Department stores are being cycled out, while food and beverage (F&B) tenants occupying large units are being asked to make space for smaller competitors.
As one popular factoid goes, human cells regenerate so rapidly that a body is technically composed of renewed cells every seven years. But even that is too long a wait for China’s retail scene. In just three years, the tenant mix at one of CapitaLand Investment’s (CLI) China retail malls can be completely refreshed, a sign of the country’s dynamic shopping scene.
In the past, malls would change their tenant mix every three years, refreshing about 30% to 40% of their offering, says CLI China CEO Puah Tze Shyang. “These days, each of our malls may go through a 30% change every year. So, after three years, we may have a 100% change — that’s how dynamic the retail scene right now is in China.”
