expected to reinforce market confidence and unlock new consumption potential in the capital.
Shanghai
In the past year, 1.61 million sq m of new retail space was added to the Shanghai market, bringing the total stock of mid- to high-end shopping centers to approximately 25.0 million sq m.
The influx of new supply in H2 2024 and H1 2025 placed pressure on market fundamentals. The overall vacancy rate for mid- to high-end retail properties edged up 0.2 percentage points year-on-year to 9.5%, while the average first-floor asking rent fell 4.2% year-on-year to RMB728.7 per sq m per month. The rental decline was primarily driven by competitive pricing at newly launched suburban projects.
This heightened level of supply has intensified intra-market competition. Many aging retail properties are responding by repositioning their projects, upgrading brand mixes, and enhancing facilities to better align with the needs of Shanghai’s increasingly sophisticated consumer base.
Looking ahead, the second half of 2025 will see a further influx of new projects, adding to competitive pressures. Nonetheless, established properties by leading developers are expected to remain attractive to both international and prominent domestic retailers. Conversely, older retail properties located near new developments will face mounting competition and will need to adapt proactively to retain relevance and market share.
Shenzhen
Shenzhen’s retail market maintained positive momentum in the past year, with demand bright spots providing confidence for mall operators. Development activity also picked up, with approximately 878,000 sq m of prime shopping mall space delivered. As a result, Shenzhen’s prime mall stock increased 13.3% year-on-year to reach 7.5 million sq m.
At the same time, consumer behavior is evolving. More residents are frequenting community-based retail premises for convenience, reducing visits to large-scale malls. In response, landlords adjusted strategies by lowering rents to attract new entrants. The average monthly rental level declined 6.2% year-on-year to RMB761.6 per sq m, while the citywide vacancy rate rose 0.7 percentage points year-on-year to 9.1%. Looking ahead, approximately 1.3 million sq m of prime new mall space is scheduled for completion through the end of 2027. This influx of supply will intensify competition and exert further downward pressure on rental levels.
To counterbalance these pressures, Shenzhen has introduced a series of action plans aimed at improving employment rates and raising household incomes, measures designed to strengthen consumer confidence. These initiatives are expected to help mitigate the impact of macroeconomic uncertainty and support more sustainable long-term retail growth.
Guangzhou
Over the past year, Guangzhou added 443,000 sq m of high-quality retail space, lifting citywide stock to more than 6 million sq m. Approximately 87% of this new supply was delivered in non-core commercial districts, accelerating the city’s retail landscape diversification and extending consumer reach beyond traditional hubs.
Despite signs of improving consumer demand, retailers adopted a more cautious expansion approach. As a result, the overall vacancy rate rose 1.9 percentage points year-on-year to 9.2%. Competitive leasing strategies were observed in some prime malls, where landlords lowered rents to attract leading brands. This contributed to a 6.1% year-on-year decline in average prime mall rents, which fell to RMB672.6 per sq m per month.
Still, Guangzhou’s retail sector demonstrated resilience. Supported by the “first store” policy, prime malls introduced nearly 85 first stores in the past year — representing a 70% increase year-on-year — a clear sign of retailers’ long-term confidence in the city’s consumer base.
Looking ahead, approximately 976,000 sq m of new retail space is scheduled for completion between mid-2025 and 2026, with Panyu and Liwan districts accounting for nearly 40% of deliveries. Meanwhile, Guangzhou continues to strengthen its policy environment, issuing a draft implementation plan to stimulate consumer markets and rolling out special measures targeting duty-free retail, elderly services, and the catering industry. These initiatives are expected to further energize market vitality and accelerate the city’s consumption recovery.
Chengdu
The recovery of consumption supported the growth of Chengdu’s retail market over the past year. During H2 2024 and H1 2025, four new shopping centers were completed, adding 452,000 sq m of retail space and bringing the prime retail market stock to approximately 8.5 million sq m.
