High-end shopping malls saw recovering momentum in Sep

We hosted a channel check call (9 October) with an expert with deep knowledge of China's high-end consumption trends, who provided observations on a leading luxury shopping mall operator [CR MixC, owned by CR Land] in China with more than 100 mid- to high-end shopping malls. Compared with 2Q26 and Jul-Aug 2026, China's leading high-end malls saw a recovery in momentum in Sep 2026, with both same-store sales and foot traffic up, driven by the Mid-Autumn Festival occurring in Sep this year (vs coinciding with the National Day holiday last year) combined with marketing campaigns targeting the luxury, gold & jewelry and cosmetics segments. Luxury shopping malls still outperformed non-luxury malls. However, the expert noted that foot traffic decelerated during the National Day holiday, below expectations. For 4Q26 the expert remains relatively optimistic, citing reduced outbound diversion, the peak season with higher average order value, and a shift in member characteristics toward younger,