The vacancy rate of China’s New South China Mall, also known as the world’s largest shopping mall, has reached 99% since its opening in 2005
March 11, 2013 Leave a comment
World’s largest mall is ghostly quiet
Staff Reporter
2013-03-11
The vacancy rate of China’s New South China Mall, also known as the world’s largest shopping mall, has reached 99% since its opening in 2005, reports caijing.com, a Chinese-language website specializing in financial news.
The shopping mall — which was built off of a total of 4.5 billion yuan (US$723.7 billion) in investments — is located in Dongguan of China’s southern Guangdong province. The 450,000 square meter mammoth can accommodate 2,350 stores and 8,000 parking lots. However, the near 99% vacancy rate has earned it the less fortunate name of “ghost mall” by the Chinese people.
South China Mall, predecessor of New South China Mall, opened on May 1, 2005. The mall was ranked as the world’s largest shopping mall by store rental rate. Chinese PKU Resource Group redeveloped and renamed the mall as the New South China Mall in 2007.
There has been a trickle of customers coming in over the years to stop by the US fast food chains near the entrance and the IMAX cinema outside the mall.
Ye Jining, chief of the investment department of New South China Mall, said he hopes the rental rate can be lifted to 80% from the current 20%. The mall will hold a series of promotional campaigns to meet the goal from March, said Ye.
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