Core Viewpoint - The competition in the instant retail sector is intensifying, with major players like Meituan, Alibaba, and JD.com collectively budgeting over 100 billion yuan, yet the industry has not yet established a clear hierarchy [1][5]. Group 1: Instant Retail Competition - In 2025, a significant meeting between Liu Qiangdong and Wang Xing marked the entry of major companies into the instant retail market, with Alibaba soon following suit [5]. - The instant retail battle has undergone two rounds of regulatory discussions but continues to escalate, impacting shopping centers significantly [5][6]. Group 2: Impact on Shopping Centers - A leading shopping center operator noted a clear impact from the instant retail competition, particularly in the food and beverage sector, which traditionally drives foot traffic [6][7]. - The large subsidies in instant retail primarily benefit food and beverage categories, reducing the need for consumers to dine in shopping centers during hot summer months [7]. Group 3: Changes in Shopping Center Dynamics - Shopping centers have responded to the challenges posed by e-commerce by increasing the area dedicated to dining and experiential offerings, while reducing retail space to about 30% [8]. - The brand turnover rate in mainstream shopping centers is approximately 30%, indicating that brands are frequently replaced every three years [8]. Group 4: Emerging Trends - Two notable trends in shopping centers are that young consumers primarily visit the basement level (B1) and that the first floor is dominated by experiential brands such as trendy toys, electric vehicles, and tea beverage brands [9][10]. - The challenge for shopping centers is to find new brands and business models that can effectively utilize large dining spaces and provide strong experiential value [11].