Beijing added 470,000 square meters of commercial spaces in the first half of this year, and more shopping malls are still in the pipeline. The city anticipates adding a total of nearly 1 million square meters by year's end, according to a recent industry report.
The east zone of Hops on Beijing, a mega shopping complex in northern Beijing's Changping district, quickly became a popular destination following its grand opening in April. Within a week of its trial opening, the mall recorded over 1.1 million visitors and nearly 100 million yuan ($13.77 million) in sales.
The location of the new shopping center outside the capital city's North Fifth Ring Road marks a trend of new malls opening beyond traditional core commercial zones, according to a report by CBRE, an American commercial real estate services firm. The report also noted that all three new projects launched in the second quarter are situated outside these core areas, indicating Beijing's evolving commercial landscape.
More shopping malls have yet to be unveiled in the latter half, which would bring the total new shopping spaces this year to nearly 1 million square meters, according to the report. These include the fourth Joy City in northwestern Beijing and the Mixc shopping mall in Tongzhou district, both outside the city's core areas.
"Supported by recent policies, Beijing's commercial scene will see accelerated transformation and the creation of new consumption scenarios, enhancing the city's unique commercial environment," said Song Jinlou, a manager at CBRE China.