Tianjin Retail Q2/2024

“One urban renewal project, JILI Plaza, re-opened this quarter after extensive renovation. The project integrating a variety of trendy elements should improve the retail quality in Tianjin. Additionally, with robust cultural and tourism consumption, more brands show interest in opening their first stores in Tianjin, driving up new consumption scenarios that increasingly attract consumer traffic.”

VINCENT LI, SAVILLS RESEARCH



Improving commercial brand systems and boosting regional consumption potential.

• Total retail sales in Tianjin decreased 1% year-on-year (YoY) in the first five months of 2024.

• In Q2/2024, the re-opening of JILI Plaza increased the total stock to 4.87 million sqm.

• Citywide vacancy rate grew 0.1 percentage points (ppts) quarter-on-quarter (QoQ) to 10.7%, down 2.5 ppts YoY.

• Citywide shopping mall first-floor rents fell 5.2% QoQ to an average of RMB299.7 psm pmth, and down 9.6% YoY.

• Summer holiday and other vacations significantly boosted consumer activities and footfall across the city, with hotspots like the Northwest Corner featuring local Tianjin food attracting over 100,000 daily visitors.

• Some projects in the primary retail area started brand adjustment and upgrade, aiming to create a multidimensional layout with new retail perspectives and operational concepts.

• Tianjin saw outdoor fashion sports, trendy clothing, exotic catering, tea and beverage brands opening first stores this quarter.