The shopping center industry in China has shown excellent performance in the second quarter of 2018 amid the growing market of online shopping sites as construed by the rise of China Shopping Center Development Index.
According to the China Ministry of Commerce, the China Shopping Center Development Index increased to 1.3 points every year to 66.1 in the second quarter of 2018. This reflects the vibrant business of the shopping center industry in China. A rating that is above 50 means there is an expansion, while a rating below 50 indicates contraction.
The China Shopping Center Development Index for the second quarter of 2018 was 1.4 lower from the first quarter. Meanwhile, the sub-index of the current situation during the second quarter dropped 2.5 points to 61.9 points. The sub-index for future expectations, on the other hand, increased 0.3 points to 72.4 points from that of the first quarter.
First class cities in China also manifested higher development indexes every year and in every quarter.
According to business experts, this recent development in the China Shopping Center Development Index showed that China is leading globally when it comes to the shopping center industry. Despite the hype and escalating demand in online shopping sites, the shopping centers in China continue to be booming. In fact, the world's largest mall is located in China. The China's New South China Mall in Donnguan has an area of 2.9-million square meters.
Shopping centers' operators and key players cited that China's malls remain relevant despite the proliferation of online shopping sites because these shopping centers do not only sell products and services but it also focuses on experience and convenience. This can be construed by the number of added attractive elements in the shopping centers in China such as concert venues, arts centers, fitness clubs, wellness and spa centers and farmers' markets.
Shopping center goers enjoy the entertainment and relaxation that the Chinese shopping centers have which cannot be obtained from online shopping. Some shopping centers even have a ski slope, bowling centers, arcades and various restaurants that offer a wide range of cuisine. Another huge come-on is the world-class cinemas inside these shopping centers.
Another factor for the booming shopping center industry in China is its concept of living, work, and shop. Just like some shopping centers across the globe, most of the growing shopping centers in China also have space for residential condominium and offices of various companies. Usually, the upper floors of the shopping center building are allotted for residential condominiums and other floors for offices or even medical clinics. These are some of the factors why shopping centers in China continue to improve despite there are online shopping sites already.
