广州零售市场回暖：核心商圈空置率下降，情绪消费狂飙

Core Insights - The retail market in Guangzhou is experiencing a significant recovery, with a total retail sales of social consumer goods reaching 469.994 billion yuan from January to May, marking a year-on-year growth of 5.1% [1] - The report from JLL indicates that the retail market in Guangzhou is expected to continue its upward trend, with shopping center stock surpassing 6 million square meters and a slight decrease in vacancy rates to 5.6% [1][2] - Emotional consumption is identified as a key driver of market vitality, with retail categories such as cultural and recreational products showing substantial growth [2][3] Retail Market Performance - The retail sales of sports and entertainment products increased by 36.2%, while cultural and office supplies surged by 57.6%, and electronic publications and audio-visual products doubled [1] - The average rent in shopping centers decreased by 1.6% to 673 yuan per square meter [1] Future Developments - Approximately 1.5 million square meters of quality shopping centers are planned to open in Guangzhou over the next three years, with significant contributions from the Panyu and Liwan districts [2] - New commercial projects are set to enter the market, focusing on "emotional value" as a core positioning strategy, which aims to provide differentiated experiences [3] REITs Performance - Consumer-related REITs have shown impressive performance, with an average first-day increase of 26% for eight REITs listed in 2025, and a total return of nearly 90% since their listing [3] - The report anticipates continued interest from investors in the REITs market, with several consumer-related REITs expected to be approved for listing in 2025 [3]