However, the addition of new projects with relatively high vacancy rates, combined with adjustments in existing retail properties, led to an increase in the overall vacancy rate, which rose 2.9 percentage points year-on-year to 8.93% by the end of Q2 2025. In response to this pressure, the average first-floor asking rent declined 3.4% year-on-year to RMB586.62 per sq m per month.
Despite these challenges, Chengdu has implemented multiple supportive policies in 2025 aimed at enhancing the retail sector. These initiatives are designed to diversify consumption scenarios, improve consumer spending capacity, and revitalize the city’s retail market, providing a solid foundation for sustainable long-term growth.
Hangzhou
Hangzhou continues to promote “domestic demand expansion and consumption growth” through targeted policies and activities, positioning consumption as a key engine for the city’s economic vitality. However, amid growing global uncertainties, demand remains somewhat constrained, highlighting the need for stronger foundations to support recovery.
Over the past 12 months, Hangzhou’s premium retail market welcomed the grand openings of six major commercial projects, adding nearly 380,000 sq m of new retail space. This marks a new phase of qualitative upgrading within the city’s retail sector.
Commercial complexes are increasingly enhancing their offerings to provide richer and more diverse shopping experiences. The market is also seeing a concentrated launch of flagship stores and first-to-market outlets, while emerging formats such as anime-themed venues and pet-centric stores continue to expand, creating new opportunities for premium consumption.
Hong Kong
Over the past year, Hong Kong has seen a continuous uptick in total tourist arrivals. However, visitor spending has become more cautious, with a growing preference for cultural experiences and value-for-money retail offerings. As a result, the increase in visitor numbers has not yet translated into stronger retail sales. From January to June 2025, total retail sales amounted to HK$185.1 billion, reflecting a year-on-year decline of 3.3%. High-end retail segments traditionally favored by tourists were particularly affected.
Some traditional retailers have exited the market after struggling to adapt to evolving consumption patterns among inbound tourists and local residents. Consequently, vacancy pressure has increased, with the average high street vacancy rate rising to 9.7% as at Q2 2025, exerting downward pressure on overall high street and F&B rents.
Despite these challenges, current attractive rental levels have encouraged mass-market retailers and emerging brands to enter high street areas, boosting leasing activity. The market is also undergoing a reshuffling of tenants, resulting in a more diversified and dynamic retail landscape.
Looking ahead, government initiatives promoting mega events and world-class concerts are expected to draw more international visitors and tourism spending. As a result, high street and F&B rents are projected to remain largely stable in H2 2025.
Taipei
In 2024, Taipei’s retail market stabilized as the effects of the pandemic recovery gradually diminished. Major shopping districts returned to regular activity, while brands adopted longer-term expansion strategies. The opening of the Taipei Dome boosted visibility and attracted visitors to the Zhongxiao district, while Zhongshan-Nanjing and Ximen maintained stable performance, supported by everyday consumption and inbound tourism.
During H1 2025, the retail market continued to perform steadily, with both rents and vacancy rates remaining flat. However, the long-term impact of the Taipei Dome on Zhongxiao remains to be seen.
Looking ahead to H2 2025, global economic uncertainty and outbound travel, which is diverting domestic spending overseas, are expected to persist. Meanwhile, new retail supply such as Dream Plaza will intensify competition. Major retail districts are likely to remain stable but may face rising pressure from consumer dispersal. Enhancing the street-level shopping experience and maintaining dynamic brand content will be key to sustaining competitiveness. The growth of micro-stores and flexible leases reflects a broader shift toward spatial efficiency and faster tenant turnover, helping retail districts adapt to evolving market dynamics.
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Hashtag: #Cushman&Wakefield
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About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (
https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
Hardware Built for Local Conditions
The company isn’t just showing off standard gear; they’ve brought systems specifically designed to handle the challenges of the local energy landscape.
- PowerX1 Hybrid Inverters: Intelligent energy management, seamlessly switching between solar, battery, and grid for stable, uninterrupted power. Supports multi-source integration and rapid power transition.
- Powerinfi All-in-one ESS: ISO 13849 PL-d and IEC 62443 certified for functional safety and cybersecurity. Features a multi-layer battery safety system within a compact design.
