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Knight Frank 萊坊
SHANGHAI Retail
market report
上海商铺报告
Research
retail
商铺
Q3 2013
2013 年第三季度
研究报告
2
Q3 2013
shanghai retail Quarterly
New shopping mall supply reached
513,000 sqm in the third quarter,
three times higher than the
previous quarter and hit a new high.
New malls included the
soft-opened Jing’an Kerry Centre
Phase Two (73,000 sqm) and the
iapm Mall (120,000 sqm) as well as
the officially-opened Global Harbor
(320,000 sqm).
Retail rents in Shanghai started to
rise notably again in the third
quarter after remaining almost
unchanged in the first two quarters
of 2013. In the third quarter,
ground-floor retail rents in prime
areas increased 2.7% quarter on
quarter to RMB57.1 per sqm per
day.
With a huge amount of local
residents and maturing ancillary
facilities, large-scale shopping malls
in non-prime retail areas are under
rapid development and witness fast
rental growth. According to Knight
Frank’s statistics, ground-floor rents
in non-prime retail areas increased
by 4.1% quarter on quarter, 1.4
percentage points higher than that
in prime retail areas.
In the third quarter, the retail
property investment market
remained stable, with a number of
deals under negotiation and one
shopping mall acquisition deal
recorded. Touch Mall in Xuhui
District was acquired by Harvest
Real Estate Investments (HREI) for a
total consideration of RMB1.7
billion.
Outlook
Looking forward, the Shanghai
retail market is set to become
relatively quiet after experiencing a
supply surge in the third quarter. In
prime retail areas, besides Lane
Crawford in Shanghai Times Square,
no new shopping malls are set to
open in the fourth quarter.
However, in the coming 12 months,
new retail malls scheduled for
completion include River Mall
Phase Two (260,000 sqm), Hopson
International Plaza (166,000 sqm)
and Golden Hongqiao International
Centre (86,000 sqm). The first outlet
in Pudong, Florentia Village, is set
to open in the third quarter of 2014.
In 2013, most new supply is
concentrated in prime areas, whilst
more new retail malls will be
launched in emerging areas in 2014.
Meanwhile, an increasing number
of retailers continue to launch their
stores in Shanghai, demonstrating
their sustained confidence in
consumer demand. The fourth
Apple Store in Shanghai will open
in iapm Mall this October. The first
H.E. by Mango flagship store in
China will open in Jing’an Kerry
Centre. In the fourth quarter, retail
rents are estimated to remain
stable and the vacancy rate is set to
increase slightly. In the coming 12
months, retail rents will remain on
an upward trend with an annual
growth rate of approximately 10%.
Highlights
In the fourth quarter,
retail rents are
estimated to remain
stable and the vacancy
rate is set to increase
slightly. In the coming
12 months, retail rents
will remain on an
upward trend with an
annual growth rate of
approximately 10%.
3
KnightFrank.com.cn
The officially-opened
Global Harbor has replaced
Super Brand Mall to
become the largest
shopping mall in Shanghai.
shopping mall in the downtown, a
mid to upper-end shopping centre
Global Harbor was officially opened in
Putuo District with an occupancy rate
of 90%. The total retail GFA of Global
Harbor is approximately 320,000 sqm
and existing tenants include luxury
brands such as Burberry, Chanel and
Dior as well as mid-priced brands
such as Novo, Muji, H&M, Gap, Uniqlo
and C&A. Level four of Global Haror is
public cultural space featuring
museum, art gallery and cultural
display. Global Harbor has replaced
Super Brand Mall to become the
largest shopping mall in Shanghai.
In the third quarter, international
retailers continued to expand in
Shanghai. Zara Home landed its first
store in Nanjing West Road in Jing’an
District. Global stylish fashion and art
concept store 10 Corso Como opened
its first boutique store in Wheelock
Square. Mulberry opened its fourth
store in China in iapm Mall, which is
Mulberry’s largest flagship store in
China. The world’s largest Uniqlo store
with a retail floor area of over 8,000
sqm opened in Shanghai on 30
September. As the largest Ikea store in
Asia, Ikea Baoshan Store was launched
on 15 August, boasting a retail floor
area of 55,032 sqm. On 1 August,
H&M launched its first menswear
store in China together with its first
MONKI store in Shanghai in Global
Harbor.
