□新华社"新华视点"记者 王雨萧 李晓婷 张斌 不少人注意到，有着"互联网原住民"之称的"00后"，近来有一部分人开始从线上消费转战线下逛街了。 "二次元街区"成为城市新地标，IP联名快闪活动人气火爆，商场变身融合社交、文化、购物的生活"体 验场"……"新华视点"记者走访发现，多地商场正通过焕新改造吸引年轻客群，寻求突围。 传统商场变得时尚、轻盈 麦肯锡发布的《2024年中国消费趋势调研》显示，64%的消费者更加看重精神消费，年轻消费者对精神 消费的重视程度更高。 延伸空间功能—— 步入广州市天河区的正佳广场，宛如走进一座微缩的城市乐园：一侧是深海蓝幕下徜徉的鲸影，情侣 在"海底世界"前驻足合影；另一侧，孩子们裹着棉服在冰雪世界里嬉戏笑闹。消费者购买的不只是某件 商品，还是一份美好的记忆。 冬日的北京寒风凛冽，王府井喜悦购物中心里却是人气爆满的火热景象：1万多平方米的"二次元主题街 区"人头攒动，年轻人兴奋地抽取盲盒、交换"谷子"。 "我们引入国潮文化、二次元、独立主理人品牌，打破传统商场'老旧'的刻板印象，营造年轻、时尚、 潮流的体验空间。"王府井喜悦购物中心总经理助理张孟久说，今年以来商场销售额和客流显著 ...

Group 1 - Wangfujing commercial area is organizing a series of "Chongyang Ankang Li" themed activities ahead of the Chongyang Festival, featuring various brands and events [1] - The Yintai in88 mall will host a Peking opera concert on the day of the festival, while the Gongmei Building will showcase traditional crafts and modern aesthetics through cultural activities [1] - The core concept of the activities is a modern interpretation of traditional festivals, emphasizing the pursuit of quality of life and spiritual joy [1] Group 2 - Health service projects are being introduced in the Wangfujing commercial area, including free health checks for the elderly by Tongrentang Hospital on the festival day [1] - Various malls in the Wangfujing area are launching Chongyang-themed promotional activities, creating a synergistic effect within the commercial district [1] - Future plans for the Wangfujing area include deepening the commercial linkage mechanism and organizing more cultural and tourism integration activities around traditional festivals [2]

Group 1 - The actual GDP growth rate for July to September 2025 is 4.8%, which is a slowdown from 5.2% in April to June, primarily due to weak real estate affecting domestic demand [2][4] - Fixed asset investment decreased by 0.5% in the first three quarters, indicating negative growth, while infrastructure investment grew by 1.1% [4] - The retail sales of consumer goods increased by 4.5% in the first three quarters, a decline from 5.0% in the first half of the year, with restaurant revenue growing by 3.3% [4] Group 2 - Industrial added value for large-scale industries grew by 6.2% in the first three quarters, but the growth rate slowed from 6.4% in the first half [4] - Exports (in USD) increased by 6.6% in July to September, with a trade surplus growing by 12% year-on-year, despite a decrease in exports to the US [5]

Group 1: Retail Trends - The retail industry is actively transforming to face challenges posed by online shopping, focusing on creating appealing shopping environments and diverse services [1] - In the first seven months of this year, retail sales of physical stores above designated size increased by 4.2% year-on-year [1] Group 2: Case Study - Fuzhou Sand's Town - Fuzhou Sand's Town, an outlet mall, opened in December 2022 with a commercial area of approximately 230,000 square meters, attracting nearly 1 million members since its opening [2] - The mall offers over 300 retail brands, with more than 60% being first stores in Fuzhou, and has seen a sales increase of over 40% year-on-year [2][3] - Promotional activities during seasonal changes and holidays have significantly boosted sales and foot traffic, with over 12,500 promotional events held this year, driving consumption by over 16.3 billion yuan [3] Group 3: Case Study - Jinan Convenience Stores - Convenience stores in Jinan are evolving to meet the needs of young professionals and tourists, offering local specialties and innovative products [4][5] - The average annual revenue per store in Jinan's convenience stores reached over 3 million yuan last year, with a total of over 120 stores established [5] - Jinan's social retail sales totaled 264.07 billion yuan in the first half of this year, reflecting a year-on-year growth of 4.4% [5] Group 4: Case Study - Chengdu COSMO Mall - COSMO Chengdu has transformed from a traditional retail space to a trendy, curated retail environment aimed at young consumers [6][7] - The mall features unique, designer brands and hosts numerous cultural and social events, catering to the lifestyle preferences of its target demographic [7][8] - The mall's design encourages exploration and discovery, enhancing the shopping experience for consumers seeking unique products [8]

