Shenzhen News October 12, 2025 Report This year’s third quarter saw several premium shopping centers opening in Shenzhen, each with its unique characteristics. On October 10, a “Q3 2025 Shenzhen Retail and Office Market Report” was released. The report shows that in the third quarter, Shenzhen’s premium shopping center market added approximately 280,000 square meters of new supply, bringing the city’s total inventory up to 7.757 million square meters.
Three New Landmark Projects
May Reshape the Bay Area Commercial Landscape
The third quarter maintained momentum in Shenzhen’s retail market supply, with Shenzhen Joy City, Qianhai Snow World, and Shenzhen Bay MixC Phase II opening successively, adding 280,000 square meters of premium shopping centers to Shenzhen.
These three landmark new projects each have distinct positioning and brand introductions. Shenzhen Joy City, focusing on residents’ daily consumption, opened in July and has since achieved average daily foot traffic of 150,000 visitors with total sales nearing 370 million yuan. On September 29, Qianhai Snow World officially opened, with its supporting theme commercial facilities to be launched in phases. Leveraging the world’s largest indoor ski resort, this multi-format, all-weather consumption scenario creates a “multiplier effect” integrating sports, culture, and tourism for the ice and snow economy in this coastal city.
Shenzhen Bay MixC Phase II opened on September 30, introducing nearly 300 brands with a theme of new luxury lifestyle. This includes over 120 regional first stores covering outdoor gear, cosmetics, electronics, dining, and other comprehensive categories, complementing the Phase I international luxury goods, jewelry, and watches. It also enhances the Houhai aerial corridor, further connecting the Houhai-Shenzhen Bay business district’s pedestrian pathways and promoting the district’s quality upgrade and integrated development.
The entry of these three landmark projects will reshape the Bay Area’s commercial landscape to some extent. The opening of Shenzhen Bay MixC Phase II not only improves the overall layout of the Houhai area but also injects new energy into Shenzhen and the Greater Bay Area, further attracting customers from across the region and nationwide, driving the commercial landscape toward higher-level development.
Vacancy Rate Declines
Western Area Remains Supply Hotspot
Statistical data shows that from January to August, the city’s total retail sales of consumer goods reached 672.343 billion yuan, a year-on-year increase of 3.8%. Within this, merchandise retail grew by 4.1%, while catering revenue increased by 1.9%.
Similar trends are visible on the demand side of Shenzhen’s retail property market. According to the report, in the third quarter, retail accounted for 55.6% of new tenant categories, 19.9 percentage points higher than the catering category. Women’s apparel continued to rank first among retail categories, with sports and outdoor rising to second place, comprising approximately 10.7% of retail categories. Supermarket entries helped some projects achieve occupancy, such as Jialede introducing Yonghui and Fuyong Wanda Plaza bringing in Walmart, meeting surrounding residents’ demand for comprehensive supermarkets.
Businesses remain cautious in site selection strategies, preferring smaller spaces in established projects to control costs and reduce risks. Some operators are also dividing larger spaces to flexibly respond to current demand trends. In the third quarter, the average prime rent for Shenzhen’s premium shopping centers was recorded at 753.3 yuan per square meter per month, a decrease of 2.9% year-on-year. Overall, the vacancy rate for premium shopping centers in Shenzhen decreased by 0.3 percentage points compared to the second quarter.
It is projected that from the fourth quarter of this year to the end of 2026, Shenzhen is expected to see 534,000 square meters of new premium shopping center supply, including projects like Prince Bay Garden City and Huaide MixC, with the western area remaining a key supply hotspot.
