By the end of 2021, the total number of shopping centres in China had reached 6,300, accounting for 10.7% of the country's total social retail sales in the same period, and serving as a "stabiliser" to meet consumption, stabilise the market and boost economic development. Recently, the China Association of Chain Stores (CACS) released the "China Shopping Centre Contribution to Economic and Social Development Report 2021", which explains the contribution of shopping centres to national economic development in terms of driving the economy, stabilising employment, urban renewal and attracting first-time shops.

The report points out that, in terms of the market as a whole, the growth rate of China's shopping centre scale has slowed down and the development has entered a stable period, but the stock size is still at a high level. By the end of 2021, the total number of shopping centres in the country had reached 6,300 (≥30,000 m²), with the number of shopping centres opening (≥30,000 m² or more) falling continuously since 2018, with an average of 446 opening in the two years of 2020 and 2021.

According to relevant statistical studies, China's shopping centre per capita enjoys an area of about 0.35m2, compared to the United States per capita shopping centre enjoys an area of over 2m2, Japan, Europe and other countries per capita shopping centre enjoys an area of 0.4-0.5m2, China's shopping centre per capita enjoys an area close to the level of Japan, Europe and other developed countries.

In 2021, the total turnover of shopping centres in China will account for 10.7% of the total social retail sales in the same period, and about 8.9% in 2020. Among them, Shanghai's shopping centre turnover accounted for 12.96% of Shanghai's total social retail sales of goods, an increase of 1.56% over the previous year. Shopping centres make an important contribution to promoting consumption, meeting people's demand for a better life and boosting the total retail sales of consumer goods and GDP.

Shopping centres are the largest carrier of first-time shops. According to statistics from the China Association of Chain Store Operators and China Merchant, the shopping centre market successfully hosted 2,637 first-time shops for the "five major international consumer hub cities" in 2021. In first-tier, new first-tier and some second-tier cities, the shopping centre market has attracted a large number of quality new brands, triggering a boom in the "first-store economy", enhancing the richness of urban commercial consumption brands, creating a large number of new online shops with their own traffic, and rapidly boosting urban commercial consumption vitality.

Shopping centres are also pioneering experimental bases and traffic engines for urban regeneration. 2021 saw the first time that urban regeneration was included in the government's work report at the National People's Congress. Some city and regional governments have even proposed that the proportion of commercial planning area in urban renewal projects should be increased, with the highest proportion of commercial planning area in the overall urban renewal project area reaching 50%. According to incomplete statistics, more than 100 different types of commercial complexes will be opened in Shanghai in 2021, including 66 new incremental projects and 40 stock renovation commercial projects.

Shopping centres are also the mainstay of stable employment. As a physical integrated commercial platform and operating space, a large number of high-end talent positions are derived from the shopping centre industry chain; in-operation shopping centre outreach services and activities, providing a large number of service-oriented employment positions. The research estimates that a shopping centre with a construction area of 100,000 square metres can provide 1,720 direct jobs.

"The activity of shopping centre development is a visual indication of a city's economic prosperity." Wu Ruiling, Vice President of China Chain Store Association, said that shopping centres are a "stabiliser" to meet consumption, stabilise the market and boost economic development, a "booster" to provide social employment, create a good business environment and accelerate urban renewal, as well as an "incubator" to promote local consumption It is also an "incubator" for local consumption and brands. The shopping centre of the future will not only be a shopping destination, but also a window into the 'good life' of the city.

"Shopping centres must dig deeper into the consumer needs of residents and establish a shallow material and deep spiritual link with consumers. Only a complex shopping centre designed and built with material, spiritual, cultural and artistic elements will lead the way in upgrading regional and local consumption and offer more possibilities for a better urban life."