Core Viewpoint - Jiangxi Guoguang Commercial Chain Co., Ltd. reported a revenue of 1.448 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.50%, with net profit attributable to shareholders reaching 19.8979 million yuan, up 4.15% [1] Group 1: Company Performance - The company achieved a net profit of 23.6931 million yuan after excluding the impact of share payments, marking a 19.36% increase [1] - The company benefited from the upgrade of county-level consumption and improved supply chain efficiency, leading to steady growth in performance [3] Group 2: Industry Trends - The retail sector saw a total social retail sales of 24.5458 trillion yuan in the first half of the year, with a year-on-year growth of 5.0%, accelerating by 0.4 percentage points compared to the first quarter [2] - The second quarter recorded a growth of 5.4% in retail sales, an increase of 0.8 percentage points from the first quarter, indicating a continuous recovery in quarterly growth since the third quarter of 2024 [2] Group 3: Competitive Advantages - The company has established a strong local market presence with 41 stores primarily located in key areas of cities, enhancing its competitive edge and brand reputation [4] - The company maintains a high proportion of self-owned properties, which helps ensure operational stability and mitigate rental cost risks, with self-owned commercial properties accounting for 45.97% of total operational area [4] Group 4: Future Strategies - The company plans to enhance performance through supply chain reforms and the implementation of a "single product king" strategy, focusing on efficient and transparent procurement [5] - The company aims to advance the construction of the Ruijin commercial complex project, targeting completion by the end of 2025 and operational launch in 2026 [5]

Core Insights - Traditional department stores are undergoing a transformation to attract younger consumers, reflecting changes in consumer habits and the pressures of urban renewal [1][2] - The shift from middle-aged consumers to younger demographics necessitates a focus on experiential shopping and emotional engagement [1][2] Group 1: Challenges and Opportunities - Older department stores face issues such as poor lighting, outdated facilities, and limited public spaces, which can hinder their competitiveness [1] - Some stores have successfully revitalized their spaces to become new urban landmarks, while others have fallen into the trap of superficial renovations without addressing core consumer needs [1] Group 2: Strategic Focus for Transformation - The transformation of department stores should prioritize understanding the reasons behind consumer visits, emphasizing emotional and social experiences rather than just product availability [2] - Incorporating unique brands and themed stores, as well as creating diverse social and activity spaces, is essential for expanding the functional attributes of commercial spaces [2] Group 3: Shift in Operational Mindset - A change in operational thinking is required, moving from a focus on completing a shopping route to creating environments where young consumers want to linger [2] - The emphasis should be on creating differentiated advantages that cannot be replicated online, focusing on experience, emotion, and social interaction to attract younger shoppers [2]

Core Viewpoint - The "terrace economy" trend is gaining momentum in Beijing's commercial market, with various malls, restaurants, and bars utilizing rooftop and terrace spaces to create unique consumer experiences [1] Group 1: Renovation and Upgrades - The renovation of Shuang'an Mall involved a significant transformation, with 70% of the operational area being updated and 40% of the new brands introduced focusing on dining and social functions [4] - The mall's exterior was modernized by replacing old ceramic tiles with a combination of glass curtain walls and ceramic panels, enhancing transparency [3][4] - The rooftop was transformed into the "Sky Garden," a 1,600 square meter space featuring food trucks, markets, and relaxation areas among greenery [5][4] Group 2: Dining and Social Experience - The fifth floor of the mall has been revamped to include over ten dining brands, replacing the previous home goods focus, with options like Sichuan cuisine, Japanese food, Western dishes, and barbecue [4] - The dining area includes scenic spots for customers to enjoy views while dining, contributing to a more relaxed social atmosphere [4][7] - The mall aims to provide a "relaxed social" environment, with plans for future cultural and community events to enhance emotional connections among customers and residents [7] Group 3: Future Developments - Shuang'an Mall is set to begin renovations on its parking structure in September to improve accessibility and convenience for driving customers [9]

