成都大陆希望集团有限公司

Source: JinGuan News, Chengdu Daily

What was the performance of Chengdu’s consumer retail market in the newly concluded 2025? Stock renovation and consumption restructuring stood out as the core keywords. For both shopping malls as carriers and consumer-facing brands, the trend has been gradually shifting from "space provision" to "value creation".

Aerial view of Chunxi Road CBD

Diversified Commercial Scenarios Undergo Accelerated Transformation

　　Collating research reports from leading market consultancies such as JLL and Savills, journalists observed that the entire commercial retail market reshaped its appeal in 2025 through the transformation of commercial scenarios. From the perspective of mall formats among commercial carriers, specifically regarding shopping centers, Chengdu witnessed only one new project launch in 2025 – Chengdu Shudao Cloud City Shopping Mall, which opened its doors on April 30. Situated in the Huafu area of Shuangliu District, this project marks the first commercial complex developed by Shudao Group.

　　"The sharp decline in new shopping center openings fully indicates that the industry has entered the stock era, with developers becoming increasingly prudent about launching new mall projects," noted Zhang Xiaoyuan, Senior Director and Head of Commercial & Retail Consulting at Savills West China. He added that going forward, new supply in Chengdu’s commercial market will remain limited, and the industry will shift its focus to the renovation and upgrading of existing stock projects as well as urban renewal initiatives. "Through renovation and restructuring, existing stock projects are expected to bring new vitality to the market, further enhancing the commercial atmosphere and stimulating market dynamism."

Tianfu Jinlongxin (Chengdu) After Renovation and Upgrading

The "2025 Chengdu Commercial Property Market Annual Report" recently released by JLL also confirms this trend. According to the report, amid a slowdown in the launch of new commercial properties, a number of existing stock commercial assets underwent renovation and rebranding in 2025, re-entering the market with a completely new look. For example, the former Red Star Macalline Life Aesthetics Center has been transformed into Chengdu Wanyue City, which opened to the public on December 20, 2025. Chengdu Jinjiang Rongcheng Mall, redeveloped from the former Ito Yokado Plaza, held its grand opening on December 26. Journalists have learned from the latest sources that Chengdu Fangyuanhui Shopping Mall in the Xinglong Lake area is also set to be renovated and rebranded as Tianfu Jinlongxin (Chengdu), with an expected market launch by the end of 2026.

In addition, statistics and analysis from Savills show that as consumer behaviors evolve, "non-standard commerce" is emerging as a key model for enriching commercial formats, innovating consumption scenarios, and leveraging cultural tourism to drive urban renewal. In 2025, the launch of non-standard commercial projects such as Dongjiao Memory Warehouse 3, Luxe Lake CPI, Fugan Si, and The Gate Liangzijie not only enriched consumers’ diverse cultural experiences but also injected new vitality into Chengdu’s consumer market.

Growing in parallel with non-standard commerce is the outlets sector. A series of outlets projects made their way into the Chengdu market in 2025. For instance, in April, a 142.6-mu commercial land parcel in the Panda Base area of Chengdu Panda International Tourism Resort was successfully transferred. Shanghai Bailian Group will develop China’s first panda-themed scenic-style flagship outlets project upgraded to the 3.0 standard on this site. In August, the Chengdu Qingbaijiang International Premium Outlets Project, with a planned investment of approximately 3 billion yuan and a site area of 323 mu, officially broke ground and is expected to house over 300 international brand discount stores.

Consumers shopping at outlets

Notably, in addition to new outlets projects entering Chengdu, existing stock commercial assets are also being renovated and upgraded into outlets to boost foot traffic. A case in point is Wuhou Wanda Plaza, which has been transformed into Shangpin Outlets Plaza. Industry observers point out that the outlets format caters to consumers’ "expectations for discounts" and has gradually become an important component of the commercial sector in major cities across China. "Going forward, outlets and commercial complexes closely integrated with cultural tourism and other industries are expected to attract more market attention," they commented.

