Chongqing- A report shows that well-known brands at home and abroad continue to enter Chongqing, helping to build the city into an international consumer center, according to the Chongqing Real Estate Market Review and Outlook for the Third Quarter of 2021 report released by Savills in September.
According to the report, the retail property market in Chongqing added approximately 135,000 square meters of new supply in the third quarter of 2021. The total stock of the city’s retail property market has reached 7,048,000 square meters (including department stores).
A number of projects in the core shopping areas actively underwent brand adjustments during the quarter, contributing to a 1.3 percentage point decrease in vacancy rate in the core shopping areas.
From the supply side, a total of three new projects entered the market this quarter, including Starlight 68 Plaza B in the Guanyinqiao business circle, Fosun International Center in the Jiefangbei central business district (CBD), and Jinke Center·Jinke Yue FUN Commercial Street in the non-core business district.
As the first city in western China to construct an international consumer center, Chongqing continued to attract well-known brands from home and abroad during the third quarter, many of which came to Chongqing for the first time.
In terms of retail brands, the first shop of upmarket French jewelry and watch brand Van Cleef & Arpels in Chongqing is located in Starlight 68 Plaza A, while Korean trendy eyewear brand Gentle Monster, American designer brand Marc Jacobs and French niche light luxury clothing brand AMI are located in Starlight 68 Plaza B for the first time.
Meanwhile, the first store of Japanese high-end skincare brand POLA in Chongqing has settled in Beicheng Paradise Walk; the Canadian clothing brand Canada Goose has settled in International Finance Square; the first store of warehouse beauty brand HARMAY in Chongqing has settled in Guotai Square.
When it comes to the food and beverage brands, Manner, a specialty coffee brand from Shanghai, has set up its first shop in Chongqing in Wanxiang City.
In addition, there was also a trend for some luxury brands to expand this quarter, with the settling of Tiffany and TOD in Starlight 68 Plaza A. Chongqing’s Times Square has actively renewed its brands, introducing Vacheron Constantin, Panerai, and Piaget on its lower floor, enriching the brands in the local retail market.
The report points out that, looking ahead to the fourth quarter of 2021, some new projects such as Dayue City will enter the market in Chongqing, and some commercial projects are expected to be unveiled after the restructuring.
For example, the former Nanping Parkson Department Store is currently undergoing a comprehensive renovation. It is expected to reappear at the end of this year as K29 Commercial Plaza, which will provide consumers with a better shopping experience and environment while promoting the vitality of the commercial project.
(Shi Jiaqi, as an intern, also contributed to this report.)
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