转自：新华财经 从基础性日常生活的衣食住行到各具特色的美容社交、教育理财……在城市的商业空间里，围绕活力银发族的消费场景日益迭起，驱动国内银发消费需求从 传统的"生存型"转向"乐享型"，银发经济正加速成为推动消费升级的重要引擎。 10月28日，重阳节来临之际，"上海银发生活节·百联专场"活动在第一百货商业中心A馆8楼花园露台举行，当天百联繁花里一站式乐享银龄生活范式品牌空 间也正式启幕。百联集团党委副书记、总裁濮韶华，上海市国资委副主任、一级巡视员陈东，市民政局副局长娄国剑，黄浦区副区长王槐，百联集团副总裁 史小龙，百联股份董事长张申羽，总经理曹海伦，上海市商务委服务业处副处长邓金兵，上影演员剧团团长、上海孝亲敬老大使佟瑞欣，上海市老科协会长 兼党工组长、上海市关工委副主任蔡敏勇以及品牌商代表出席活动。 百联集团党委副书记、总裁濮韶华表示，百联将持续构筑"星罗棋布、深入社区、遍布全市"的银发经济服务网络，成为上海建设国际消费中心城市、打造超 大城市养老服务典范的坚实支撑。 空间扩容，场景内容更丰富 从独立店到如今7000㎡的超大跨层商业场域，专为"6275"新银发人群打造的集"衣食住行、吃喝玩乐"于一体的无龄 ...

提振消费是2025年经济工作的"关键词"和"置顶任务"。商务部等九部门印发《关于扩大服务消费的若干 政策措施》(以下简称《措施》)提到，开展消费新业态新模式新场景试点城市建设。积极发展首发经 济，推动创新和丰富服务消费场景，支持优质消费资源与知名IP跨界合作，打造一批商旅文体健融合的 消费新场景，培育一批新型消费龙头企业。 围绕消费扩容提质，今年以来，各地均在积极探索消费新业态新模式新场景，多措并举激发消费潜力， 包括发力首发经济、深化商旅文体健融合、支持培育消费龙头企业等。 对外经济贸易大学教授江萍在接受证券时报记者采访时表示，消费新业态新模式新场景顺应消费升级趋 势，有利于满足人民群众美好生活需要。当下消费者对个性化、差异化、体验化消费的需求日益增长， 但高质量供给不足，难以形成差异化竞争优势。现行行业管理、市场监管等政策仍存在壁垒，知识产权 保护力度不足，也限制了新模式新业态的快速发展。 商旅文体健融合出新招 "苏超"等赛事的火爆，也绘就了商旅文体健深度融合、促进消费潜力释放的生动画卷。近期，多地探索 以演出、赛事等大型活动为切入口，充分导入流量和口碑，点燃消费活力。 小小票根，正在成为文旅消费新引擎。 ...

Core Perspective - The event "Centennial Yongan - British Art Realm Exhibition" showcases a fusion of British aesthetics and Shanghai's cultural heritage, highlighting the collaboration between Chinese and British creative industries [1][3]. Group 1: Event Overview - The exhibition is co-organized by Bailian Group, the British Consulate in Shanghai, and the UK Department for International Trade, running from October 16 to October 28 [3]. - The event aims to provide Chinese audiences with an opportunity to experience British originality and craftsmanship [3]. Group 2: Key Themes and Participants - The exhibition features three core segments: Design Declaration (Fashion), Coexistence Plan (Sustainability), and Creative Architecture, showcasing diverse styles in fashion, home design, and jewelry [5]. - Notable brands and design firms participating include Tom Dixon, Established & Sons, Zaha Hadid Design, and Foster + Partners, among others [5]. Group 3: Statements from Officials - The British Consul General in Shanghai emphasized the city's blend of tradition and modernity, highlighting the importance of cultural exchange and innovation in design [7]. - Bailian Group's Vice President discussed the company's commitment to the fashion industry and urban renewal, aiming to enhance Shanghai's status as a fashion and design hub [9]. Group 4: Discussions and Insights - The "Design Focus" session included discussions on architecture, urban renewal, and technology applications in retail, featuring representatives from RIBA and WilkinsonEyre [11]. - Roundtable discussions addressed the role of British design in promoting cultural exchange and retail transformation, with insights from various industry experts [12]. Group 5: Future Prospects - Following the exhibition, some brands will participate in the China International Import Expo, extending the collaboration and influence of the event [17].

