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This mall's fate is indicative of a larger trend: the chain of closures experienced by Red Star Macklin throughout China. Since the beginning of 2024, the company has been closing multiple malls, including facilities in locations such as Fuan and Yang Trent, further emphasizing the adverse effects of the changing economic landscape. Large retail spaces, once thriving, now grapple with empty storefronts, as consumer habits shift dramatically.
The Underlying Economic Crisis
The issues plaguing retail malls are rooted deeply in the broader concerns of the Chinese economy, notably within the real estate sector. With housing investment declining sharply—10.4% year-on-year and a staggering 19.2% drop in revenue—the demand for furniture and home decor has dwindled.