Shanghai's retail revolution: shopping centers surge amidst consumer boom
13-03-24
Shanghai's shopping centers are undergoing a significant transformation, evolving into more than just places for shopping. With the city's economy bouncing back and the vitality of offline consumer spending on the rise, these centers have become hubs for a blend of shopping, dining, leisure, and entertainment. This change has fueled a surge in their growth over the past year, with expectations for continued expansion in the future, as reported by the Shanghai Council of Shopping Centers.
In an unprecedented development, Shanghai witnessed the opening of 34 new shopping centers, each spanning over 30,000 square meters, marking the highest number of openings in the last three years. This boom included 20 brand new constructions and 14 projects that were revitalizations or expansions of existing structures.
The performance of Shanghai's shopping centers in 2023 was particularly noteworthy. Their combined operational scale reached approximately 247.5 billion yuan ($34.41 billion), representing a robust year-on-year growth of 21.2%.