Group 1 - The core focus of the "Respect for the Elderly Month" activities in Shanghai is to enhance elderly care services and promote intergenerational integration through various initiatives [1][2] - The city has a senior population of 5.7762 million, accounting for 37.6% of the total population, with specific attention to vulnerable groups such as the elderly aged 80 and above, and those living alone [1] - Activities include the launch of a "Happy Elderly Day" experience tour, distribution of sports consumption vouchers, and community dining discounts for seniors [1][2] Group 2 - The implementation of the "Shanghai Senior Citizens' Rights Protection Regulations" on November 1 emphasizes legal protection for the elderly, integrating the revised content into online quizzes and live broadcasts [2] - The initiative aims to enhance the quality of elderly care and stimulate the silver economy by establishing evaluation standards for senior-friendly commercial spaces [2] - Various enterprises, such as Bailian Group and UnionPay, are actively participating by offering discounts and promotional activities to support elderly consumers during this month [2]

Core Insights - HERITAGE NEXT, an international fashion cultural project initiated by WWD CHINA, showcased at Milan Fashion Week, emphasizing the importance of cultural exchange in driving innovation and diversity in the fashion industry [1][2][4] - The project features 11 avant-garde designer works and is supported by the Italian National Fashion Chamber, highlighting the collaboration between Chinese and Italian fashion sectors [1][2][3] Group 1: Event Overview - HERITAGE NEXT was held from September 23 to 28 at Palazzo Giureconsulti during Milan Fashion Week, marking the third collaboration between Bailian Group and this international fashion IP [1] - The exhibition aims to empower Chinese design on the global stage, following previous events in Paris and Shanghai [1][4] Group 2: Market Insights - China is recognized as the fastest-growing fashion consumption market, providing new opportunities for young designers [2] - The Milan Forum on September 23 focused on "Decoding the Chinese Market: The Global Stage for New Generation Designers," discussing strategies to support the internationalization of creative design [2][5] Group 3: Company Vision and Strategy - Bailian Group's century-old retail entity, Yongan Department Store, aims to deeply engage in the globalization of the fashion industry, promoting a vision of immersive cultural exploration [4][7] - The company plans to deepen cooperation with WWD CHINA and its parent company, Huayi Tomorrow, to enhance the fashion industry layout and support young designers through a comprehensive ecosystem [7]

Group 1 - The upcoming National Day Golden Week is expected to boost Shanghai's consumption market, with various retail enterprises launching aggressive promotional strategies to stimulate consumer activity [1][3] - Retailers like Bailian Group are offering substantial discounts and unique promotions, such as the "National Day Draw for Gold" event, which has gained popularity on social media [3] - Supermarkets are also providing significant subsidies and special offers on daily necessities, enhancing the festive dining experience for consumers [3] Group 2 - Consumers are increasingly seeking immersive experiences rather than just shopping, leading to the introduction of unique cultural and entertainment events targeting younger demographics [4] - Events like the "Human is Too Good" exhibition and family-oriented charity sales are blending commerce with cultural and social initiatives, enriching the consumer experience [4] - The integration of cultural arts into commercial spaces is transforming shopping areas into platforms showcasing the city's soft power [4] Group 3 - The "Second Shanghai International Light and Shadow Festival" is contributing to the development of the night economy, with various shopping centers implementing light shows and extending operating hours [6] - The First Department Store is utilizing 3D light technology to create visually striking experiences, enhancing nighttime shopping and dining options for visitors [6] Group 4 - Marketing activities are extending beyond stores to public spaces, creating a city-wide atmosphere of consumption, with promotional materials visible in transit areas and themed buses enhancing visibility [8] - Online platforms are also playing a crucial role in driving traffic to physical stores by offering holiday gift boxes and coupons, facilitating a synchronized online and offline shopping experience [8] - The diverse offerings from Shanghai's commercial enterprises are meeting the growing demand for quality and experiential consumption among consumers [8]

Core Insights - The outlet industry is showing strong growth resilience despite overall pressure on commercial real estate, with multiple new projects opening across the country and a rising interest in outlet-themed consumption REITs [1][4]. Expansion of Outlet Industry - From July 2024 to June 2025, 205 quality outlets in China are projected to achieve sales of 180 billion yuan, representing an 8.9% year-on-year growth, with nearly 900 million visitors, a 12.5% increase [1]. - Major companies are accelerating the development of benchmark projects to capture market share, such as the Bay Area project in Beijing with over 10 billion yuan in total investment, which is set to open by the end of the year [1][2]. Consumer Trends - There is a shift in consumer behavior towards practicality and cost-effectiveness, leading to increased demand for outlets that offer high-quality products at lower prices [3]. - Wangfujing Group's outlet segment reported revenue of 1.188 billion yuan in the first half of the year, with a gross margin of 65.6%, indicating a strategic pivot towards this segment as a key growth driver [3]. Capitalization and REITs - The outlet industry's capital path is accelerating, with the first outlet-themed consumption REIT launched in August 2024, raising over 2.5 billion yuan, followed by another successful issuance in September 2025 that raised 3.48 billion yuan [4][5]. - Public REITs are enhancing the operational transparency of outlet projects, which can lead to improved performance and investor confidence [4]. Market Dynamics - The public REIT market is facilitating a healthy development of the outlet industry by alleviating financial pressures on well-performing projects [5]. - As traditional commercial properties face transformation challenges, outlets are increasingly favored by local governments and large retail groups, with expansion efforts shifting towards lower-tier cities where competition is less intense [5].