- Advanced Solar & System Protection: Incorporates N-type HOT3.0 solar cell technology for enhanced low-light performance. The system boasts an IP66 rating for superior dust and water resistance.
A New Partnership with MIA Group
The big news from the show floor is the new Annual Channel Distribution Strategic Partnership with MIA Group. MIA Group is already a household name in Pakistan for HVAC and energy, and this deal means they’ll be the main bridge for Midea Hiconics’ tech to reach the local market.
“We’re excited to get to work with MIA Group,” a Midea Hiconics spokesperson said. “They have the reach and the local knowledge we need. By putting our hardware in their hands, we’re making it much easier for people here to switch to reliable, clean energy without the usual headaches.”
Media Contact:
Midea Hiconics Press Office
Website: https://www.hiconics-global.com/
Location: Solar Pakistan 2026, Booth A-3-8
Hashtag: #MideaHiconics
The issuer is solely responsible for the content of this announcement.
About Midea Hiconics
Midea Hiconics (SHE: 300048) has been around since 2003 and joined the Midea Group in 2020. They focus on green energy, home storage, and industrial tech, building smart tools that help people take control of their own power.
Check out https://www.hiconics-global.com/ for more info.
Media OutReach
Green SM And Umoney Partner To Build An Integrated Mobility And Digital Finance Ecosystem In Laos
Under the agreement, Umoney will be integrated as a direct payment method within the Green SM app. The two parties will also implement an embedded integration model enabling Umoney users to seamlessly access Green SM’s mobility services directly within the Umoney platform.
For the first time in Laos, customers will experience a fully seamless ride-hailing journey with fares processed instantly via the Umoney e-wallet upon trip completion, replacing the previously common manual bank transfer method. Users simply link their Umoney wallet to the Green SM app for fast, convenient, and fully cashless transactions. Additionally, customers using partner banking applications can pay drivers through Umoney’s QR system, delivering a flexible, fast, and secure payment experience that enhances user convenience and broadens customer reach across both platforms.
As part of the collaboration, Green SM Laos will provide comprehensive mobility solutions for Umoney’s enterprise partners and individual customers, including Green SM Car electric ride-hailing, Green SM Limo, Green SM Airport transfer services, as well as corporate travel packages and flexible, customized mobility plans. Umoney, in turn, will collaborate with Green SM to develop digital financial and payment solutions tailored for drivers within the Green SM ecosystem, encompassing e-wallet services, direct income disbursement, operational expense payments, and cash flow management tools. This synergy is designed to optimize operational efficiency while enhancing the experience for businesses, drivers, and end-users alike.
Beyond mobility and payment solutions, both parties plan to expand their shared digital services ecosystem by integrating Umoney and Unitel’s telecommunications and digital utilities into the Green SM platform, including SIM card registration, mobile top-ups, data package purchases, and other digital services, thereby enhancing the value proposition for users across both platforms.
The two companies will also jointly roll out customer benefit programs targeting Umoney users in Laos, with a particular focus on airports, transaction points, and key high-traffic locations. Through integrated service offerings and incentives promoting electric mobility, Green SM and Umoney aim to foster environmentally responsible travel habits while delivering greater value to customers within their shared ecosystem.
Mr. Ha Chien Thang, Director of Star Fintech Sole Co., Ltd, shared:”Our partnership with Green SM marks a significant milestone in Umoney’s strategy to develop a comprehensive digital finance ecosystem in Laos. The integration of payment capabilities and digital services not only enhances user convenience but also contributes to the advancement of cashless payments and the broader digital transformation of the economy.”
Ms. Tran Hanh An, Director of Mobility Services Sales at Green SM Vietnam & Laos, stated: “The partnership between Umoney and Green SM reflects a shared commitment to connecting the essential infrastructures of modern urban life, from digital finance and telecommunications to a green mobility ecosystem. Through this collaboration, we aim to expand benefits for our customers and driver community while driving meaningful green transformation that is firmly grounded in everyday mobility and consumption needs.”
