The Chinese餐饮 industry is undergoing a significant restructuring as restaurants accelerate their departure from shopping malls. Industry experts, such as Shou Wenbin (寿文彬), predict this mall restaurant shakeout will persist for at least two more years. The exodus is driven by declining foot traffic, stubbornly high rents, and homogenized mall offerings. Data from reports like the ‘2022-2024 Shopping Center Switch Store Research Report’ indicates over one-third of malls are experiencing net store closures. Strategic opportunities are emerging in下沉 markets, including underground mall floors (B1/B2) with lower rents and stable traffic, as well as lower-tier cities and counties where commercial real estate is less saturated. For餐饮 operators and investors, adapting location strategies, focusing on experiential dining, and exploring下沉 markets are critical for navigating this prolonged shakeout and ensuring long-term sustainability.
The Great Chinese Restaurant Exodus: Mall Shakeout to Last Two Years Amidst Structural Shifts
