北京商报讯（记者 刘卓澜）12月8日，北京商报记者从北京华贸购物中心了解到，今年，北京华贸购物 中心不断焕新，陆续引入迪桑特DESCENTE全球旗舰店、KOLON SPORT可隆全国旗舰店，填补高端运 动户外场景空白；落位CLP瑞士百年生命科学中心中国首店，完善健康业态布局；阿嬷手作首个合院概 念店的进驻，焕新场内茶饮社交体验等等，不断丰富生活方式的具象内涵。在持续焕新下，北京华贸购 物中心在核心区存量商业中常年输出近40亿元年销售额，坪效稳居头部阵营。 数字化方面，北京华贸购物中心成立平台华贸云，目前已完成了基础功能的系统性整合。通过"一码通 行"打通了写字楼、商场、酒店间的物理界限；"无感积分"实现了消费数据的自动采集与权益的即时兑 现；"机器人配送"则解决了最后一百米的效率痛点。未来将持续优化并融入更多日常的功能设计。 北京华贸购物中心方面表示，未来，北京华贸购物中心方面将围绕"国际化、高品质、大都会生活方式 地标"的定位持续进行战略升级。 除了品牌焕新，北京华贸购物中心加码多元活动，长效赋能商业运营。公共触达层面，北京华贸购物中 心的开放式活动主要围绕两大主线展开，一是以骑行季、华贸微型马拉松为代表的 ...

12月5日，2025年度《中国商圈商业力TOP100指数榜单》正式揭晓，南京新街口商圈、百家湖商 圈、新江东商圈、夫子庙商圈、奥体商圈5个商圈上榜。其中，南京新街口商圈排名第二，仅次于北京 CBD，上海小陆家嘴—张杨路位列第三。 该榜单依托国内领先的零售商业综合服务商——赢商股份提供的城市商业运行监测数据，从人口规 模、交通配套、商业规模、档次、多样性、活力及潜力等多维度构建评价体系，覆盖全国368城、 3000+商圈，其结果用于城市间对比分析并预判商业发展方向。 新街口商圈商业力全国第二，占据华东地区"消费C位" 12月7日中午，记者来到新街口商圈，各大商业综合体里人潮如织，一派繁华热闹的景象。 这里拥有10多座商场，超百栋商务楼宇，成百上千户街边商家，是中国唯一同时拥有4个年销售额 超40亿元的购物中心，高峰期日客流量可达百万人次。 在新发布的2025年度《中国商圈商业力TOP100指数榜单》中，新街口商圈排名全国第二，仅次于 北京CBD，力压上海小陆家嘴—张杨路商圈，印证其商业硬实力。这里不仅是南京的商业中心，也长 期占据华东地区"消费C位"。 以百家湖为代表的新兴商业，承接首店时侧重潮流化、生活化。景 ...

今年12月，上海环球港在传统节庆模式之上实现文化突破，联手原创艺术团队"重影剧场"，共同打 造"DramaHarbor——莎士比亚奇妙夜"沉浸式戏剧专场。演出将于12月24日及2026年1月1日在商场L4环 球大厅上演。该戏剧独创以"欧式经典人物悬案系列"为叙事主线，使沉睡于文字中的经典人物——哈姆 雷特、麦克白夫人、李尔王、朱丽叶、奥菲莉亚……穿越时空的迷雾，在商场构建的戏剧地图中游走、 相遇、追问，共同寻找那位赋予他们生命的"创造者"。结合环球港的欧式风格场景与客流动线，观众在 购物漫步中，可能转角就遇见正在独白的角色，或被邀请参与一段即兴对白，成为解谜线索的收集者， 感受"每一步皆剧情，每一幕皆舞台"的沉浸体验。 值得注意的是，环球港年末有20余家新店亮相，在餐饮与零售两大领域同步焕新。"寿司郎"上海首 店开业，引发食客追捧；"花神法式面包坊"上海首店全新登场；连锁品牌"老碗会"陕西风味餐厅等也相 继入驻。文创零售头部品牌"九木杂物社"旗舰店亮相；百丽集团旗下童鞋品牌集合店"KidsEden"正式启 幕。 此次冬日活动不仅是环球港年末消费高潮，更是其商业空间运营模式系统性升级的开端。一方面业 态组合持续 ...