Core Points - The 36th Shanghai Tourism Festival parade will take place on September 13, 2025, at the Bund, marking the first time the parade is held at this location in its 36-year history [1] - This year's parade features 25 floats from both domestic and international sources, showcasing distinct cultural themes and high-quality designs, along with performances from 24 teams from 15 countries and regions [1][3] - The event aims to enhance the "Cultural Tourism+" platform's impact, with extended business hours for over 50 merchants on Nanjing Road until 11 PM and the distribution of consumer vouchers in Huangpu District [3][6] Business and Consumer Engagement - The Huangpu District will issue three rounds of consumer vouchers during the festival weekend, with various denominations aimed at encouraging spending [6] - Participating merchants include major shopping centers and over 50 key stores on Nanjing Road, which will extend their operating hours to attract more customers [7] - The "Find Zhou Classmate" event, featuring a character from Jay Chou's IP, will run from September 13 to October 12, coinciding with the Shanghai Tourism Festival and promoting the final stop of Chou's world tour [3][7] Extended Business Hours - Key shopping venues such as the First Department Store and others in the Nanjing Road area will extend their hours to 11 PM from September 12 to 14 [7] - A detailed list of stores participating in the extended hours includes various well-known brands and local shops, enhancing the shopping experience during the festival [4][5]

Core Viewpoint - The article discusses the transformation of domestic consumption in China, emphasizing the concept of "fusion consumption" as a response to changing consumer demographics and demands, which is reshaping market dynamics and creating new growth opportunities [1][4]. Group 1: Fusion Consumption - Fusion consumption extends beyond online and offline channels, integrating products and services, and different consumer segments and brands, leading to the emergence of new consumption scenarios and groups [1]. - Traditional demographic classifications based on age and income are becoming inadequate, as new consumer groups defined by interests, values, and lifestyles are reshaping the market landscape [1][2]. - The integration of diverse cultural elements, such as the collaboration with the ACG (Anime, Comic, and Games) culture, is providing brands with fresh engagement opportunities and attracting new consumer segments [2]. Group 2: Case Studies - Shanghai Bailian's transformation into "ZX Creative Space" has successfully attracted over 20 million visitors in two years, with a peak daily footfall of 90,000 during the May Day holiday, showcasing the effectiveness of the fusion consumption model [1][2]. - The revival of Beijing's Friendship Store, which has been rebranded to blend historical and modern elements, demonstrates the potential of cultural integration in retail to drive foot traffic and consumer interest [3]. - Wangfujing Group plans to transform another flagship store into a high-end experiential "culture + retail" complex, indicating a broader trend of innovation in the retail sector [3]. Group 3: Market Trends - The domestic ACG economy has surpassed 500 million users in 2023, with a projected compound annual growth rate of 17% over the next five years, highlighting the significant market potential for fusion consumption targeting younger demographics [2]. - The shift in consumer focus from merely purchasing products to seeking emotional value and social identity reflects a broader trend in consumer behavior, necessitating a more experience-driven retail approach [2]. - The aging population presents new opportunities in fusion consumption, with projections indicating that by 2050, 16% of the global population will be aged 65 and above, emphasizing the need for innovative products and services tailored to this demographic [3].

Core Viewpoint - The company is focusing on adapting to changes in consumer market demand through policy alignment, deepening customer engagement, and integrating business formats, aiming to inject momentum into its operational development by the first half of 2025 [1] Financial Performance - In the first half of 2025, the company reported a 12.63% year-on-year decrease in operating revenue, while net profit attributable to shareholders increased by 14.06% year-on-year [1] Business Innovation - The company has made breakthroughs in areas such as first-store economy, dimensional consumption, and outlet upgrades, launching 14 high-profile first-store events and over 30 market activities in the first half of the year [2] - The company is implementing a "first-store + pop-up" model to attract global trendy brands for their launches [2] Future Development Path - The company plans to enhance internal management, reduce costs, and improve overall operations while focusing on light asset transformation, project adjustments, and collaborative brand creation [2] - Emphasis will be placed on scenario-based and experiential marketing, as well as digitalization [2] Industry Trends - The retail industry is leveraging government policies aimed at boosting consumption and expanding domestic demand, focusing on digital consumption and first-store economy [3] - The company is optimizing product structure to expand upgraded consumption and inbound consumption while maintaining a stable basic market in the short term and building differentiated advantages in the long term [3]