“情绪价值”消费快速崛起 商业地产加速迭代升级

Core Insights - The rise of "emotional value" consumption is leading to improvements in commercial real estate [4] - The retail real estate market is experiencing a structural shift in demand, with declining sales prompting rapid iteration of business formats [2] Group 1: Market Trends - In Q1 2023, the average vacancy rate for quality retail real estate in 21 Chinese cities reached 10.4%, an increase of 0.2 percentage points compared to the end of 2024 [1] - The market is shifting from incremental development to stock adjustment due to developers facing operational pressures from market saturation [1] - The first-floor rental prices in the quality retail real estate market have decreased by 3.9% year-on-year, indicating a widening decline [2] Group 2: Company Strategies - China Merchants Shekou's "X+ Commercial" strategy focuses on dual-driven development, combining heavy and light assets, and aims to launch 10 new projects in 2024 [2][5] - The company is repositioning its projects, such as transforming招商花园城 into a "family-friendly" space and海上世界 into an "urban leisure destination" [2] - Other malls, like世纪汇, are attracting consumers by introducing new high-end brands and unique experiences [3] Group 3: Future Outlook - The retail real estate sector is expected to improve as emotional value consumption becomes mainstream [4] - Investment in commercial real estate is anticipated to return to high-tier cities, with significant new supply expected in first-tier cities [6] - By the end of 2024, China Merchants Shekou aims to manage over 80 commercial projects, with a total area exceeding 5 million square meters [5]