约四成商业零售企业面临营收增长考验，专家：仍有大量存量待消化

Core Insights - The retail sector is facing significant challenges, with approximately 40% of retail companies experiencing revenue growth difficulties due to a pressured market environment and intensified competition [1][2] - Major cities like Shanghai and Chengdu are seeing high vacancy rates of 8.5% and 8.3% respectively, while rental prices in Shanghai and Beijing are the highest in the country at 31.3 and 32.3 yuan per square meter per day [1] - The report emphasizes a shift in consumer behavior towards quality and service over luxury, as consumers are cutting unnecessary expenses but willing to pay a premium for products that meet their core needs [1][7] Retail Revenue Performance - About 60% of sample retail companies reported a year-on-year revenue increase, but most of these increases were below 10%, while around 40% experienced slight declines [2] - The highest revenue growth was recorded by China Resources Vanguard, with a retail revenue of 4.209 billion yuan in 2024, marking a 30% increase [2][4] - Other notable performances include Longfor Group with 10.976 billion yuan (up 6.8%) and New城控股 with 12.8 billion yuan (up 13.1%) [4] Market Dynamics and Government Policies - Recent government policies aimed at boosting domestic consumption are expected to provide new growth opportunities for the retail sector and influence commercial real estate operations [5] - The 2025 government work report emphasizes a focus on improving people's livelihoods and stimulating consumption to drive economic growth [5] - Experts suggest that the development of the carrier economy is fundamental to enhancing consumption, with a focus on urban upgrades and commercial expansion in county-level cities [5][6] Consumer Behavior and Market Trends - The current market is characterized by a significant amount of unsold inventory, with limited prospects for market recovery and consumption upgrades [1][7] - Consumers are prioritizing quality and service over brand prestige, indicating a shift in consumption patterns [7] - The retail sector is urged to adapt to changing consumer demands by providing integrated solutions and enhancing the shopping experience through space redesign and membership engagement [6][8] Challenges in Commercial Space - The competitive landscape is becoming increasingly fierce, with challenges from e-commerce and community businesses leading to a homogenization of offerings [6] - Companies are encouraged to innovate and integrate various elements such as culture, tourism, and entertainment to enhance customer experiences and attract foot traffic [8]