Hangzhou has long attracted young professionals and technology-driven industries. Its economic mix of finance, professional services and tech, combined with steady population growth, makes it a compelling retail and office market."The city's consumption power is immense," Pang said.

According to Cushman & Wakefield's Hangzhou 2025 Commercial Real Estate Annual Report, three malls — Hangzhou MixC, Hangzhou Tower and Yintai in77 — each generated over 10 billion yuan ($1.47 billion) in sales in 2025. This underscores Hangzhou's position as one of China's few cities with multiple high-performing shopping centers.

Westlake 66 occupies the Wulin business area, the city's most prosperous commercial hub, which welcomed 189 million visitors last year. While Hangzhou Tower and the other two department store operators have dominated the high-end luxury segment, Westlake 66 is expected to complement existing projects, offering a fresh, lifestyle-driven alternative.

Hang Lung sees Westlake 66 as a long-term investment. Despite a development cost of 16 billion yuan, the company has focused on operational efficiency from day one. "Opening well is crucial. Only then can long-term development and subsequent expansion be realized," Pang said.

The mall does maintain a luxury presence, though it is secondary to experiential offerings. Several high-end brands have opened on the first floor, with additional openings planned for the latter half of 2026. By 2028, Hang Lung aims to expand the retail footprint, reflecting confidence in the city's consumption potential and Westlake 66's appeal as a lifestyle destination.

At its opening in April, Westlake 66 was home to around 250 stores, over a third of which are first-to-market in Hangzhou. Janice Cheung, director of mainland business operation at Hang Lung, said the project targets a new generation of consumers, for whom shopping and dining are experiences defined as much by social interaction as by product consumption.

"The project aims to connect people across different circles, creating more social interaction," Cheung said. The office lobby, located on the fourth floor with direct access to the mall, hotel and park, exemplifies this philosophy. "We are rethinking traditional layouts to foster engagement and a richer experience for office tenants and visitors alike," she added.

To stand out in a crowded market where tenant mixes often overlap, Westlake 66 emphasizes operational capability and innovative concepts.

Lifestyle-oriented retailers such as Ole supermarket debuted its "Ole Lifestyle" concept, while Chinese brands like Truuzen, a leather bag brand from Foshan, Guangdong province, are provided a platform to grow alongside global names.

"We are pleased that many domestic brands are making an impact nowadays. We'd love to offer platforms for them to develop sustainably," said Cheung.

Cheung also highlighted the importance of bridging online discovery with offline engagement. Pop-up stores featuring debut or exclusive products offer a rotating experience for repeat visitors. "Consumers may discover a brand online, but physical stores allow them to fully experience it and build long-term loyalty," she said, citing AmandaX, an apparel brand for women aged 30-50, as an example. AmandaX started on Taobao in 2019 and opened its first offline store in Shanghai last year.

Hang Lung executives expressed optimism about Hangzhou's consumption climate. After a slow start in early 2025, retail sales rebounded sharply in the fourth quarter, returning to double-digit growth. The company forecast that the momentum will continue in 2026, partly supported by Westlake 66's dynamic retail mix and immersive experiences.

"Westlake 66 is designed to be the new pulse of the city," said Weber Lo, CEO of Hang Lung. "By creating a community-centric hub with first-to-market brands and memorable experiences, we are confident to set a new regional benchmark while contributing to the city's broader economic ecosystem."

Looking forward, Hang Lung plans to expand the retail area by 40 percent and triple prime street frontage to over 200 meters through its partnership with Baida Group. The next phase is scheduled for 2028, reinforcing the company's commitment to long-term urban development in Hangzhou.

Leading commercial operators have reported positive signals that the country's consumption market is on an upward trend. According to Swire Properties' first quarter report, retail sales at HKRI Taikoo Hui Shanghai rose 81.5 percent, while Taikoo Li Sanlitun in Beijing grew 56.2 percent. Its commercial estates in Guangzhou, Guangdong province, and Chengdu, Sichuan province, expanded by 17.6 percent and 18.4 percent, respectively.

Cushman & Wakefield said that Shanghai's retail leasing market remained active in early 2026, with foot traffic and sales surging during the Spring Festival holiday. Lifestyle, food and beverage, and entertainment sectors performed particularly well, signaling a broad-based recovery.