杭州商业格局变了：万象城“突进”，老牌杭州大厦“退军”

Core Insights - The commercial landscape in Hangzhou is undergoing a significant shift, with Hangzhou MixC expected to surpass Hangzhou Tower in sales for the first time in 2024, marking a change in the leading commercial entity in the city [1][4][6] - Hangzhou Tower, previously the top sales performer, is projected to see a decline in sales by several billion compared to the previous year, while Hangzhou MixC's sales are estimated to be around 13 billion [1][4] - The emergence of younger consumer demographics and the rise of the Z generation are key factors driving the transformation of Hangzhou's high-end commercial landscape [4][6] Sales Performance - In 2023, Hangzhou Tower's sales were approximately 13 billion, while Hangzhou MixC's sales first exceeded 10 billion in 2022 [1][4] - Both Hangzhou Tower and Hangzhou MixC are expected to maintain sales above 10 billion in 2024, with overall sales remaining stable or slightly declining [1][4] - The Qianjiang New City commercial area, which includes Hangzhou MixC, achieved a consumption amount of 32.11 billion in 2024, a 40.86% increase from the previous year [5] Consumer Demographics - Hangzhou MixC primarily attracts younger consumers, including internet-savvy individuals and affluent second-generation elites, while Hangzhou Tower's customer base skews older [3][4] - The shift in consumer age demographics is a significant factor in the reconfiguration of Hangzhou's high-end retail landscape [4] Market Dynamics - The Qianjiang New City area is rapidly developing and is becoming a major competitor to the Wulin Square area, where Hangzhou Tower is located [4][5] - The introduction of new high-end commercial projects, including the upcoming Hangzhou Henglong Plaza and other developments, is expected to intensify competition in the high-end market [16][17] Policy and Economic Factors - Hangzhou's government has implemented various policies to stimulate consumption, including incentives for introducing international flagship stores [9][10] - The city aims to enhance its status as a shopping paradise and is actively promoting events and activities to boost consumer engagement [10][12] Future Outlook - The competition among high-end commercial entities in Hangzhou is expected to increase, with existing players like Hangzhou Tower and Hangzhou MixC needing to adapt to maintain their market positions [13][16] - The anticipated openings of new high-end commercial projects will likely lead to further segmentation and rapid changes in the high-end retail market in Hangzhou [16][17]