Core Insights - Current retail investment should focus on experiential consumption, community essentials, and new consumer services, leveraging the irreplaceable advantages of offline scenarios, stable cash flow, and strong risk resistance [2] Group 1: Experiential Consumption - Experiential consumption is the core growth point, including themed restaurants, immersive dining bars, and trendy toy stores, attracting young customers with social attributes and high per-square-meter efficiency (some trendy toy stores reach 80,000 yuan/square meter) [2] - Despite facing homogenization competition, continuous innovation can maintain high table turnover rates and customer spending [2] - Parent-child services and health and beauty sectors are also performing well, with parent-child experience centers achieving over 70% repurchase rates, and traditional Chinese medicine therapy and medical beauty clinics driven by aging demographics, with low online substitution rates [2] Group 2: Community Essentials - Community essential businesses, such as premium fresh supermarkets, convenience stores, and community health and wellness shops, are considered a "stable option," benefiting from the "15-minute living circle" with low vacancy rates below 5% and stable rental returns [2] - It is crucial to control gross profit margins and ensure precise site selection for these businesses [2] Group 3: Emerging Consumer Services - Emerging pet service businesses, such as pet grooming and boarding, are capitalizing on the pet economy, achieving over 65% gross profit margins, becoming a new growth point [2] - Standardization of services is essential for success in this sector [2] Group 4: Investment Recommendations - Investment should prioritize small-sized, high-turnover retail spaces, aligning with regional customer characteristics, such as focusing on essential businesses near communities and enhancing experiential consumption in core business districts to maximize returns [2]