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Retail Tianjin

April 2020

Report

Reihe: Savills Market in Minutes

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  • Erscheinungsdatum : 01.05.2020
  • Seiten : 2 Seiten
  • Datei-Typ : PDF-Datei
  • Größe : 887,43 kB
  • Sprache(n) : Englisch

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Inhalt

  • Retail sales in Tianjin in Q1/2020 declined by 25.5% year-on-year (YoY) to RMB103.8 billion.
  • No new projects were launched in Q1/2020, keeping Tianjin's total retail stock at 3.59 million sq m GFA.
  • Even after citywide restrictions were lightened, brands chose not to undergo site upgrades or renovations due to continued economic uncertainty caused by COVID-19.
  • The citywide vacancy rate dipped by 0.6 of a percentage point (ppt) quarter-on-quarter (QoQ) and by 1.6 ppts year-on-year (YoY) to 9.6%.
  • The citywide average first-floor rent remained unchanged at RMB346.5 per sq m per month from last quarter, though it was down 1.7% YoY.
  • Since most retail stores had to suspend their business during the pandemic, the turnover of brick-and-mortar stores suffered a sharp contraction. Certain shopping malls reopened at the end of March, which allowed many retailers to start the recovery process.

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