Can You Believe This Is Shanghai? No Shoppers, No Life!

It's all covered in today's China Truths. Where has everyone gone? This morning, I took the subway to Pudong airport. After checking in, I walked into a completely empty terminal. I was the only one there. Before the pandemic, I had to arrive hours early just to get through security, which took at least an hour. Today, it took 3 minutes. I've been to the airport several times in recent years and saw passenger numbers At 8.30am, there was almost no one at the entrance. Just a few years ago, this was unthinkable. Now, China's economy is declining so fast that even major international airports are turning into ghost towns. Even Shanghai's three busiest commercial streets are now eerily empty. The city still has 24.8 million people as of late 2024. So where did they all go? Reports say many of the wealthy have quietly left the country. Can you believe this is Pudong airport? It's 3pm, but all the stores are closed. Even big names like Eagle and MCM are shut. A whole row of shops sits dark. Starbucks remains open, but Asia Food Club and Harvest Day are closed. The International Departure Hall is silent, with barely any passengers headed to Hong Kong, Macau, or Taiwan. Just me, standing in a deserted airport once hailed as the pride of China's financial center, surrounded by more staff than travelers. Even on a Sunday, Shanghai's busiest pedestrian streets are empty. Look at this. Absolutely no one. If it were a remote 4th or 5th tier city, I could understand. But this is Shanghai, the economic powerhouse of China, even with 1.4 billion people, the country still can't drive consumer spending. Who can explain why? No people in malls, no people on the streets, no one even on the most famous walking avenues. Where has everyone gone? And the scariest part? It's 7 or 8 in the evening, peak shopping time, but the malls are still deserted. Meanwhile, even small shops have to pay a monthly rent of at least 35,000 to 60,000 yuan, not including employee salaries. Some stores have 8 or 9 staff. If each person gets 5,000 or 6,000 yuan, the store's monthly cost hits 50,000 to 60,000 easily. I honestly don't know how any of them survive. Offline shopping is dying, and I saw the reason firsthand. I stopped by a few domestic sportswear stores and noticed that basic sweatshirts cost over 150 yuan. But go online, and you'll find the same kind for just 30 or 40 yuan. The price gap is outrageous. Of course people aren't buying in-store anymore. This is the situation in Shanghai today, and most people don't believe it when I tell them. But it's real. Supermarket owners can't sleep. Restaurant owners can't sleep. Furniture shop owners, hair salon owners, none of them can sleep. Even me. I've been running a curtain business for 27 years, but this year, it's been dead. I haven't been able to sleep for days. What happened to Shanghai? Store closures have now become the hottest topic. The once-crowded, buzzing commercial streets are now filled with for-rent and transferred signs. The atmosphere is gloomy. The scene is heartbreaking. At the same time, the topic of the exodus from Shanghai has also gone viral, as more and more people find themselves with no choice but to leave this city that once carried countless dreams. Everyone knows that Shanghai used to be a dream destination in the hearts of many. It was synonymous with working hard to make it. But now, with consumption declining, people are tightening their wallets. Customer flow in stores has dropped sharply. Workplace competition is cutthroat. Job opportunities are scarce, and the economic environment is unstable. Many people simply can't hold on anymore. With no customers, stores are forced to shut down, and workers who lose their jobs are left searching for a new path. What's most heartbreaking in Shanghai this year, I think, is the plight of small business owners. A friend of mine who runs a restaurant in Chuanxia complained to me not long ago. He said it feels like there's no one left on the streets of Shanghai. Where did everyone go? He said it was better before. He had holidays, didn't have to worry about social insurance or the housing fund, and there was no pressure. Now, he says, the moment he opens his eyes each morning, money starts flowing out. If he doesn't open the shop for even one day, he loses money. Running a business has become a daily torment. Many large malls and supermarkets in Shanghai have already closed. Some closures are understandable. Some places were outdated and sold obsolete products. Some people say the food and beverage industry should be easier to survive in. But I've seen plenty of restaurants close down this year. Others claim people are cutting spending and cooking at home. But even at the wet markets now, there seem to be more vendors than customers. It's desolate. What went wrong? Who can solve this mystery? Some bloggers believe it's because many wealthy Shanghainese have already emigrated abroad. This time I came to Shanghai, I suddenly found that Shanghai seems very depressed. There are not many people in the shopping malls, and many factories have closed down. Look at this airport. It is also deserted with very few people. The netizen lamented that there is really no comparison between Shanghai now and the metropolis of previous years. He checked and found that Shanghai has experienced a net outflow of people in recent years. A man visited a newly opened shopping mall in Shanghai and found that there was very little foot traffic inside. Let's go to Guozhen and take a look at Shanghai. I heard people say that the economy is very depressed now, and we'll see if there are more people there. There are no people here at all. What's wrong with the city's economy now? No one is consuming anymore. The man said, this is a common phenomenon in shopping malls in China nowadays. They are empty. Look, this is the first floor. Look, this is the first floor below the mall. This is a common situation in shopping malls. In addition to shopping malls, store closures in Shanghai are also severe. A female restaurant owner expressed her dilemma. Do you know how difficult it is to transfer stores now? The transfer notice has been posted for a month. From the initial 100,000 yuan, it dropped to 80,000, 60,000, 50,000, and still no one accepted even 30,000 yuan. Now I've told the landlord that when the rent expires in February, I won't rent it