China’s retail sector is not due to fully recover for the coronavirus outbreak until the second half of 2020, according to experts.
Savills China Retail has predicted that although shoppers are now gradually returning to retail outlets and shopping malls in the country’s most affected areas, a full recovery is still months away.
China’s retail sector has largely been shut down since late January, and the rest of the world is looking towards the country for cues on how long the crisis will take to subside.
According to Savills, shopping malls in Shanghai are now seeing footfall at levels around 30 per cent of pre-crisis levels, and most centres have returned to normal shopping hours.
Further anecdotal evidence suggested that parking spaces were already difficult to find in Shanghai’s shopping centres.
While most retail stores have now reopened in China, restaurants and gyms are now also being asked to complete an application process to open their doors to the public.
Most gyms have now reopened, but the government as imposed limits of 50 people and 90 minutes per person, including full sanitisation of the gym before the next group of 50 is allowed in.
The impact on China’s wider economy is yet to be seen, as many international brands who had planned to launch in the country have largely put said plans on hold.