Furthermore, Green SM and Umoney will collaborate on multi-channel communications initiatives to strengthen brand awareness and expand their combined customer base. Planned activities include co-branded campaigns, promotional programs for new users, digital platform communications, and on-ground experiential activations in key markets.
The partnership between Green SM and Umoney marks a significant convergence of two leading ecosystems in green mobility and digital finance in Laos, united in their pursuit of integrated service solutions that meet the increasingly diverse demands of modern urban life. This collaboration also represents a pivotal step toward fostering innovation, elevating the user experience, and contributing to the sustainable growth of the digital economy in Laos.
Hashtag: #GreenSM
The issuer is solely responsible for the content of this announcement.
Global Leaders Converge to Shape the Future of Higher Education in Asia
HONG KONG SAR – Media OutReach Newswire – 24 April 2026 – The Hong Kong University of Science and Technology (HKUST) and Times Higher Education (THE) co-hosted the Asia Universities Summit 2026 from April 22 to 24. Under the theme “Igniting Global Transformation: Asia’s Leadership,” the three-day premier event explores Asia’s pivotal role in reshaping global innovation and addressing pressing societal challenges through higher education.
The Summit holds particular significance as it coincides with HKUST’s 35th anniversary and marks a decade of partnership between the University and THE since the inaugural summit. This year’s event has attracted over 600 university presidents, policymakers, and industry titans from 25 countries and regions, underscoring a collective commitment to advancing the academic landscape across the continent.
The Summit officially commenced on April 22 at HKUST’s Shaw Auditorium, with the opening ceremony officiated by Dr. SZE Chun-Fai, Jeff, Acting Secretary for Education of the Hong Kong Special Administrative Region (HKSAR) Government; Prof. Nancy IP, President of HKUST; Phil BATY, Chief Global Affairs Officer, and Mei Mei LIM, President, Asia Pacific, from THE.
In her opening remarks, President Ip underscored the need for cross-border collaboration and the evolving role of universities in a rapidly changing world. She said, “As HKUST celebrates its anniversary and a decade of partnership with Times Higher Education, we gather at a defining moment for our region. Asia is increasingly shaping the direction of global innovation, talent development, and societal transformation. In this era of rapid technological advancement and constant change—from artificial intelligence to climate resilience—the challenge of progress lies in anticipating needs and shaping solutions, which calls for a fundamental rethinking of how universities lead. At HKUST, we firmly believe that no single institution can address these global challenges alone; progress will come through openness, partnership, and shared responsibility.
Hong Kong is unique in being the only city in the world with five universities ranked among the global top 100, underscoring its role as a leading international hub for exchange and innovation. Building on this strength, HKUST has initiated dialogues with the world’s leading universities and invited them to Hong Kong to explore opportunities for a university town. This Summit reflects our long‑standing commitment to bringing institutions together to exchange ideas, build meaningful collaborations, and take collective action. By convening leaders from across Asia and beyond, we aim to turn thoughtful dialogue into real impact for our communities and for society at large.”
Dr. SZE Chun-Fai, Jeff, highlighted Hong Kong’s unique position as an international education hub, stating, “Universities today are not only centers of knowledge creation but also powerful drivers of innovation, resilience, and societal impact. In an era of rapid technological advancement, higher education must translate cutting-edge research into real-world solutions that address global challenges. HKUST exemplifies this excellence and achieves remarkable rankings, with its entrepreneurial story equally unmatched, demonstrating the worldwide impact of its research discoveries. Hong Kong has long served as the world’s super-connector and super-value adder, bridging East and West. Our highly internationalized and diversified post-secondary education system positions us ideally to facilitate this convergence between global academic networks and the opportunities of the Chinese Mainland and the wider region. Education, technology, and talent form a foundational triad for success. By fostering talent attraction, interdisciplinary education, industry-academic partnerships, and research collaborations with our counterparts elsewhere, we are building a vibrant ecosystem that strengthens Hong Kong’s innovation edge, contributing to Asia as well as national development.”
