项目扩张转向存量盘活，聚合型业态空间打造成趋势

Core Insights - The report by the Viewpoint Index highlights the ongoing transformation in the retail real estate sector, emphasizing the trend of revitalizing existing properties and enhancing competitiveness through integrated operations [2][5]. Group 1: Company Developments - Link REIT reported a decline in total revenue and net property income by 4.6% and 4.9% year-on-year, respectively, for the first half of the 2025/2026 fiscal year, primarily due to adverse macroeconomic conditions and low consumer confidence [2]. - The rental adjustment rate for Link REIT's mainland retail properties was -16.4%, significantly impacted by poor performance in specific locations, while excluding these, the remaining properties showed a positive rental adjustment rate of 2.5% [2]. - The leasing rate for Link REIT's mainland retail portfolio remained high at 95.9%, with over 260 new leases signed, indicating sustained market attractiveness [3]. Group 2: Strategic Initiatives - Hang Lung Properties has signed significant leases, including a 20-year operating lease for the Meilong Town Plaza in Shanghai and a long-term lease for the Wuxi project, expanding its retail space significantly [4][5]. - The "Hang Lung V.3" strategy focuses on enhancing existing flagship projects and creating a super commercial cluster in Wuxi, aiming to rejuvenate the local shopping experience [5]. Group 3: Market Trends - The trend of creating food markets within shopping centers is gaining traction, with various companies like Yuexiu and Link REIT launching food-centric projects to attract foot traffic and enhance rental income [7][8]. - The shift towards revitalizing existing assets rather than expanding into new ones is becoming a primary focus, with urban renewal projects addressing the demand for modernized commercial spaces [6][7]. Group 4: Consumer Engagement - New retail concepts are being introduced, such as the "City Food Collection" by Yuexiu, which aims to integrate local culinary culture into shopping experiences, reflecting a shift towards personalized consumer engagement [7][8]. - The introduction of flagship stores and exclusive brands in key locations is part of a broader strategy to meet the evolving consumer demand for unique and specialized shopping experiences [9].