日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Europe

Malls shrug off the trend for online purchases

By Evelyn Yu in Hong Kong | China Daily Europe | Updated: 2017-10-06 09:21
Share
Share - WeChat

Mainland shopping malls are shrugging off the impact of e-commerce and recovering strongly on the back of healthy retail sales, a brokerage company says.

Shopping malls hit head winds in 2014 and 2015 as brick-and-mortar stores took a hit from the e-commerce boom and luxury-item sales declined.

Figures from DBS Vickers, the securities arm of Singapore-based multinational bank DBS, show that retail sales at the top 50 mainland retailers dropped by 7 percent year-on-year as of August 2014.

But experienced mall landlords have worked out ways to mitigate the impact, the broker says, even though online retail will continue to sustain a double-digit compound annual growth rate.

"Years ago, fashion apparel comprised 70 to 80 percent of the tenants in a shopping mall. The percentage has been lowered to 50 percent. ... Shopping malls are shifting to experiential consumption and more service providers, such as tutorial schools and beauty salons, are moving in," says Carol Wu, executive director and head of research for DBS Vickers.

The brokerage company says the number of malls in China's top 30 cities will grow from the current 998 to 1,445 by 2019, but Wu says market concerns that the mainland has too many shopping malls are unfounded.

"Thirty to 50 percent of the new malls will be delayed or canceled due to construction delays and leasing difficulties. If a mall can't secure enough tenants, it won't open in the end. Policy is also encouraging the conversion of retail malls to office space," Wu says.

Mall penetration on the mainland remains low, DBS says. Based on urban population, the penetration rate is less than 60 percent.

Growing buying power, especially in first-tier cities, strongly supports retail recovery. Disposable income per capita in first-tier cities reached more than 50,000 yuan ($7,490; 6,380 euros; 5,690) last year, representing 8.8 percent more than the previous year. Recovery at retail malls is mainly driven by strong buying power in first-tier cities, Wu says.

To cash in on rising consumption demand in first-tier cities, dozens of foreign luxury brands have narrowed price gaps to prompt domestic buying on the mainland.

Chanel, for example, narrowed the price gap between luxuries sold on the mainland and in the United States to 15 percent.

Four types of shopping mall will be top performers in the recovery, DBS predicts: existing luxury malls in first-tier cities; mass shopping malls in suburban areas of first-tier cities, which will benefit from rising populations because of decentralization; quality malls with first-mover advantage in lower-tier cities; and those with good management.

The broker is betting on mainland shopping malls over their Hong Kong peers, saying landlords from mainland malls collect lower fixed rent but turnover rent, buoyed by strong sales of its retail tenants, will boost income. In Hong Kong, the rental structure relies heavily on fixed rent. DBS estimates that landlords of major mainland shopping malls will have a 10 percent growth in rent this year.

DBS is bullish on leading players in mainland shopping malls, including China Resources, Longfor and Initiate Joy City. The brokerage has just upgraded Lang Lung Property to "buy".

More real estate developers are moving into the shopping mall business, Wu says. Country Garden, for instance, a leading residential property developer based in Guangdong, is poised to expand into shopping malls.

"Properties sold to homeowners are more profitable, but this is highly cyclical. More developers will want stable cash flow from shopping malls to hedge the risks," Wu says.

[email protected]

(China Daily European Weekly 10/06/2017 page28)

Today's Top News

Editor's picks

Most Viewed

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 嫩草影院国产 | 国产牛仔裤系列在线观看 | 性视频网站免费 | 久久亚洲春色中文字幕久久 | 成人久久18免费观看 | a毛片在线看免费观看 | 成人看的一级毛片 | 欧美区在线 | 69av.com | 中文字幕av网 | 午夜精品久久久久久久99黑人 | 深夜福利一区二区 | 久久99精品国产麻豆婷婷 | 国产在线网址 | 性xxxx视频播放免费 | 日韩做A爰片久久毛片A片 | 一区二区三区成人A片在线观看 | 亚洲国产日韩a在线亚洲 | 国产欧美日韩在线不卡第一页 | 日本激情视频网站w | 欧美爽爽爽爽爽爽视频 | 91懂色| 欧美日韩国产一区二区三区播放 | 久久首页 | 亚洲欧洲中文日韩久久AV乱码 | 久草热久草视频 | 精品视频在线免费播放 | 中文字幕一区在线观看视频 | 成人国产精品齐天大性 | 国产免费又色又爽又黄的网站 | 国产精品99一区二区三区 | 亚洲欧美日韩一级特黄在线 | 一区国产精品 | 91水蜜桃 | 女人午夜色又刺激黄的视频免费 | 午夜理伦三级理论三级在线观看 | 久草青青在线视频 | 亚洲国产区 | 狠狠综合久久 | 国产小视频在线高清播放 | 免费视频片在线观看大片 |