Despite the fact that many international brands have put on hold their expansion plans for Shanghai, there "were still cases of expansion in high-end shopping centres", Colliers says, citing examples including Tod's and Fendi acquiring extra space in the Plaza 66 mall.

Vacancy rates remain  a strong concern, however, especially with considerable new mall space supply coming on stream in the next 12 months. The average first half year retail centre vacancy rate in Shanghai was 10.5 per cent. "This was mainly due to more new supply in emerging districts, though the revamping and renovation of some shopping centres in traditional retail areas such as Lippo Plaza and Hong Kong Plaza on Huaihai Road, Dragon Gate Mall in Yu Garden, as well as Amanda Plaza in Caojiadu after a period of operation also added to the vacancy rate," Colliers says.

Average rental in Shanghai during the first half of 2009 "edged down by 2.7 per cent from end-2008, to RMB32.2 per sq m per day for ground floor area," Colliers adds.