Looking ahead to 2026, Zhang Xiaoyuan stated, "The adjustment of stock projects is likely to become more frequent. The market can expect to see more retail spaces either enhancing their entertainment and leisure attributes or continuously tapping into new demand in niche segments, thereby creating differentiated consumption scenarios and improving project competitiveness."

Experiential Consumption Formats Gain Rising Popularity

From the consumer perspective, brand appeal continued to rise in 2025, with Chengdu remaining a frontier for developing the first-store economy and exploring new business formats and scenarios. Data from the Sichuan Provincial Department of Commerce shows that in the first three quarters of 2025, Sichuan Province introduced a total of 763 "first stores" of various brands. Among these, Chengdu accounted for over 80% of the first stores introduced in Sichuan Province, maintaining its leading position nationwide.

At the level of specific consumption formats, the designer toys economy, sports economy, performance economy, and holiday economy remained key drivers of consumption in 2025. Notably, driven by the "national subsidy" policy, sales of digital, smart, and related consumer goods sectors grew significantly, spurring physical stores to actively expand their business scope. A prime example is the opening of Southwest China’s first JD MALL.

2025 Consumption Keywords Shared by Industry Insiders

Tong En, Managing Director of JLL West China, commented, "In 2025, Chengdu’s efforts to build itself into an international consumption center city continued to deepen. Brand scenario innovation, together with the first-store economy and local culture, has stimulated endogenous vitality." Nevertheless, in the face of evolving demand and shifting growth drivers, how can consumption formats sustain their appeal?

"Demand for sports brands will remain stable, two-dimensional culture-related brands will stay active, and electronic and electrical appliances will continue to contribute steadily to demand. These niche segments will remain growth paths for tapping into consumer demand," predicted Zhang Xiaoyuan. For his part, Tong En opined, "Looking ahead to 2026, the industry will undergo in-depth restructuring centered on efficiency, experience, and resilience, with experiential consumption formats set to become the core competitiveness of the retail market."

Extended Reading:

"2025 Chengdu Commercial New Consumption Heat Recommendation List" Unveiled

Recently, the "2025 Annual Recommendation for Urban Lifestyle Consumption Influence" event, planned and organized by JinGuan Media of Chengdu Daily, has attracted widespread attention in the consumer market. Today, one of the series of activities, the "2025 Chengdu Commercial New Consumption Heat Recommendation List", was grandly unveiled.

As we all know, commercial retail is closely linked to the daily lives of residents. Shopping malls serve as the main venues for residents to purchase various products, while goods and services provided by major consumer brands meet the needs of diverse consumer groups. In 2025, consumption is no longer merely an exchange of materials, but a profound expression of "lifestyle" – from exquisite community "micro-renewal" to high-profile clusters of first stores with international charm, Chengdu has been continuously leading the growth of domestic demand through scenario iteration and format innovation, emerging as a "pacesetter" in this field. This remarkable achievement is inseparable from the continuous empowerment of various commercial retail entities.

For example, Chengdu Taikoo Li and Chengdu IFS have been promoting the integrated development of landmark commerce and the city through innovative consumption scenarios and diversified format combinations. In addition to meeting residents’ daily needs with a "warm daily life" touch, Hongqi Chain Store has been consistently practicing corporate sustainable development by actively engaging in public welfare initiatives, rural revitalization, and programs supporting farmers and benefiting the public. Chengdu Times Outlets, FV Chengdu Florentia Village Premium Outlets, Chengdu Hope Outlets, and Chengdu Jinniu CMG Garden City have kept pace with consumption trends and innovated consumption formats, offering residents a rich variety of scenario experiences while satisfying their shopping needs.

Also worth mentioning is the vigorous expansion of Yonghui Superstores in Chengdu. With the continuous upgrading of 20 revamped "Pang Yonghui" stores, the warm atmosphere of daily life has painted a vibrant picture of quality consumption in the city.

Reporter: Chen Chao

Image Providers: Participating Projects

Executive Editor: Lin Hongdou

Editor: Lu Yaru

Reviewer: Meng Feihong