Beijing ranks first in China in the number of retail stores for international brands, according to a recent report released by commercial real estate services firm CB Richard Ellis (CBRE).
China's total retail sales of social consumer goods have seen two-digit growth for years, and retail property market has also witnessed rapid development. The report shows over the past five years, increase of total stock of retail properties more than doubled.
By the end of the second quarter of 2013, total stock of the retail property market in Beijing, the commercial center of China, has exceeded 7 million square meters. Beijing is one of China's most mature retail property markets. Over the past seven years, the city's property market has experienced three peak supplies, said Chen Hongfei, director of CBRE.
With the distribution of supply becoming more average, the annual supply will decline, but the overall market will remain stable in a short term, added Chen. Chen believes over 50 percent of supply of retail property markets will come from the core business district.
The report shows the development of traditional business districts benefited from superior geographic position and a wide range of awareness. They are in the process of upgrading despite lack of modern facilities and management.
Thanks to the high-quality retail properties, convenient traffic, perfect service facilities and high-end consumer groups, emerging secondary districts are being formed quickly at the densely populated residential areas, far away from the downtown core area, according to the report.
Another report from CBRE says shopping malls are expanding rapidly across world and among the world's top 20 markets of shopping centers, 14 are from China.