In the first quarter, two shopping malls including K11 Art Gallery Mall in Huangpu District and L’Avenue in Changning District soft-opened, adding a total of 100,000 retail space to the market.
On retailers’ side, the expansion of both upscale catering businesses and luxury brands slowed down.
Mid-priced restaurants continued to gain popularity in the market, leading to steady growth in retail rents for F&B premises.
Prime retail rents continued to grow in the first quarter of 2013. Ground-floor retail rents in core areas achieved RMB55.5 per sq m per day, a quarter-on-quarter increase of 1.5% and a year-on-year increase of 9.3%.
Source : Knight Frank