逆势开大店，这些品牌在商场开出“经济上行期的美”？

Core Insights - The essence of business is to create value that meets social needs while earning profits through reasonable transactions and operations. This principle applies to the expansion of brand stores in the market, where brands and distributors are generally cautious about store expansion amid rational consumer sentiment. However, some brands are still opening large stores in shopping centers despite the prevailing trend of store closures and market exits [1][2]. Group 1: Brand Expansion Trends - Pop Mart opened its largest flagship store in Shanghai on November 29, covering nearly 800 square meters, and has plans for more large stores in various shopping centers [4][10]. - Miniso is implementing a "big store strategy + global IP" expansion model, with new store formats like MINISO LAND and MINISO FRIENDS, focusing on immersive experience spaces [14][18]. - On has rapidly expanded its presence in the Greater Bay Area, opening its largest direct store in Hong Kong and a significant store in Guangzhou, reflecting a strong growth trajectory [41][46]. Group 2: Consumer Electronics Growth - The consumer electronics sector is experiencing rapid growth in offline retail, with the share of electronic products in Shanghai's retail market increasing from 21% in 2023 to 36% by Q3 2025 [21]. - Huawei opened over 1,400 stores in August and October 2025, including a 2,800 square meter smart living store in Hangzhou, showcasing a trend towards larger retail spaces [22][24]. - Xiaomi's sales have surged, with over 35,000 cars sold in November 2023 alone, supported by a significant increase in physical store openings [33][35]. Group 3: Outdoor Sports Market Dynamics - The outdoor sports industry in China is projected to reach a total scale of 852.6 billion yuan by 2025, with a 13.48% year-on-year growth in the outdoor products market [40]. - On has opened new stores in Guangzhou and Hong Kong, with plans for further expansion, indicating strong market demand and brand performance [41][47]. - Decathlon has launched its first outdoor concept store in Chengdu, focusing on specialized outdoor categories, which reflects a shift towards professional and segmented offerings in the outdoor market [48][51].