Chengdu Retail Q2/2025

“Sports brands continued contributing considerable new leases to Chengdu’s shopping malls. Pan-sport entertainment such as indoor tennis court, billiard room, dance studio, has shown active demand, following the recent consumption trend on sports, further intensifying malls’ leisure atmosphere.”

SOPHY PAN, SAVILLS RESEARCH



Sustainable consumption has gone popular

• Retail sales of consumer goods in Chengdu reached RMB465 billion from January 2025 to May 2025, up 6.5% year-on-year (YoY).

• Only one new shopping mall, Shudao Town opened in Q2/2025, located in Tianfu New Area and brought about 60,000 sqm to the Chengdu retail market.

• Chengdu market’s leasing activity was at a low level in Q2/2025, and citywide average vacancy rate of shopping malls rose to 10.3%.

• Shopping malls’ average rent continued to decline. The first-floor average rent reached about RMB 400 per sqm per month, down 3% YoY.

• Demand from outdoor sports brands was stable, and the pan-sport entertainment sector was also active.

• Second-hand transactions have come offline, seeing more stores opened in Q2/2025.

• Many projects continued to leverage ACGN elements and increased the percentage of ACGN-related brands in the tenant mix as an important adjustment.

• Chengdu retail market is expected to see limited supply in 2H/2025, which may result in overall vacancy rate gradually falling.