从SKP到荟聚，顶流商场密集寻找“合伙人”：实体零售新赛道在哪

Core Viewpoint - The strategic partnership between Ingka Centers and Gaohe Capital to establish a real estate fund for three "Hui Ju" shopping centers reflects a significant shift in the commercial real estate landscape in China, indicating a trend of premium assets being put up for sale amid changing market dynamics [2][5]. Group 1: Company Developments - Ingka Centers has announced a strategic cooperation with Gaohe Capital to jointly hold the "Hui Ju" shopping centers in Wuxi, Beijing, and Wuhan, following plans to sell ten centers in China [2][3]. - The three shopping centers involved in this partnership represent a total investment of 16 billion RMB, marking a shift from full ownership to a shared management model [2]. - Ingka Centers will continue to manage and operate the "Hui Ju" brand, maintaining its presence in the market despite the asset transfer [2][3]. Group 2: Industry Trends - The sale of high-quality commercial assets like "Hui Ju" indicates a structural evolution in the commercial real estate sector, moving from ownership to asset management models [5]. - Experts suggest that the recent trend of premium asset sales is not necessarily indicative of operational difficulties but rather a recalibration of valuation in the traditional retail model [5]. - The future of physical retail is expected to polarize, with some entities evolving into lifestyle platforms while others focus on community-based services, highlighting the need for experiential value over mere product sales [5].