China consumer

Research evidence excerpt

China consumer

Global Markets Research

25 June 2026China consumer

EQUITY: CONSUMER RELATED

Sales of a leading high-end mall operator softened in 2Q26 Research Analysts

China Consumer Related

However, shopping mall expert remains optimistic for 2H26 Jizhou Dong, CFA - NIHK jizhou.dong@nomura.com

+852 2252 1554

We hosted a channel check call (24 June) with an expert with deep knowledge of China’s

Summer Qian - NIHKhigh-end consumption trend based on the expert’s observations on a leading luxury summer.qian@nomura.com

shopping mall operator in China (with more than 100 mid- to high-end shopping malls, +852 2252 6220

mostly located in China’s tier-1 and leading tier-2/3 cities). Our key takeaways are

summarised below.

Sales momentum marginally softened in 2Q26

• China’s leading high-end malls, in general, witnessed a slightly softened sales

momentum quarter-to-date (QTD) 2Q26, according to the expert. The expert shared

that same-store sales (SSS) across projects of the leading high-end shopping mall

player increased by mid-single-digit% (MSD%) y-y and total foot traffic was up by low-

single-digit% (LSD%) y-y in April (decelerated from the low-teens%/high-single-digit%

y-y performance for SSSG/foot traffic in March); driven by increased marketing

activities in May, both SSS and foot traffic registered high-single-digit% (HSD%) y-y

growth in May; however, month-to-date June, the shopping malls saw MSD% y-y

growth for both SSS and foot traffic.

• Meanwhile, luxury shopping malls still outperformed non-luxury shopping malls in

2Q26, according to the expert. The expert also noted that catering and entertainment

segments in luxury shopping malls enjoyed faster SSSG than other brands.

• The expert remains optimistic on the shopping malls’ performance in 2H26, based on