Shopping malls in Shanghai are seeing a surge in vacancies that climbed to 7 per cent in the second quarter, above a"warning line" of 5 per cent, after Covid Zero lockdowns hammered consumer demand, China Real Estate Information said late August, citing research of 20 major malls.
Food and daily necessities remain the key driver of the post-lockdown recovery in Shanghai. Consumer staples including household care products such as tissue paper and laundry detergents, and in-home food and drinks are the most popular shopping categories, according to monthly consumer surveys compiled by consultancy Mintel by interviewing 100 Shanghai residents.
Among Shanghai consumers, only half of interviewees in Mintel surveys said they spent on tourism in August, compared with February.4. Hotels and restaurants "The lockdown hit the restaurant sector very hard in recent months," said Mr Cao Zhehui, general manager of Shanghai-based Haisu Foods, which supplies meals to both international and local hotels, restaurants and airports."The recovery is still gradual," he said, adding he's positive over the long term, as about 70 per cent of his business was back as of late August.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »