上半年全国首店下滑19.39%，品牌们怎么了

Core Insights - The enthusiasm for opening new flagship stores in China has decreased compared to previous years, with 158 new stores opened in the first half of 2025, a decline of 19.39% year-on-year, indicating a more cautious brand expansion strategy amid slowing economic growth [2] - Despite the overall decline in quantity, the quality of new flagship stores has improved, with international brands accounting for 72 stores, representing 45.6% of the total, an increase of 11.29% compared to 2024 [2][12] - The emergence of local brands is notable, with 86 new stores opened, showcasing innovation in both products and business models [2] Store Opening Trends - The opening of flagship stores shows a clear seasonal pattern, with May being the peak month at 39 stores, benefiting from the May Day holiday and major exhibitions [4] - The distribution of new stores by category indicates that clothing and accessories are the most popular, with 103 stores (65.19% of total), and the combined categories of eating, wearing, and using account for nearly 90% of all new stores [6] City Distribution - Shanghai leads with 67 new flagship stores, while Hangzhou has surpassed Beijing with 20 stores, reflecting strong economic growth in Hangzhou with a GDP increase of 5.5% [9][14] - The top five cities (Shanghai, Hangzhou, Beijing, Chengdu, and Nanjing) dominate the flagship store economy, accounting for nearly 80% of the total [9] International Brand Preferences - Among the 72 international brand flagship stores, 43 are located in Shanghai, highlighting the city's status as an international consumption center [13] - Shanghai's strong consumer market, with a retail sales total of 826.04 billion yuan and the highest per capita disposable income in the country, attracts international brands [14] Emerging Trends in Consumer Preferences - The rise of two emerging categories, "anime" and "trendy toys," reflects the interests of Generation Z, with each category adding five new flagship stores [15][24] - The dual-track development of "international top IPs + local innovative brands" is evident, with a significant portion of new stores focusing on immersive experiences and cultural engagement [17][21] Non-standard Flagship Stores - The proportion of non-standard flagship stores is increasing, with 107 absolute flagship stores (67.7%) and 51 non-standard stores (32.3%) opened in the first half of 2025, indicating a shift towards experiential retail [25][30] - Non-standard stores, including flagship, concept, and experience stores, are becoming more common, reflecting a transformation in consumer expectations towards unique experiences rather than just product purchases [27][30] Conclusion - Overall, while the scale of the flagship store economy has contracted, the structure continues to optimize, with a rise in high-end international brands and vibrant local brands driving innovation [30]