Electric auto manufacturers in China aim to plough money into occupying malls’ display windows, a fresh way to help commercial property developers hit by the coronavirus.
The Head of Retail in JLL China Ellen Wei said Chinese electric automakers are set to draw more customers via stores in malls. When compared with brand name apparel stores, auto firms are able to pay nearly twice for each square meter, she added. She went on to say that brand electric carmakers are sealing one-year-long leases, and there’s an option to extend the contract for a further year.
Although Chinese auto business faced a challenging time in 2020, it took off over the last months. Electric auto startups including Xpeng and Li Auto, each, gained more than $1 billion this year.
A partner based in Bain & Company's Shanghai office Raymond Tsang, too, said this trend will work out beneficially as people will be able to touch vehicles in a superior location to make up their mind.