Due to the opening of large shopping
malls, new shopping mall supply
reached 513,000 sqm in the third
quarter, three times higher than the
previous quarter and hit a new high.
New malls included the soft-opened
Jing’an Kerry Centre Phase Two
(73,000 sqm) and iapm Mall (120,000
sqm) as well as the officially-opened
Global Harbor (320,000 sqm).
Developed by Kerry Properties,
Jing’an Kerry Centre Phase Two had its
soft opening this July. The mixed-use
project comprises office towers,
serviced apartments, hotel and retail
space. With a total retail gross floor
area (GFA) of 73,000 sqm, Jing’an
Kerry Centre Phase Two is the largest
shopping mall project in the Nanjing
West Road retail area. Currently,
confirmed apparel tenants include
Paul Smith, Michael Kors, Emporio
Armani and Hugo Boss, while Food
and Beverage (F&B) tenants include
Element Fresh, Simply Thai, Jade
Garden and Din Tai Fung. Two
supermarkets including Ole and Life
by City Shop are situated in the
basement. In the Huaihai Middle Road
retail area, iapm Mall started trial
operation on 5 August. Developed by
Sun Hung Kai Properties, the project
has two Grade-A office buildings,
luxury serviced apartments and the
iapm mall. With a retail GFA of
120,000 sqm, iapm Mall has a number
of internationally renowned brands,
including Hermès, Prada and Gucci
and will feature Shanghai’s first Gucci
Café. An IMAX Theatre is situated in
Palace Cinema on levels five and six.
Besides the two soft-opened luxury
Supply and Demand
4
Q3 2013
shanghai retail Quarterly
Retail rents in Shanghai started to rise
again in the third quarter after
remaining almost unchanged in the first
two quarters of 2013. In the third
quarter, ground-floor retail rents in
prime areas increased 2.7% quarter on
quarter to RMB57.1 per sqm per day.
Ground-floor shopping mall rents
increased 2.4%, whilst street-shop rents
increased 3.1% compared with the
previous quarter. F&B retailers are
actively seeking for new retail space in
Shanghai. In September, Sun Life Food
Court leased 5,000 retail space in Citic
Plaza Shenhong on Sichuan North Road
at RMB4 per sq m per day. Influenced
by the new supply, the prime retail
vacancy rate went up slightly by 0.3
percentage point to 8.8% in the third
quarter.
Some non-prime
shopping malls recorded
quarter-on-quarter growth
of over 5% in rents.
Shanghai ground-floor retail rents in core areas (Q1 2006 - Q3 2013)
With a huge amount of local residents
and ancillary facilities getting mature,
large-scale shopping malls in
non-prime retail areas are in rapid
development and witness fast-paced
rental growth. According to Knight
Frank’s statistics, ground floor rent in
non-prime retail areas increased by
4.1% quarter on quarter, 1.4
percentage points higher than that in
prime retail areas. Some non-prime
shopping malls including Kerry
Parkside, Life Hub@Jinqiao, Life
Hub@Daning and Super Ocean Sky
Mall recorded quarter-on-quarter
growth of over 5% in rents.
Rent
20
25
30
35
40
45
50
55
60
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2006 2007 2008 2009 2010 2011 2012 2013
RMB/sqm net/day
Source: Knight Frank Research
5
KnightFrank.com.cn
In July, Touch Mall in Xuhui
District was acquired by
Harvest Real Estate
Investments for a total
consideration of RMB1.7
billion or a unit price of
RMB30,000 per sqm.
In the third quarter, the retail property
investment market remained stable,
with a number of deals under
negotiation and one shopping mall
acquisition deal recorded. In July,
Touch Mall in Xuhui District was
acquired by Harvest Real Estate
Investments (HREI) for a total
consideration of RMB1.7 billion or a
unit price of RMB30,000 per sqm.
Located in Xuhui Binjiang Area, Touch
Mall opened on 1 June 2013.
Developed by Cha Tai Group, Touch
Mall has a total retail GFA of 55,000 sq
m with committed tenants including
Uniqlo, Ochirly and Westa Cinema.
HREI is a real estate fund formed by
Harvest Fund Management and
Britain-based Grosvenor Fund
Management. As a joint venture, HREI
aims to invest in real estate markets in
China. This transaction marks HREI’s
first investment in China.
