Mainland China's retail and property sectors have been hit by a new wave of closures from foreign and Hong Kong brands, reported Hong Kong's South China Morning Post.

High-profile exits include Lane Crawford, Ikea, Triumph, Zara and Zara Home. Ikea said seven mainland stores will close from February 2. Triumph Group International shut all its bricks-and-mortar outlets by December 31. Zara Home closed its last two shops in Changsha and Hangzhou in mid-2025. Sister brand Zara last year shuttered more than 10 stores, mostly in second-tier cities, though it opened large outlets in prime Shanghai locations.

The closures have added pressure on retail property markets. Savills said Beijing's premium shopping centre vacancy rate rose 1.6 percentage points in the third quarter of 2025 to 8.6 per cent. JLL reported average rents for premium retail properties in Beijing, Shanghai, Guangzhou and Shenzhen fell 2.4 per cent quarter on quarter.