Core Viewpoint - The article highlights the contrasting fortunes of commercial establishments in Haikou, with some thriving while others, like Shengsheng International, face significant decline and operational challenges [1][3][4]. Group 1: Current Situation of Shengsheng International - Shengsheng International, once a leading luxury shopping destination, has seen a drastic decline in customer traffic and store occupancy, with many shops closed and a noticeable lack of visitors [4][10][13]. - The shopping center has undergone a name change to "Shengsheng International," but this has not improved its fortunes, as evidenced by the empty parking lots and deserted storefronts [7][8]. - Inside the mall, the atmosphere is described as uninviting, with dust and mildew present, and most high-end brands have vacated, leaving behind discount clothing and a few struggling businesses [10][15][22]. Group 2: Historical Context and Financial Struggles - Shengsheng International was established in 2015 with an investment of over 800 million RMB, aiming to capitalize on high-end consumer demand, but has since faced financial difficulties due to economic slowdowns and competition from e-commerce [64][73]. - The company accumulated significant debt, with reports indicating liabilities of 6.7 billion RMB, leading to bankruptcy risks and multiple failed attempts to auction the property, which has seen its value drop significantly [76][79][85]. - Despite attempts to pivot towards entertainment and nightlife to attract customers, the mall's identity remains confused, failing to retain its previous high-end clientele while not successfully attracting a new demographic [87][93][100]. Group 3: Market Dynamics and Future Outlook - The article suggests that the current market conditions are unfavorable for investment in commercial properties like Shengsheng International, particularly given its location and the surrounding economic environment [85][88]. - The mixed-use strategy adopted by Shengsheng International, which includes various entertainment and dining options, lacks coherence and fails to appeal to both former high-end customers and younger audiences seeking a clear brand identity [89][95][98]. - The overall sentiment indicates that without a clear operational strategy and effective management, the future of Shengsheng International remains bleak, with little hope for revitalization in the current market landscape [100].