 12-Mar-19, Retail In Asia 

Mainland China is a very dynamic retail market. The pace of new openings of shopping venues is the highest it has ever been. And this is against a background of slowing retail market growth and the continued growth of online retailing.

Image: Local Gravity / Retail In Asia

Overall there were 893 new openings and 259 closures from 2017 till mid-2018. Today, there are 8,584 venues, with a further 1,300 planned to open in the next two years.

This growth is dominated by Shopping Malls, which made up 80% of new openings. For Department stores and Hypermarket malls, it is a different story. Both formats each made up just 10% of the new openings, and overall they saw more closures than openings. There is the real risk of an over-supply of new malls opening in many cities – new venues have the challenge of attracting consumers away from their existing shopping patterns. 

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 Consumer & Retail insights