Core Viewpoint - The transformation of traditional department stores in Beijing, such as the recent renovation of Shuang'an Shopping Mall, emphasizes a shift from mere product display to creating immersive experiences that blend historical elements with modern consumer demands [1][10][11] Group 1: Renovation Trends - The renovation of Shuang'an Shopping Mall involved a 70% transformation of its commercial space, moving away from outdated designs to a more transparent and engaging environment [3][4] - The new design includes a rooftop garden and a dining area with views of the city, aimed at enhancing social interactions and community engagement [3][4] - Other department stores in Beijing are also adopting similar "space innovation" strategies, focusing on experiential retail rather than just selling products [4][5] Group 2: Brand and Consumer Engagement - Shuang'an Shopping Mall has upgraded 170 brand counters, with 40% being new brands, focusing on local and trending offerings to attract consumers [7][8] - The mall has shifted from traditional retail to immersive experiences, incorporating pop-up events and unique dining options to increase foot traffic by 30% [7][8] - The strategy includes creating a social space that fosters community connections and emotional engagement with consumers [4][8] Group 3: Future Developments - The Ministry of Commerce has issued guidelines promoting scenario-based renovations for retail spaces, encouraging unique designs tailored to local characteristics [5] - Upcoming projects in Beijing, such as the renovation of Yansha Friendship Mall, aim to integrate diverse cultural elements and enhance service offerings [5][6] - The focus is on transforming traditional retail into lifestyle experience centers, catering to evolving consumer preferences [5][6] Group 4: Balancing Tradition and Innovation - The renovation of old department stores must balance preserving historical elements with introducing innovative services and experiences [10][11] - Suggestions include maintaining iconic architectural features while incorporating modern technology and design to attract younger consumers [11] - The goal is to create spaces that serve as community hubs, enhancing emotional connections and sustainable engagement with consumers [11][12]

Core Viewpoint - The "terrace economy" trend in Beijing's commercial market has gained momentum this summer, with various malls, restaurants, and bars utilizing rooftop and terrace spaces to create unique consumer experiences [1][2]. Group 1: Renovation and Design - The renovation of Shuang'an Mall involved updates to 70% of its operational area, with 40% of the new brands introduced focusing on enhancing dining and social functions [2][4]. - The mall's exterior was redesigned from outdated small tiles to a combination of glass curtain walls and ceramic panels, significantly improving transparency [2][3]. - The rooftop was transformed into a 1,600 square meter "Sky Garden," featuring food trucks, markets, and relaxation areas among greenery [1][2]. Group 2: Customer Experience and Offerings - The fifth floor, previously dedicated to home goods, has been replaced by over ten dining establishments, including Sichuan, Japanese, Western, and barbecue cuisines, with scenic dining spots available [2][3]. - The mall has created a new VIP experience space called "U悦堂," which includes a member reception center, VIP room, multifunctional activity hall, and mother-baby room, enhancing customer service [4]. - Future plans include the introduction of community cultural activities and events to foster emotional connections among customers and residents [3][4].

Core Viewpoint - Li & Fung China (02136) reported a decline in revenue and a shift from profit to loss for the six months ending June 30, 2025, primarily due to decreased sales from licensed counters and rental income from malls [1] Financial Performance - Revenue for the period was 618 million RMB, representing a year-on-year decrease of 4.16% [1] - The company recorded a shareholder loss of 3.73 million RMB, compared to a profit of 41.67 million RMB in the same period last year [1] - Basic loss per share was 0.003 RMB [1] Sales Performance - The decline in revenue was attributed to a drop in sales from licensed counters and rental income from malls [1] - Overall sales revenue decreased by 0.4%, despite growth in sales from the Shanghai Jiuguang Center and Shanghai Jiuguang [1] - The Suzhou Jiuguang store experienced a significant decline in sales, with a drop of approximately 13.5% [1] - The impact of the cessation of operations of the "Fresh Goods Pavilion" since March of the previous year also contributed to the revenue decline [1]