2025-2026年中国百货零售业发展报告

March 2026 Preface Consumption is the primary engine of economic growth. Department stores,as the core format of brick-and-mortar retail, have evolved over a century toremain a vital component of the commodity distribution ecosystem and anessential platform for quality consumption and trend-setting. In 2025, China’smacroeconomy maintained steady growth, with GDP increasing by 5.0% year-on-year. Resident income and expenditure rose steadily, with total retail salesof consumer goods surpassing 50 trillion yuan, reflecting a stable expansion ofthe consumer market. At the same time, however, the department store industryfaced a downturn in sales, profitability, footfall, and average transaction value.Amidst the multiple challenges of subdued demand, online channel diversion,and brand restructuring, the industry has entered a period of deep transformationcharacterized by asset repositioning and structural upgrading. This report was jointly written by China Commerce Association for GeneralMerchandise (CCAGM) and the HKUST Li & Fung Supply Chain Institute,drawing on questionnaire survey data from nearly 100 large and medium-sized retail enterprises across the country, supplemented by macroeconomicdata from the National Bureau of Statistics (NBS). It systematically reviews thedevelopment history and industry status of China’s department store sector,analyses 2025 performance, thoroughly explores the policy, market andconsumption opportunities driving industry development, and dissects the corechallenges in operations, transformation, channel management and digitalization. The report also assesses 2026 performance expectations and futuredevelopment trends, offering targeted policy recommendations on core industryissues to provide policymakers with a basis for formulating strategy, whileproviding a reference for retailers in their transformation. The aim is to helpChina’s department store industry break through development bottlenecksand transition from traditional merchandise trading venues to multi-facetedlifestyle centres, thereby supporting the high-quality growth of physical retailand strengthening the role of consumption as a fundamental driver of economicdevelopment. The research findings in this report provide an objective portrayal of the industryin 2025 and a roadmap for transformation and innovation in 2026 and beyond,seeking to build industry consensus and drive new growth amid the tide ofchange. Contents 1. Overview of China’s Retail Development2. History and Current Status of Department Store Industry3.. Department Store Industry Performance in 20254. Development Opportunities for Department Store Industry5. Development Challenges for Department Store Industry6. Development Trends in China’s Department Store Industry7. Digitalization of China’s Department Store Industry8. Policy Recommendations38131924303956 Overview of China’s RetailDevelopment1 1.1 Macroeconomic Conditions In 2025, China’s gross domestic product (GDP) reached 140,187.9 billion yuan,representing a 5.0% year-on-year (yoy) growth at constant prices. National per capita disposable income stood at 43,377 yuan, an increase of 5.0% yoy innominal terms and a 5.0% yoy rise in real terms after adjusting for price factors. Urbanresidents’ per capita disposable income was 56,502 yuan, up 4.3% yoy in nominal termsand 4.2% yoy in real terms. Rural residents’ per capita disposable income reached 24,456yuan, up 5.8% yoy in nominal terms and 6.0% yoy in real terms. National per capita consumption expenditure was 29,476 yuan, an increase of 4.4% yoyin nominal terms and an increase of 4.4% in real terms after adjusting for price factors.By consumption category, education, culture and recreation spending was 3,489 yuan,up 9.4% yoy, accounting for 11.8% of total consumption expenditure; transportation andtelecommunication spending reached 4,306 yuan, up 8.3% yoy, accounting for 14.6%;household goods and services spending was 1,667 yuan, up 7.7% yoy, accounting for5.7%; food, tobacco and liquor spending was 8,631 yuan, growing by 2.6% yoy, accountingfor 29.3%; and clothing spending reached 1,554 yuan, increasing by 2.2% yoy, accountingfor 5.3% (Figure 1-1). 1.2 Overview of Retail Development 1.2.1 Steady expansion of consumer market and coordinated urban-ruraldevelopment In 2025, total retail sales of consumer goods reached 50,120.2 billion yuan, a 3.7%increase from the previous year. Of this, retail sales of consumer goods excludingautomobiles totalled 45,141.3 billion yuan, up 4.4% yoy (Figure 1-2). By location of business unit, retail sales in urban areas were 43,297.2 billion yuan, up3.6% yoy, while retail sales in rural areas were 6,823.0 billion yuan, reflecting a 4.1%yoy increase. By consumption type, retail sales of goods totalled 44,322.0 billion yuan, up 3.8% yoy,while catering revenue was 5,798.2 billion yuan, growing by 3.2% yoy. By retail format, among retail enterprises above designated size, retail sales byconvenience store