In the first half of 2025, over 17,000 physical stores closed in China, from supermarkets and clothing stores to restaurants and department stores. The number of store closures is rapidly approaching 110,000. Walking through once-bustling shopping areas today, people notice many malls are empty, and vacant spaces have become the norm. This is especially true in first-tier cities like Beijing and Shanghai. What’s more alarming is that this isn’t an isolated incident but a direct result of oversupply in the physical retail industry.
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