Some retailers are optimistic about
the Shanghai market, transforming
from pure leasing strategy to buying
properties for self-use. In August,
Shanghai Waigaoqiao Free Trade
Zone Development Co., Ltd
announced that French sporting
goods retailer Decathlon acquired
Sunland Plot D4-4 for a total
consideration of RMB600 million to
build up their headquarters. The
acquired property is situated to a
green park to the north, Sunland
International Project D4-5 to the east,
Zhouhai Road to the south and
Lansong Road to the west. Currently,
Decathlon owns six retail stores in
China and the proportion of
self-owned stores will increase to one
third in the future. Boosted by the
development of Shanghai Pilot Free
Trade Zone, Sunland Waigaoqiao is
positioned as another international
community after the Gubei, Green
City and Lianyang communities and is
scheduled for completion in 2017.
The Decathlon headquarters project is
located in Sunland International Area
of Sunland Commercial and Business
Zone with at least ten corporate
headquarters to move in. The whole
Sunland Commercial and Business
Zone will have 750,000 sqm of urban
commercial complex.
INVESTMENT
6
Q3 2013
shanghai retail Quarterly
Selected retail leasing transactions, Q3 2013
District Building Floor Trade Area
(sq m)
Rent
(RMB/sq m/day)
Huangpu Richgate
Basement
1st floor
unit
Personal
care 209 7.4
Hongkou Citic Plaza
Shenhong
Basement
1st-2
nd
floors units
F&B 5,000 4.0
Pudong Super Brand Mall Level 1 unit Apparel 1,000 25.0
Jing’an Park Place
Basement
2nd
floor
unit
F&B 200 20.0
Huangpu Plaza 336 Levels 1-4
units Apparel 5,830 15.7
Source: Knight Frank Research
Selected retail sales transactions, Q3 2013
District Building Floor Area
(sq m)
Total price
(RMB million)
Price
(RMB/sq m)
Xuhui The Hysun Level 1 unit 483.0 40.1 82,976
Zhabei
Chamtime
Corporate
Avenue
Level 1 unit 433.5 29.2 67,277
Putuo Tianhui Plaza Level 1 unit 150.4 10.2 67,826
Hongkou Citic Rainbow
Garden Level 1 unit 155.7 6.7 43,273
Pudong Powerlong City
Plaza Level 1 unit 175.2 6.9 39,392
Source: Knight Frank Research / Shanghai Real Estate Trading Centre
7
