亚太地区零售市场动态：消费者转变推动零售租赁格局

Asia Pacific RetailMarket Dynamics Consumer shifts driving retail leasing landscape jll.com Contents 01 Asia Pacific05 02 06070809101112131415161718Ho Chi Minh City19Delhi20Mumbai21Bengaluru22Chennai23Sydney24Melbourne25SE Queensland26Perth27Adelaide28 Hong KongBeijingShanghaiGuangzhouShenzhenTokyoSeoulSingaporeBangkokJakartaKuala LumpurManilaHanoi Prime RetailRental Clock Retail investment Research Asia Pacific Asia Pacific •F&B and mid-to-mass market brands are key sources of demand amid shifting consumer preferences and tourism revival.•Prime locations attract heightened brand interest as retailers focus on showcasing culture and delivering unique customerexperiences.•Investment volumes rise 4% year-on-year in Q2, extending Q1's growth as investors pursue selective opportunities. Amidst shifting consumer priorities and economic uncertainties, theretail sector is strategically prioritizing value-oriented andexperiential offerings. This approach, alongside regional tourismrecovery, has bolstered leasing activity across various segments,including fashion, sportswear, entertainment, and affordable F&B. Asia Pacific retail investment volumes reached USD 5 billion in Q2,with investors selectively targeting quality assets and opportunisticacquisitions. Australia led regional activity, while investors in Chinaand Hong Kong focused on undervalued properties.Notableacquisitions announced include Blackstone buying Kolkata's SouthCity Mall and IGB REIT in Malaysia purchasing The Mid ValleySouthkeymall. s.m. (millions) Prime shopping center supply notably increased in Q2, following asubdued start to the year, largely due to significant completions inChina, bringing total new supply to 650,000 sqm. Regional vacancyrates increased slightly, primarily reflecting trends in Greater China. Incontrast, firmer leasing demand coupled with constrained supply inother regional markets resulted in steady or slightly improvedoccupancy levels. Outlook Retail's shift toward experience-focused destinations persists, withoperators betting on leisure concepts while property owners fine-tune their tenant lineup to boost traffic and strengthen asset returns.Prime locations will likely maintain resilient leasing momentum,driven by F&B, lifestyle retailers, and interactive venues that tap intotoday's consumer expectations.Across the region, varying supplylevels will produce uneven rental results, though markets in India andselect Southeast Asian markets show stronger growth potential.Investment sentiment is expected to gradually strengthen acrosspockets of the region as investors pursue quality assetsdemonstrating resilience in evolving retail environments. Greater China's competitive market led landlords to prioritizeoccupancy through rental concessions and flexible terms.Consequently, aggregate regional rental growth experienced modestcontraction for the third consecutive quarter. However, most regionalmarkets maintained or achieved moderate rental growth. Lee Fong|lee.fong@jll.com ResearchHong KongRetail | Q2 2025 Hong Kong •Shop closures persist despite stabilised retail sales and tourism resurgence.•Prime shopping centres vacancy rates hit record high.•The rent downtrend persists amidst retailer cost-consciousness. Total retail sales edged up marginally by 0.1% y-o-y in April-May,compared to the 6.5% drop in Q1 2025, with a sales rebound indepartment stores and a reduced contraction in the jewellery,watches and valuable gifts category. Despite persistent headwindsfrom rising unemployment and widespread shop closures, the retailsector demonstrated resilience with active leasing, particularlyamong mid-to-mass-market tenants, capitalising on evolvingconsumer behaviour and revitalised tourism. Further retail rent declines occurred in Q2 2025, influenced bylandlords'increased flexibility regarding lease terms amidst operatorcaution despite some sales stabilisation. High Street shop rents fell1.5% q-o-q, while Overall Prime and Premium Prime shopping centrerents declined by 3.1% and 2.7%, respectively. Outlook Looking ahead, with landlords expected to ease leasing terms furtherand savvy retailers to capitalise on favourable deals amidconsumption pattern shifts, we downgrade our forecast for retailrents of both High Street and Prime shopping centres to a 5-10% dropin 2025. Meanwhile, with rent corrections still underway amid the glutof available space, international brands are more incentivised toenter the Hong Kong market, suggesting a strategic consolidationand a gradual rebalancing within the retail landscape. In the salesmarket, assets that have undergone substantial repricing areexpected to draw acquisitions from end-users and long-terminvestors. SHKP completed Phase 2 of Go Park Sai Sha (73,000 sq ft) in Sai Kung,featuring a medical centre, kindergarten and supermarket. TheirInternational Gateway Centre (603,000 sq ft) retail podium in WestKowloon is also slated for completion by end-2025. Bargain-huntinga