Phil Baty reaffirmed THE’s enduring partnership of trust with HKUST and celebrated Asia’s rising global influence, stating, “A decade ago, right here on this stunning campus, THE launched its first-ever Asia Universities Summit. Today, we are witnessing a tilt in the balance of power in global higher education and research from the West to the East. This extraordinary trajectory is driven by Asia’s booming research productivity and global ambitions. Hong Kong, with five universities now ranked among the world’s top 100, stands at the heart of this transformation—a city which we believe will remain the flagship atop the rising tide across Asia, cementing its position as a world-leading powerhouse. New knowledge creation is not a zero-sum game, as we all gain from the leapfrogging Asian university sector. This Summit is a celebration of your excellence and the glorious diversity of our academic community.”
Following the opening ceremony, President Ip joined Prof. Martin O. BERGÖ, Vice-President of Karolinska Institutet, in a keynote fireside chat on longevity science. The discussion explored how advances in biomedicine, neuroscience, and translational research can extend both lifespan and healthspan, while contributing to resilient and equitable societies. President Ip shared insights from her pioneering neuroscience research, including the University’s efforts to decode the biological basis of healthy aging. She said, “Healthy aging is not just about adding years to life, but adding life to our years. We need a paradigm shift from reactive to proactive care. At HKUST, we are focused on monitoring risks for any diseases early and implementing preventive measures. Longevity science is about extending the ‘healthspan’ and as a university, we have much to offer through our research and collaborations. We are uniquely positioned to contribute to this field.”
A spotlight on the first day was a fireside chat between Prof. Harry SHUM, Chairman of the HKUST Council, and Judson ALTHOFF, CEO of Microsoft’s Commercial Business. The dialogue delved into the transformative power of AI across both industry and academia, discussing how universities can collaborate with global technology leaders to prepare students for an AI‑pervasive world. Emphasis was placed not only on technological capability, but also on trust, critical thinking and mindset change within institutions.
Prof. Shum underscored the importance of embracing AI across disciplines, “For our university, at this time, the number one priority is really a mindset change—to focus on AI for science, engineering, business, humanities, and medicine. AI is already here. We do not have to be afraid of this technology. It is a powerful new tool for us and a wonderful thing that we must learn and master to drive growth and innovation.”
Throughout the Summit, President Ip participated in two leadership meetings with over 15 university presidents and senior leaders from institutions across Asia, engaging in candid, strategy‑focused exchanges on shared regional challenges. One session examined how Asia’s emerging innovation corridors—from the Greater Bay Area to other fast‑growing technology belts—can redefine global technology leadership, with discussions centered on governance models and cross‑border collaboration. Another session focused on shaping next‑generation cities, exploring how universities can align research, talent development and policy engagement to support sustainable urban transformation amid rapid technological and societal change. These high-level dialogues emphasized the need for strategic alignment between academic research and regional development, reinforcing the Summit’s mission to leverage Asian leadership for global transformation through collaborative institutional design and shared expertise.
Across a series of high‑level sessions, HKUST senior leadership played an active role in shaping discussions on inclusive leadership, trusted AI in higher education, research commercialization, climate resilience, and global research collaboration. The sessions examined how universities can strengthen governance frameworks to ensure the responsible and ethical use of AI, while cultivating innovation ecosystems that translate research outcomes into socio-economic impact.
The dialogue also addressed strategies for nurturing entrepreneurship, climate‑proofing rapidly growing cities through interdisciplinary engineering approaches, and sustaining borderless research collaboration amid rising geopolitical and regulatory pressures. Collectively, these contributions highlighted HKUST’s commitment to advancing responsible innovation, international partnership, and university leadership attuned to Asia’s evolving challenges and global responsibilities.
The three-day event concluded with a closing ceremony, cementing new strategic partnerships and a shared vision for the future of higher education in the region.
Download photos here: https://hkust.edu.hk/news/hkust-and-times-higher-education-co-host-asia-universities-summit-2026
Hashtag: #HKUST
The issuer is solely responsible for the content of this announcement.
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