KnightFrank.com.cn
第三季度上海新开商场面积达到
513,000 平方米，为前一季度的近三倍，
季度供应达到历史峰值。新开商场包
括仍在试营业期的静安嘉里中心二期
（73,000 平方米）和环贸 iapm
（120,000 平方米），以及已经正式开
业的月星环球港（320,000 平方米）。
零售租金在连续维稳两个季度后，于
第三季度出现明显增长。第三季度，
上海主要商圈首层租金环比增长 2.7%
至每天每平方米人民币 57.1 元。
随着近年来人口的大量导入，区域内
配套设施逐步成熟，非核心商圈内大
型购物中心的发展迅猛，租金也随之
稳步提高。据莱坊统计，第三季度，
非核心商圈首层租金的环比增速为
4.1%，比核心商圈首层租金的环比增
速高出了 1.4 个百分点。
第三季度，零售物业投资市场保持稳
定，数宗交易在积极谈判中，录得一
宗购物中心整栋成交案例。位于徐汇
区的正大乐城购物中心被嘉实房地产
投资公司（简称“嘉实地产”）收购，
总价为人民币 17 亿元。
焦点
零售租金将在第四季度保持
平稳，空置率略有升高，未
来一年内，零售租金将保持
升势，预计年增幅约在10%
左右。
2013年第三季度
上海商铺 季刊
未来展望
第四季度市场供应趋缓，租金保持平
稳。展望未来，供应方面，上海零售市
场在经历了第三季度的供应高峰以后
将回归平静，第四季度除了大上海时代
广场的连卡佛百货试营业外，各主要商
圈未见有新商场计划落成。而在未来 12
个月内，即将开业的新商场项目包括世
博源二期（260,000 平方米）、合生国
际广场（166,000 平方米）和金虹桥国
际中心（86,000 平方米）。浦东首家奥
特莱斯——佛罗伦萨小镇也计划于明
年第三季度开业。与 2013 年集中在核
心区域的新供应相比较，2014 年的新
开商场将主要集中在非核心区域。零售
商方面，未来选址上海开店的零售商有
增无减，显示出对零售需求的信心。上
海第四家苹果店（Apple Store）已选址
在淮海中路的环贸 iapm 商场，预计将
在今年 10 月份开业。Mango 旗下男装
品牌系列 H.E.by MANGO 也即将登陆
中国，在上海静安嘉里中心开设首家旗
舰店。零售租金将在第四季度保持平
稳，空置率略有升高，未来一年内，零
售租金将保持升势，预计年增幅约在
10%左右。
8
KnightFrank.com.cn
由于有大体量的新商场开业，第三季度
上海新开商场面积达到513,000平方
米，为前一季度的近三倍，季度供应达
到历史峰值。新开商场包括仍在试营业
期的静安嘉里中心二期（73,000平方
米）和环贸iapm（120,000平方米），
以及已经正式开业的月星环球港
（320,000平方米）。静安嘉里中心二
期由嘉里集团开发，于七月份开始试营
业，包括办公楼、酒店式公寓、酒店及
商场等，其中商业体量约为73,000平方
米，成为南京西路商圈体量最大的购物
中心项目。目前确认入驻的服饰类商户
有保罗史密斯（Paul Smith）、迈克
高仕（ Michael Kors）、安普里奥•阿
玛尼（Emporio Armani）、雨果博斯
（Hugo Boss），餐饮类商户包括新元
素（Element Fresh）、天泰（Simply
Thai）、翠园（Jade Garden）、鼎泰
丰（Din Tai Fung）等，地下一楼设有
两间超市，分别是Ole和Life by City
Shop。而在淮海中路商圈，环贸iapm
于8月5日开始试营业，由新鸿基地产开
发，整个综合性项目包括两栋写字楼、
高档酒店式公寓和iapm商场。其中
iapm商场的面积约占120,000平方米，
汇集了爱马仕（Hermès）、普拉达
（Prada） 以及古驰（ Gucci）等多个
国际奢侈时尚品牌，还将开设上海第一
间古驰（Gucci）咖啡店。在商场5楼和
6楼的百丽宫影城中配备了IMAX影院。
正式开业的月星环球港取代上
海正大广场，成为上海规模最
大的购物中心。
除了上述两家在市中心试营业的高端
购物中心，另有一家中高端购物中心
——月星环球港在普陀区正式开业，入
住率达到90%左右。月星环球港商业总
面积约在320,000平方米左右，入驻商
户不仅有奢侈品牌巴宝莉（Burberry）,
香奈尔（Chanel）和迪奥（Dior）等，
还包括价格亲民的品牌NOVO、无印良
品、海恩斯莫里斯（H&M）、盖普（GAP）、
优衣库（Uniqlo）、西雅衣家（C&A）
等，在四楼设有文化区，包括博物馆、
美术馆和文化展区。此外，月星环球港
取代上海正大广场，成为上海规模最大
的购物中心。
国际零售商继续在上海扩展店面。飒拉
家饰（Zara Home）上海首家门店正式
登陆静安区南京西路。全球生活潮牌名
店10 Corso Como的首家精品店在会德
丰广场开业。玛百莉（Mulberry）在上
海环贸iapm购物中心开设中国第四间
专卖店，这也是该品牌在中国的最大旗
舰店。优衣库(Uniqlo)全球最大旗舰店
