又一批韩国品牌来华开店，“新韩流”与过去不太一样

Core Insights - Shanghai has become the preferred location for Korean brands to open stores in China, with plans for over 100 new stores in the next five years [1][3] - The increase in inbound tourism and retail performance in Shanghai is significantly driven by the recovery of the tourism sector in 2025 [1] - The Shanghai government has implemented a three-year action plan to enhance commercial districts, aiming for a 5% annual growth in consumption scale by 2026 [1] Market Performance - In 2025, Shanghai's total retail sales reached 15,212.93 billion yuan, marking a 5.0% year-on-year increase, outpacing the national average [1][2] - The influx of iconic commercial projects in 2025 has attracted significant foot traffic, although the commercial real estate market remains under pressure due to increased supply [2] - Core district average rents have slightly decreased, while vacancy rates have remained stable [2] Korean Brand Expansion - At least 20 Korean brands have entered the Chinese market in 2025, with a focus on major cities like Shanghai, Beijing, and Shenzhen [2][3] - The current wave of Korean brands differs from the previous "Korean Wave," focusing more on fashion and lifestyle rather than just beauty products [3] - The "Z Generation" is becoming the main consumer force, showing a strong acceptance of Korean trends and a desire for unique and practical products [3] Strategic Partnerships - Korean brand MUSINSA has opened dual flagship stores in Shanghai, backed by a 40% stake from Anta Group, indicating a trend of local partnerships to accelerate market entry [3] - The combination of policy incentives and cultural resonance is creating a favorable environment for Korean brands to thrive in China [3]