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Chinese electric car manufacturers have rushed into shopping malls



Automakers have become the real savior for commercial real estate owners still reeling from the coronavirus pandemic shock.
xpeng - electric car manufacturer

Instead of opening their stores, electric car manufacturers from China have decided to lease vacant space in shopping malls. They are willing to pay twice as much per square meter as fashion stores can afford.

According to Ellen Wei, head of retail at JLL China, many automakers have already signed long-term leases for prime first-floor space in many malls across the country. For example, one unnamed Chinese electric car brand alone plans to open 400 stores in 20 cities.

After a prolonged downturn in the auto market caused by the coronavirus pandemic, many automakers have seen a surge in sales in the past few months. Startups such as Xpeng and Li Auto raised more than $1 billion each in their initial public offerings in the U.S. this year. And Nio's stock price soared about 1,000% in 2020.

Initially, some electric car makers actively started opening pop-up format stores. Then they turned their attention to empty mall space. It is easier than opening their retail outlets. However, this business cannot do without physical spaces, because before parting with money, potential buyers want to examine the car beforehand, to sit inside it. Particular emphasis is placed on young visitors to shopping centers.

The emergence of new, unexpected customers allows Chinese commercial real estate owners to fill the voids created by the coronavirus pandemic.

More about shopping malls in China



Sep 22, 2022, France:
Palm Angels expands its geography and enters the French market with the opening of a store in Paris.
Sep 20, 2022:
The new retail space will appear in the trendy Garosu-gil neighborhood of Seoul.
Sep 19, 2022, Sweden:
The official opening of the flagship store at Drottninggatan 53 is scheduled for September 30, 2022.
Sep 16, 2022, South Korea:
The store will be located at Lotte World Mall in Seoul's Jamsil district.
Sep 15, 2022, USA:
Pontegadea is negotiating the purchase of distribution centers in Wisconsin and Pennsylvania.
Sep 14, 2022, Spain:
Sales of the Indetex Group increased by almost 25% for the first half of the year.
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