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Xuhui Binjiang Kerry Center is a mixed-use development in Shanghais Xuhui District along Binjiang Avenue, featuring a 100,000 sqm gross leasable area retail component across five levels, completed in 2020 and owned by Kerry Properties Limited. The property integrates shopping, dining, office, and residential spaces, positioning it as a premium urban destination in a competitive riverside location.
Tenant mix includes 120 stores with anchors like Uniqlo, Zara, and Carrefour, emphasizing fashion, groceries, and lifestyle categories; diversity is high with unique concepts and ongoing new tenant pipeline. Occupancy stands at approximately 90.5% with a 9.5% vacancy rate, reflecting stable demand amid Shanghais mid-to-high-end retail market where overall vacancy hovered around 9.5% in recent quarters per Cushman & Wakefield reports.
Average rent is 729 RMB per sqm per month, aligning with softening rental trends in Shanghai due to new supply and e-commerce pressures, as noted in Savills and CBRE market analyses. Footfall averages about 1.25 million monthly visitors (annual 15 million), with 90-minute dwell times and 5% projected growth, driven by high pedestrian traffic and excellent public transport access including metro proximity.
Primary catchment population is 1.1 million within 5 km, with secondary at 10 km, featuring median age 40, household income 120,000 RMB annually, and 45% tertiary education level.
Leasing advantages include medium-term flexibility, frequent promotional events, 60% loyalty program penetration, and advanced security; however, challenges involve high competitor density in the area, very high e-commerce competition (95% internet penetration), and market saturation in fashion categories.
Operational quality is strong with 1,200 parking spaces and digital signage, but potential risks include aging infrastructure in surrounding areas and access issues during peak hours on Binjiang Avenue. Retail sales per sqm are 10,000 RMB annually, with conversion rates at 25%, supporting moderate performance in a market where retail sales dipped 0.7% YoY in early 2024 per Savills data.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Catchment
The primary catchment area within 5 km encompasses 1.1 million residents, with a secondary area of 10 km expanding reach; median age is 40 years, household size 2.8 persons, and median income 120,000 RMB per year. Tertiary education level stands at 45%, unemployment at 4.8%, and cost of living index at 125 (US=100). Retail spending per capita is 50,000 RMB annually, including 8,000 RMB on apparel, 15,000 RMB on groceries, and 6,000 RMB on electronics. This affluent, educated demographic supports premium retail but faces competition from e-commerce, with 95% internet penetration and 70% click-and-collect adoption, potentially limiting physical store traffic growth to 5% annually.
Competition and Market Position
High competitor density in the same category prevails in Xuhui Districts Binjiang area, with nearby malls like Xintiandi and IFC contributing to saturation in fashion and lifestyle segments. E-commerce poses very high competition, exacerbated by declining wholesale and retail sales of 0.5% in Shanghai per Savills Q1 2025 report. The centers mixed-use integration aids footfall, but vacancy rates mirror citywide 9.5% levels from Cushman & Wakefield, with new supply like Xuhui Vanke Mall adding 70,000 sqm absorption pressure in Q2 2024 per CBRE. Strengths include anchor presence and unique concepts, yet risks involve market saturation and softening rents amid rising consumption but falling rental rates as per 2025 industry insights.
Lease Terms and Operational Factors
Average rent of 729 RMB per sqm per month offers medium flexibility in lease terms, suitable for mid-tier retailers amid Shanghais declining rental environment noted in multiple reports. Occupancy at 90.5% indicates solid operational quality, bolstered by 1,200 parking spaces, excellent metro access, and high proximity to main roads. Promotional events are frequent, with 60% loyalty penetration and advanced security measures enhancing tenant viability. Drawbacks include potential access congestion on Binjiang Avenue and low retail crime but high e-commerce rivalry; expansion plans are underway, yet challenges like weak F&B categories (down 4.3% YoY) and desire for more family amenities could impact performance. Annual sales per sqm at 10,000 RMB and 25% conversion rate provide balanced metrics for evaluation.
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City Snapshot
Shanghai
Comprehensive market intelligence for retail expansion in this city
