2014年第2季度上海市商铺市场报告.pdf

Research Forecast Report SHANGHAI | RETAIL 2Q 2014 MARKET OVERVIEW Shanghai’s retail sales of consumer goods grew by 7.5% y-o-y in 2Q14, supported by seasonal factors (May Day, Mother’s Day and Children’s Day), according to the Shanghai Statistics Bureau. Echoing this recovery in retail sales growth, the total revenue of a basket of 98 shopping centres grew at 5.5% y-o-y during the period, up 0.4 percentage points from the irst four months. Notably, the revenue of the FB sector grew at a double digit pace on both a monthly and yearly basis in May. Given the strong demand from the FB sector, several landlords of mid- to high-end shopping centres in Shanghai adjusted the trade and brand mixes to increase the proportion of this sector. As a result, the overall vacancy rate edged up slightly. Combined with a mild decline in leasing demand, relected in the negative net absorption, this constrained the average rental growth during the quarter. SUPPLY No new supply was completed in 2Q14, and the total stock of Shanghai mid- to high-end shopping centre properties remained unchanged at approximately 3.7 million sqm for the second consecutive quarter. By area, total stock in Puxi was 4.4 times that