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2 July 2020 Pradera Assets achieve outstanding results in BREEAM certification As a major investor and manager of retail assets, we recognise the impact that our activities can have on the environment and on the communities where we operate. 23 June 2020 Restyled WindTre opens to the public at Sedici Pini Shopping Centre A new look for the Italian telecom operator 22 June 2020 Istanbul Cevahir increases fashion offer with popular brand LC Waikiki LC Waikiki reveals new store

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Home News & Media Pradera News
Chongqing 9

China’s Green Shoots – Springing to Life in May

Pradera Retail Asia, the joint venture retail real estate asset manager of MIRA and Pradera Limited based in Shanghai, is quietly optimistic about the recovery of retail sales in China.  After some difficult months for retail, starting in February with the closure of many shopping centers in China for one month or longer, China’s retail recovery is taking shape.

The month of March saw China begin to open back up after a very difficult and serious lockdown however the Chinese consumer was not quite ready to go back to their spending and consumption habits of 2019.  As we approached April and control measures slowly began to relax in many cities around the country, sales and footfall were recovering little by little every week but still were way off 2019 numbers.

As we entered May, we started the month with a five day extended holiday.  The people of China, the cities of China and the retail real estate industry of China embraced this period with travel, shopping, events, promotions and a reconnecting to socializing and nature.  And the numbers are showing it….. For the PRA portfolio, which consists of four shopping centers ranging in size from 23,000sqm to over 100,000 sqm in the cities of Shanghai, Chongqing, Xian and Qingdao, the footfall and sales recovery displayed the green shoots of Spring that we had been waiting for.  Most centers are now at respectable recovery levels and the sales in our center in Chongqing are outpacing last year for April and May, in large part as a result of our repositioning efforts last year.  Key categories that are shining in the recovery are:  F&B, Kids,  Cosmetic/Beauty, Electronic/Home Appliance, Health/Wellness and Supermarkets.  Sales are recovering faster than footfall which leads us to understand that while many people are still practicing caution when visiting enclosed spaces and are not making as many visits as before the virus, those that are venturing out are focused consumers with a shopping list in hand and money in their pocket.

There is still a road ahead towards full recovery.  It will require our continued hard-work and dedication to continue providing safe, fun and exciting destinations for the Chinese family and Chinese millennial to spend their time.  And as we look ahead, we remain dedicated to providing the best shopping, food and experiences to our customers – Bringing Retail to Life.

Pradera News

Pradera Assets achieve outstanding results in BREEAM certification

As a major investor and manager of retail assets, we recognise the impact that our activities can have on the environment and on the communities where we operate.

Read whole story

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A new look for the Italian telecom operator

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Retailers reporting sales increases year on year

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Another new entry at Instabul Cevahir

Kiko Milano

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Background Photo:
Ragusa: Ibleo Shopping Centre