活动期间，北京荟聚联合多家品牌，推出"豚豚崽"巧克工坊限定快闪、"海马体"奇境水晶球、"伽百利"暖心玩偶铺、"本来"创意装置，并联合"北京野生动物 园"开展动物科普讲座，携手"大有意思x度也一厂"打造冬日特别市集，持续增强顾客参与感与场景新鲜度。 此外，12月19日至21日，北京荟聚"十一周年庆"期间，将会举办相关活动。绮妙主题工坊、绮幻飘雪秀、暖心公益音乐会等活动贯穿全月，营造不间断的节 日氛围。12月31日，北京荟聚将在主中庭与荟聚广场同步举行跨年狂欢之夜。 北京荟聚近年来陆续引入首秀、首展与首店资源。2025年，W.Management、NUTCO一栗、山石榴等北京首店陆续亮相，南城首家Apple Store也将于12月6 日正式开业，持续为区域商业注入新鲜活力。北京荟聚南广场于今年焕新升级，并落地全国首家"工会枫桥实践站智能舱"。 北京商报讯（记者 王维祎）12月5日，北京荟聚"森光绮遇季"启幕，全场打造六大主题互动点位，营造出冬日氛围。这是荟聚自开业以来，连续第十一年打 造的冬日主题活动。 ...

这两大商业体有着高度契合的核心特质，均为地铁上盖项目，未来将分别与在建的地铁15 号线、18号 线无缝接驳，同时还都是所在刚需板块苦等多年的重磅商业配套，直接填补了区域高品质商业的空白。 它们都有哪些特色？招商情况如何？对板块的未来居住价值会带来怎样的影响？趁着开业热潮，记者前 往现场进行探访。 被称为杭州"最美天街" 丰收湖板块补齐商业短板 上城天街正好位于丰收湖公园西侧，也是在建的地铁18号线丰收湖站的上盖地块，占据着交通和景观资 源两大优势。项目整体体量约13.5万平方米，商业部分包含地下1层和地上6层，开业汇集品牌超270 个，其中超80个为区域首进品牌。 值得一提的是，这也是杭州开业的第九座天街，接下来几年还有滨康天街、云城天街、富阳天街、钱湾 天街以及今年签约的萧山项目等5座天街将陆续开业，全城14座天街的密集布局，进一步巩固了龙湖在 杭州商业市场的领先地位。 从招商来看，上城天街的主力店主要有盒马鲜生、星光嘉映影城、星聚会等。另外，首店阵容也非常吸 睛，以捡瓷+为特色的文创生活方式品牌等于几；主打"平价喝好茶+轻松茶社交"的云南茶饮品牌云守 中；可持续生活方式品牌LOOP等新面孔，为消费市场注入 ...

临近岁末，本是思考、总结的好时节，却被传来的一些"冷"消息惊扰。 最近，北京的侨福芳草地传来寻求买家的消息，而此前上海的TX淮海操盘方也曾有项目由业主方收回自行运营的消息传出，以及操盘方公司一些负面的 传闻。 在这个过程中，艺术、文化开始以自己的面貌渗入到了商业运营的空间，我们看到了场景的布局，比如北京侨福芳草地的那些雕塑；看到了活动中艺术的 渲染，比如上海K11的那个莫奈展；随后又有了"非标"商业的兴起和喧嚣，从业者在当时曾经为商业的这些变化既感受到了冲击又受到了鼓舞。 这一切在2025年临近年尾时，都似乎有了一些转折，而且具有否定的因素。是哪里没有做对，还是方向本来就是错的？ 还真的需要思考、辨别一番。 01 艺术与"非标" 相得益彰还是背道而驰？ 商业是否需要引入艺术的气质，在千篇一律的商业模式中，是否需要用一些非惯常的面貌和操作手法，或者就是"非标"来标示，这本不应该是一个问题。 笔者想起自己的从业经历中的一段历程。 笔者曾经在酒店业做过九年，大部分时间就是在今天上海市中心的丽思·卡尔顿酒店(Ritz-Carlton)那个位置，以往是一个著名酒店品牌所在地(也是当年美 国前总统尼克松最后一次访问中国在 ...

