Empty shopping malls: Shanghai edition

Maybe things are a bit extreme in Hainan (as we have documented), but empty properties are just everywhere in China. Just as you would think that you won’t see that many in top tier cities like Shanghai, this is what was seen on the ground (see also: Christopher Pavese’s observation in China).

To be fair, there are shopping malls with better foot traffic (those targeting at mass market with a more balanced tenant mixed seems to be doing better than the one shown in the first photo, which are all selling high-end stuff), but even those looked mediocre.

This raises one important question: Rebalancing? Consumption-led growth? Where?

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About Zarathustra

Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.