于9月30日在上海开幕，卖场面积超过
8,000平方米。宜家(Ikea)宝山店于8月
15日正式开业，宝山商场是目前宜家家
居在亚洲开设的最大商场，营业面积达
55,032平方米。海恩斯莫里斯（H&M）
中国首家男装门店及旗下MONKI上海
首家店选址上海月星环球港，于8月1
日开业。
供应与需求
9
KnightFrank.com.cn
零售租金在连续维稳两个季度后，于第
三季度出现明显增长。第三季度，上海
主要商圈首层租金环比增长2.7%至每
天每平方米人民币57.1元。其中，购物
中心首层租金环比增长2.4%，而街铺租
金环比增长3.1%。餐饮品牌亦积极在上
海寻求铺面。今年9月份，阳光小镇美
食广场在位于四川北路的中信泰富申
虹广场租赁了5,000平方米的店面，租
金约在每平方米每天人民币4元左右。
上海优质商场空置率的变动不大，受新
供应的影响，第三季度空置率环比略升
0.3个百分点至8.8%。
第三季度，多家位于非核心商
圈的购物中心租金均录得环比
5%左右的增长。
上海主要商圈首层租金，2006年第一季度至2013年第三季度
随着近年来人口的大量导入，区域内配
套设施逐步成熟，非核心商圈内大型购
物中心的发展迅猛，租金也随之稳步提
高。据莱坊统计，第三季度，非核心商
圈首层租金的环比增速为4.1%，比核心
商圈首层租金的环比增速高出了1.4个
百分点。其中，包括浦东嘉里城、金桥
国际商业广场、大宁国际商业广场和仲
盛世界商城在内的多家位于非核心商
圈的购物中心，第三季度的租金均录得
环比5%左右的增长。
租金
20
25
30
35
40
45
50
55
60
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2006 2007 2008 2009 2010 2011 2012 2013
数据来源：莱坊研究部
人民币/平方米净面积/天
10
2013年第三季度
上海商铺 季刊
第三季度，零售物业投资市场保持稳
定，数宗交易在积极谈判中，录得一
宗购物中心整栋成交案例。7月份，
位于徐汇区的正大乐城购物中心被
嘉实房地产投资公司（简称“嘉实地
产”）收购，总价为人民币 17 亿元，
折合成交均价约为每平方米 30,000
元。位于徐汇滨江区域的购物中心正
大乐城于 6 月 1 日开始营业，由正
大集团及绿地集团共同开发，总建筑
面积 55,000 平方米，目前入住租户
包括优衣库、欧时力和华士达东方影
城。嘉实地产是由嘉实基金和高富诺
基金联合投资成立的房地产投资公
司，作为一支私募地产基金，专注于
大中华区的房地产投资。此次收购正
大乐城是该基金在中国达成的首项
交易。
七月份，位于徐汇区的正大乐城
购物中心被嘉实房地产投资公司
（简称“嘉实地产”）收购，总价
为人民币17亿元，折合成交均价
约为每平方米30,000元。
另外，也有部分零售商看好上海市
场，由纯租赁策略转向买地自建的方
式。今年 8月，上海外高桥保税区开
发股份有限公司发布公告称法国运
动品牌迪卡侬(Decathlon)将斥资人
民币 6 亿元在森兰 D4-4 地块建设总
部项目。地块北临绿地、东临 D4-5
森兰国际项目、南临洲海路、西临兰
嵩路。目前，迪卡侬在全国范围内拥
有六家自建商场，而未来迪卡侬在中
国的自建商场比例将达到三分之一。
在自贸区概念的推动下，森兰外高桥
规划成为继古北、碧云、联洋之后又
一国际社区，将于 2017 年完成整体
开发建设。此次迪卡侬总部项目位于
森兰商业商务区中的森兰国际板块，
森兰国际板块将迎来至少 10 家企业
总部入驻，而整个森兰商业商务区总
规划面积为 75 万平方米。
投资
11
KnightFrank.com.cn
上海主要商铺租赁成交，2013 年第三季度
区域 项目 楼层 业态 面积
（平方米）
租金
(人民币/平方米/天)
黄浦 华府天地 地下一层单元 个人护理 209 7.4
虹口 中信申虹广场 地下一至二层
单元 餐饮 5,000 4.0
浦东 正大广场 一层单元 服饰 1,000 25.0
静安 越洋广场 地下二层单元 餐饮 200 20.0
黄浦 华旭国际大厦 一至四层单元 服饰 5,830 15.7
数据来源：莱坊研究部
上海主要商铺买卖成交，2013 年第三季度
区域 项目 楼层 面积
（平方米）
总价
(人民币百万元)
成交价格
(人民币/平方米)
徐汇 海珀府邸 一层单元 483.0 40.1 82,976
闸北 长泰企业天地 一层单元 433.5 29.2 67,277
普陀 天汇广场 一层单元 150.4 10.2 67,826
虹口 中信虹港名庭 一层单元 155.7 6.7 43,273
浦东 宝龙城市广场 一层单元 175.2 6.9 39,392
数据来源：莱坊研究部 / 上海房地产交易中心
12
2013年第三季度
上海商铺 季刊
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