anymore and will let him rent it directly. Today, I found a chef who buys second-hand kitchenware to come and take a look. Such a big display cabinet, such a big air conditioner, and such a big freezer. Pack them all together, and he offers me 1,500 yuan. Oops, I'm speechless now. These subway stations in Shanghai, which were once crowded, are now described as deserted, which is no exaggeration at all. In the past, we couldn't even transfer a shop like this for 300,000 yuan. The woman said that there are basically no people in places like commercial streets around subway stations, and they can't even sell snacks. This is Shanghai, a first-tier city. She said that it is really difficult to do business in physical stores in Shanghai this year. Moreover, the group of post-80s working people around her, who are about the same age as her, are also among those laid off by their companies. How difficult will it be for Shanghai this year? There are nearly 5 million foreigners here. Shanghai used to have 2.6 million permanent residents, but now the number is almost only 2,000. Sujiahui was once a high-profile area and a commercial center in Suhui District, Shanghai. The current scene is in stark contrast to the past. The woman said that the rent in this place used to be at least several million yuan, but now it is even more expensive, and it is estimated that no one will come to open a store. Most of the stores that can open here are big brands, and they are probably struggling. Now, even supermarkets in Shanghai have very few customers. China's economy has almost completely deteriorated, and this number is shocking. Shanghai's economic downturn has a lot to do with the withdrawal of foreign capital. Previously, as an international metropolis, Shanghai often saw foreigners. Now, not many foreigners. There were foreigners everywhere before, but there are fewer foreigners now. Only a small number of foreigners in the city, but there are no foreigners in the suburbs. This video shows that the foreign streets in Shanghai are deserted. Shanghai's Laowai Street used to be brightly lit and crowded with people, but now all the foreigners have left, and there is not a single foreigner to be seen. Today is the weekend, and there is no one on Laowai Street on weekend nights. The owner of a Shanghai factory expressed his frustration. The man said, Given the current situation in two days, all of my processing factories, about 10 in total, will stop working, and there will be no work to do. At present, there are 217,000 pieces already in the warehouse, excluding the processing factories. I don't know if other businesses are doing well, but if this continues, all of my dozen or so factories will cease operations. There will be no work at all. A blogger explained why many outsiders left Shanghai and revealed a shocking fact. Two to three million people have left the city. I was chatting with a few friends in Shanghai today. They estimated that two to three million people have left Shanghai over the past two or three years. Why did these friends leave? They said it was because there was no work, so they had to return to their hometowns. Now, even wealthy people in Shanghai have begun evacuating. The woman said, Is Shanghai going to change? Many foreign companies have left, and the wealthy in Shanghai are selling their houses to cash out and fleeing the city. I've been in Shanghai for so many years, and this is the first time I've seen such a situation. She observed that this year, many houses have been mortgaged for loans. Is there some major development happening? Additionally, the real estate market has been continuously lowering interest rates recently. Did they know some insider information in advance? Are they preparing to leave Shanghai? This blogger noticed the same trend. Shanghai landlords are truly panicking and have started fleeing. Many people, especially those from other regions, are selling their houses in Shanghai and buying property elsewhere. This has become the choice for many. Some Shanghai residents waited until their children completed the college entrance exams before selling their houses and leaving. Others with younger children decided it wasn't worth staying, quickly sold their houses and ran away. Shanghai locals also discuss the employment situation with netizens from other provinces. This once-famous bakery, established 30 years ago, has now closed down as Shanghai's economy continues to decline. Even the economy of Shanghai, China's first-tier international metropolis, has deteriorated to such an extent, highlighting how weak China's economy has become. The employment situation in Shanghai is dire. A blogger recently spent two days in Shanghai and shared their grim observations. Let me tell you how tough the job market is this year. Even someone working at the Oriental Pearl Tower earns only 5,000 yuan a month. Finding a job in Shanghai has become increasingly challenging. Positions offering just 4,000 to 5,000 yuan monthly are in high demand, with college graduates struggling to secure employment. The blogger shared a striking example. A company advertising for a conference room attendant paying 4,000 to 5,000 yuan received over 500 resumes, including applications from undergraduates and even two master's degree holders. Now even master's degree holders in Shanghai can't find jobs. A heart-wrenching scene was described of an unemployed college graduate crying on the subway, expressing despair over the dire employment situation. Fresh graduates recount their struggles. A woman lamented, Can I still find a job in Shanghai this year? Boss Jipin is useless. Either they read my messages but don't reply, or they ignore my resume altogether. A man observed, Why does Shanghai's economy feel worse than that of second- or third-tier cities? Nearly everyone I know has been laid off in the past two years. Some haven't found a job for nearly two years and have gone back to their hometowns. Another woman, who interviewed for roles like director, operations and sales A.E., shared her frustration. Every company I interviewed with offered just 6,000 yuan before tax. After taxes, it's barely over 4,000 yuan. How can anyone survive in Shanghai on that? I used to think salaries here were at least 10,000 yuan a month. This is terrifying. Some college graduates unable to find jobs have turned to food delivery, but their stories of hardship are often heartbreaking.