China News Service, Beijing, November 13 (Reporter Ruan Yulin) Cushman & Wakefield recently released the 2026 "China Outlet Industry Analysis and Value Insights" report. The report believes that China's outlet industry is in a critical transition period from "bigger" to "stronger". At the same time, industry differentiation will also accelerate. Leading companies that continue to iterate their operating capabilities and build capital closed loops will have more competitive advantages.
Outlet Lingxiu data shows that the sales scale of the outlet market in mainland China will reach 185 billion yuan in 2025, a year-on-year increase of 8.82%; the total number of stores will rise to 271, and the average store sales will increase to 683 million yuan, the highest level since 2021.
The concentrated pattern of China's outlet market is clear. Outlet leading show data shows that as of the end of 2025, the six leading operators, Shanshan Commercial, Sasseur, Wangfujing, Beijing Capital Commercial Management, Bailian Holdings, and Florence Town, have operated nearly 90 outlet projects, accounting for one-third of the national total. The total annual sales exceed 100 billion yuan, accounting for approximately 54% of the national market.
Chen Jiahui, Head of Valuation and Consulting Services Department and Managing Director of Cushman & Wakefield Greater China, said that the domestic outlet market is generally improving, and the wave of high-quality and cost-effective consumption has laid a solid foundation for growth in the outlet circuit. The industry has officially entered a critical cycle of transformation into micro-resort destinations. Looking at the global business perspective, the outlet format shows unique consumption adaptability in different economies. The growth logic of the industry has completely changed. The integration of culture and tourism and scene innovation will become the core starting point for outlets to break through homogeneity and tap the incremental value of assets.
Hu Feng, managing director of Cushman & Wakefield North Region, said that the experience of overseas mature markets has confirmed the strong resilience of the outlet business to resist the cycle, and also provided a clear reference for domestic inventory operations and brand synergy. In the future, industry differentiation will continue to accelerate. Only participants who continue to iterate their operational capabilities and seize capitalization opportunities can achieve steady progress in the efficiency competition stage.
Yang Zhi, director of Cushman & Wakefield's Beijing Valuation and Consulting Services Department and head of asset securitization business, said that in the past two years, domestic outlet real estate investment trusts (REITs) have achieved a rapid leap from ice-breaking to regular issuance. The underlying assets have shown the stable characteristics of high occupancy rate, high profitability, and strong cash flow, and market recognition continues to increase. REITs are becoming the capital engine for leading enterprises to open up the closed loop of "investment, financing, management and exit" and support expansion and development.
Zhang Danyi, senior manager of Cushman & Wakefield's Beijing Valuation and Consulting Services Department, said that the agglomeration effect of the domestic outlet industry continues to be prominent, and the six major operators rely on their resource endowments to develop differentiated paths and jointly dominate the market structure. At the same time, regional operators and traditional business groups have entered the industry, pushing industry competition from scale competition to a comprehensive competition of scenario operations and asset management capabilities.
