Group 1 - The construction of the Jinan Sam's Club project is progressing rapidly, with the main structure having been completed, marking a significant acceleration in the commercial upgrade of eastern Jinan [1] - The project has been under construction since December 2024, utilizing a "dual-flow" construction method, completing various phases such as the installation of 1,552 anti-floating anchor rods in 32 days and the steel structure installation in 66 days [1] - The project employs BIM technology to optimize the connection between above-ground and underground structures, significantly reducing the construction cycle for the steel structure [1] Group 2 - The Jinan Sam's Club is located on a site of 30,000 square meters with a total building area of 81,000 square meters, featuring two above-ground floors and three underground floors, including a sales area and auxiliary rooms [2] - The project's strategic location near the planned Phoenix Road elevated highway and the operational Metro Line 6 will create a comprehensive transportation network, enhancing accessibility for shoppers [2] - The ongoing upgrades to the surrounding road network and urban infrastructure are expected to greatly improve the shopping experience for residents, facilitating convenient travel to the store [2]

Core Viewpoint - The Lanzhou Xidan Shopping Mall, a significant retail project in Lanzhou for 22 years, will officially close on July 31, 2025, due to the expiration of its lease, reflecting broader challenges in the commercial real estate sector in Lanzhou [2][4][6]. Company Summary - Lanzhou Xidan Shopping Mall opened in 2003 with a total operating area of approximately 45,000 square meters, offering a variety of functions including department stores, supermarkets, and children's entertainment [6][7]. - The mall aimed to establish itself as a fashionable department store by promoting international brands and creating a diverse shopping experience [6]. Industry Summary - The mall was located in a prime area of the Xiguan business district, benefiting from high foot traffic, especially after the opening of the subway line in 2019, which enhanced accessibility [7]. - At its peak, the mall recorded an average daily foot traffic of over 50,000 visitors and a single-day sales record exceeding 4 million yuan [7]. - The competitive landscape in the Xiguan business district includes high-end retailers and popular shopping streets, which has intensified competition for traditional department stores like Lanzhou Xidan [7][8]. - Traditional retail in Lanzhou is facing significant challenges due to urban expansion and changing consumer preferences, leading to a decline in competitiveness for older shopping centers [8][9]. - The future of Lanzhou's commercial landscape is expected to shift towards integrated shopping experiences that combine retail, social interaction, and cultural engagement, moving away from traditional department store models [9].