越来越多的商场，开始被抛弃了

Core Viewpoint - The article discusses the oversupply of commercial spaces in Shanghai, highlighting the rapid opening of new shopping centers while existing ones struggle with low consumer demand and high vacancy rates [7][10][11]. Group 1: Current Commercial Landscape in Shanghai - Shanghai is surrounded by over 400 shopping centers, with an average of one large shopping center for every 80,000 people, compared to Tokyo's one for every 200,000 [3]. - The per capita commercial area in Shanghai is second only to Dubai and is three times that of Tokyo [4]. - Despite the saturation, Shanghai is expected to open around 60 new commercial spaces this year, totaling over 3 million square meters, with Minhang leading in new openings [6]. Group 2: Consumer Behavior and Market Dynamics - The retail sales growth in Shanghai was negative in the first quarter of this year, indicating a disconnect between the increase in commercial supply and consumer spending [7][9]. - Many shopping centers are being abandoned or sold off, reflecting a significant turnover in the commercial landscape [11][14]. Group 3: Case Studies of Specific Shopping Centers - The Aegean Shopping Center, opened in 2017, has seen a dramatic decline, with a 90% vacancy rate in its outdoor commercial area [22][33]. - The "The Roof" shopping center, designed by a renowned architect, has become more of a tourist attraction than a shopping destination, with many shops closed or under renovation [47][49]. - The once-thriving Qipu Road wholesale market has seen rental prices plummet from 70,000 to 500 yuan per month, indicating a severe decline in demand [61][90]. Group 4: Trends in Commercial Real Estate - The article notes a trend of commercial real estate companies, such as Wanda, selling off assets to manage debt, with Wanda having sold nearly 90 shopping centers since 2017 [96][99]. - Other companies, including Vanke and various insurance firms, are also engaging in asset sales to improve liquidity and focus on core assets [106][115]. Group 5: Future Outlook - The commercial real estate sector is transitioning from an expansion phase to a focus on efficiency and quality, with a clear shift towards a "stock era" where supply and demand dynamics are changing [120][126]. - Successful commercial spaces are adapting to new consumer preferences and finding ways to thrive amidst the challenges faced by many others [123][125].