2014年第1季度上海市商铺市场报告.pdf

Research Forecast Report SHANGHAI | RETAIL 1Q 2014 MARKET OVERVIEW Shanghai’s retail market experienced a slowdown in 1Q14, relected in a deceleration of economic indicators and a correction in the average rent. he impact of e-commerce and the Central Government’s increased attention to corruption issues both played a part in the general deceleration. his was echoed by the city’s retail sales of consumer goods, which grew at 6.9% y-o-y in the irst two months of 2014, down 1.7 percentage points from 2013, slower than the national level. he efect on the property market was seen in a slight decline in the average rent of mid- to high-end shopping centres in 1Q14. However, this slowdown had a limited impact on the conidence of retailers in Shanghai, and the overall vacancy rate declined as a number of brands opened new stores. SUPPLY No new supply was completed in 1Q14, and the total stock of mid- to high-end shopping centre property remained unchanged at approximately 3.7 million sqm. As more than half of this supply is located in non-prime areas, the efective supply for retailers targeting prime areas continued to be limited. Notably, developers