Investment Rating - The report indicates a stable growth outlook for the retail industry in China, with a focus on online retail and the transformation of offline channels [3][20]. Core Insights - The retail industry in China is experiencing a dual engine of growth driven by consumption upgrades and cost-performance demands, with online retail showing a steady increase while offline retail is facing differentiation [3][20]. - The total retail sales of consumer goods reached 24.55 trillion yuan in the first half of 2025, marking a 5% year-on-year increase, with online retail accounting for approximately 30% of total retail sales [3][20]. - The report highlights a shift in consumer behavior, with the Z generation increasing spending on smart home appliances and emotional consumption products, while the silver economy is driving growth in health products and services for the elderly [4][20]. Summary by Sections Online Retail - The online retail market in China continued to grow steadily, with physical online retail sales increasing by 6% year-on-year, although the penetration rate slightly declined [5][20]. - Traditional e-commerce platforms like Alibaba, JD, and Pinduoduo dominate the market with a combined market share of 65%, while new platforms like Douyin and Kuaishou are experiencing explosive growth through content-driven sales [5][6][20]. - Instant retail and community group buying are identified as key growth drivers, with instant retail sales increasing by 25% year-on-year [6][20]. Chain Supermarkets - The chain supermarket sector is undergoing a critical transformation, with 47.5% of surveyed enterprises reporting sales growth, while 45% face profit decline [9][20]. - The industry is experiencing a "store closure wave," with a closure-to-opening ratio of 0.67, indicating a contraction in overall scale [10][20]. - Leading companies like Walmart and Hema are adapting their strategies to focus on membership models and fresh produce, while local supermarkets are optimizing layouts and improving product quality [11][20]. Shopping Centers - The shopping center market is witnessing a recovery, with foot traffic in first to fifth-tier cities increasing by 8.7% year-on-year [12][20]. - Experience-driven upgrades are becoming essential, with a significant portion of shopping centers incorporating dining, entertainment, and family-oriented experiences [12][20]. - The integration of online and offline experiences is creating new growth opportunities, with projects like JD Mall and Suning integrating digital experiences with physical retail [14][20]. Industry Challenges and Future Trends - The retail industry faces challenges such as consumer fatigue and rising cost pressures, with rental and labor costs increasing by 4-5% [15][16][20]. - Future trends indicate that online retail will continue to grow, with a focus on instant retail and technological empowerment, while chain supermarkets will accelerate their transformation towards community-oriented and online integration [18][20]. - Shopping centers will deepen experience upgrades and innovate their operations, with a focus on sustainability and digital transformation [19][20].

Investment Rating - The report rates the investment in 华夏中海商业 REIT as positive, highlighting its strong operational resilience and stable growth potential [1]. Core Insights - 华夏中海商业 REIT is the first consumer REIT to adopt an acquisition and revitalization model, with underlying assets demonstrating robust operational performance [1]. - The project, 佛山映月湖环宇城, is strategically located in Guangdong Province, benefiting from significant population density and a lack of competing large commercial projects in the vicinity [1][2]. - The rental rate of the project has improved significantly, reaching approximately 97.92% as of March 31, 2025, with a compound annual growth rate of about 11% in sales from 2021 to 2024 [1][2]. Summary by Sections Fund Overview - 华夏中海商业 REIT was officially registered on September 22, 2025, with a total fund size of 300 million shares and an expected total fundraising of 1.5843 billion yuan [6][24]. - The fund is managed by 华夏基金管理有限公司, one of the largest fund management companies in China, with over 3 trillion yuan in assets under management [7][8]. Industry Situation - The consumer infrastructure sector, particularly shopping centers, is expected to benefit from government policies aimed at boosting consumption and investment during the "14th Five-Year Plan" period [26][27]. - The retail sector in China has shown resilience, with a total retail sales volume of 47.15 trillion yuan in 2023, reflecting a year-on-year growth of 7.22% [29]. Project Details - 佛山映月湖环宇城 has a total construction area of 153,478.85 square meters and is positioned as a key self-owned property under the management of 中海环宇商业发展 [36]. - The project has undergone significant operational upgrades since its acquisition in March 2020, leading to a substantial increase in occupancy rates and sales performance [36][38]. Financial Projections and Future Potential - The project plans to allocate 85% of net recovery funds towards investments in other infrastructure projects, indicating strong future growth potential [1][2]. - The management team has demonstrated a strong track record, with a compound annual growth rate of 22.3% in managed scale and 27.1% in operational revenue since 2020 [1][2].

