中金：落地生花，破局出圈：上海“首店经济”调研

Investment Rating - The report indicates a positive outlook on the "first store economy" in Shanghai, suggesting a high-quality development trend in offline retail channels [1][4]. Core Insights - The "first store economy" is an innovative business model that drives customer traffic and consumption through the first store effect, characterized by larger scale, novel products, and enhanced shopping experiences [2][8]. - Shanghai leads the development of the first store economy, with a diverse range of first stores across key commercial districts, showcasing unique features that cater to consumer demands for trendy and emotionally valuable products [3][30]. - The report emphasizes that the prosperity of the first store economy signifies a shift towards high-quality development in offline channels, potentially altering the competitive landscape between online and offline markets [4][24]. Summary by Sections First Store Economy Overview - The first store economy is a crucial part of the first launch economy, promoting consumption hotspots and reflecting the innovation capabilities of participating enterprises [2][6]. Development in Shanghai - Shanghai has introduced over 5,840 first stores from various brands since 2018, maintaining the highest quantity and quality in the country [27][30]. - The city has implemented measures to support the high-quality development of the first store economy, aiming to attract high-level first stores and enhance the overall shopping experience [26][27]. Consumer Trends - Consumers are increasingly seeking unique, high-quality products, with a significant shift towards interest-driven consumption, as evidenced by the growing market for niche cultural products [10][11]. - The report highlights that emotional value and personalized experiences are becoming key factors in consumer purchasing decisions, with a notable increase in spending for self-reward and enjoyment [14][10]. Retail Innovations - The first store model allows brands to leverage their influence through innovative product launches and immersive shopping experiences, significantly outperforming regular stores in terms of customer traffic and sales [11][15]. - Retailers are focusing on enhancing store experiences and product offerings to drive sales efficiency and brand reputation, indicating a shift from quantity to quality in store expansion strategies [4][21]. Competitive Landscape - The first store economy is expected to enhance brand authority and improve customer acquisition costs for online channels, as consumers are drawn to the unique experiences offered by first stores [24][25]. - The report suggests that the first store economy will stimulate the development of instant retail models and promote the transformation of traditional commercial entities, thereby boosting regional consumption levels [25][24].