Core Insights - The article highlights the upcoming operational status of ski resorts in Chongli, which is expected to attract significant visitor traffic during the winter season [1] - Increased traffic pressure is anticipated on major highways such as Jingzang, Jingxin, and Jingli, particularly during weekends [1] Traffic and Transportation - The ski resorts' opening is likely to create tidal traffic flows, with heavier outbound traffic from Beijing on Saturdays and increased inbound traffic on Sundays [1] - During weekdays, specific areas in Beijing, especially around schools in Haidian, Xicheng, Dongcheng, and Chaoyang districts, are expected to experience concentrated traffic during morning peak hours [1] Commercial Activity - As temperatures drop, shopping districts are expected to see increased activity, with locations like Blue Harbor, Joy City, Wanda Plaza, and others anticipated to be particularly busy [1] - Popular commercial areas such as Sanlitun, Wangfujing, and Xidan are likely to experience high foot and vehicle traffic, leading to potential short-term vehicle queues at parking facilities [1] Healthcare Facilities - Major hospitals, including Children's Hospital and Beijing Hospital, are projected to have high traffic volumes around their premises, especially during peak hours from 7:00 AM to 1:00 PM [1]

Core Insights - Xi'an is redefining the integration of culture, commerce, and tourism through a unique "landmark + mall" model, showcasing a blend of historical and modern elements [1] - In 2024, Xi'an is expected to receive 306 million tourists, generating a total tourism revenue of 376 billion yuan, marking a year-on-year growth of 10.3% and 12.3% [1] - The city’s commercial landscape is benefiting from a structural opportunity, with non-local visitors making up 25%-40% of the customer base in key commercial projects [1] Landmark Coexistence Commercial Model - Landmark coexistence projects leverage cultural IPs like the Big Wild Goose Pagoda and the Bell Tower to attract tourists, fulfilling their demand for both cultural experiences and immediate consumption needs [2] - These projects create a high-efficiency closed loop of traffic conversion, where cultural emotions resonate with consumer behavior, leading to increased sales [2] Key Commercial Projects - The Xi'an Bell Tower Kaiyuan Mall has achieved a 39.67% share of non-local visitors, enhancing its appeal as a gateway for tourists to experience the city [3] - The mall has transformed its rooftop into a vibrant social space, integrating modern design with traditional cultural elements, thus enhancing visitor engagement [4][7] - Xi'an Dayuecheng targets young consumers, achieving a 44.17% share of non-local visitors during peak holidays, reflecting its alignment with market trends [9] Cultural IP Activation - Xi'an Dayuecheng integrates national IPs like "Journey to the West" into immersive experiences, successfully selling over 34,000 themed toys, generating over 2 million yuan in sales [10] - The mall hosts various cultural events that engage visitors, turning them from mere tourists into active participants in the cultural narrative [11] Comprehensive Visitor Services - The mall has developed a service ecosystem that enhances the visitor experience, including exclusive offers and partnerships with travel platforms to streamline the travel process [8][13] - The project also emphasizes cross-border payment solutions and unique promotional activities to cater to international tourists [13] Non-Landmark Commercial Projects - Non-landmark projects in Xi'an are thriving by creating unique value propositions that attract visitors, achieving non-local visitor shares of 20%-35% [25] - The Xiaozhai business district exemplifies this trend, with various projects successfully drawing in visitors through distinctive offerings and experiences [26] Future Outlook - Xi'an's approach to blending cultural depth with commercial efficiency is expected to serve as a model for other cities, promoting a balanced and symbiotic commercial ecosystem [33]