近日，"2025福布斯中国中央商务区国际化消费竞争力评选"结果正式发布。该评选以其国际视野与专业 标准，被视为对中国城市商业活力与消费趋势的深度洞察。屈臣氏凭借综合实力，在其子评选中，荣 膺"2025福布斯中国中央商务区消费标杆品牌"。 作为长期深耕中国市场的健康美丽引领者，屈臣氏始终以消费者为核心，通过门店场景的持续焕新与精 细化运营，不断夯实其专业保健美容服务体系。在消费结构持续升级与城市商业能级跃迁的背景下，屈 臣氏不仅以创新营销模式激发跨圈层消费活力，更为高品质健康美容消费市场注入动力。 持续提升门店消费体验，彰显品质消费市场核心竞争力 中央商务区作为城市商业发展的核心引擎，其竞争力与入驻品牌的活力密不可分。屈臣氏此次荣 获"2025福布斯中国中央商务区消费标杆品牌"，正是对其在全国多个核心中央商务区CBD稳健运营的高 度认可。在城市核心商圈对品牌综合实力提出更高标准的背景下，屈臣氏凭借持续稳定的门店表现、高 品质的服务体系与不断迭代的场景体验，展现出卓越的跨区域经营能力与市场渗透力，从竞争力、创新 力到引领力均获得权威肯定。 屈臣氏持续夯实中央商务区CBD消费引领基础，积极打造全域覆盖的保健美容履约 ...

Core Viewpoint - A.S. Watson, a retail subsidiary of CK Hutchison Holdings, is planning an IPO that could be the largest consumer retail IPO in Hong Kong in recent years, with a valuation potentially exceeding 200 billion RMB [1][2]. Group 1: IPO Details - The IPO is expected to raise approximately 2 billion USD, which would help alleviate the group's debt and support core business development [1][2]. - The company has over 17,000 stores globally and operates in various sectors, including health and beauty, supermarkets, and electronics [2]. - The anticipated valuation of 200 billion RMB corresponds to about 230 billion HKD, with a price-to-sales ratio of approximately 1.1, which is considered reasonable [3]. Group 2: Market Context - The global IPO market is recovering, and investor confidence is rising, prompting CK Hutchison to restart the IPO plan for A.S. Watson [1][2]. - The retail sector in Hong Kong has been experiencing a scarcity of large consumer-focused IPOs, making A.S. Watson's offering particularly attractive [3]. Group 3: Financial Performance - A.S. Watson reported a revenue of approximately 988.4 billion HKD for the first half of 2025, with a year-on-year increase of 8%, although revenue from the Chinese market declined by 3.1% [9]. - The company is exploring various strategies to adapt to market changes, including enhancing online channels and upgrading store experiences [9][10]. Group 4: Competitive Landscape - A.S. Watson faces increasing competition from online platforms and new entrants in the beauty and personal care market, which have eroded its traditional advantages [6][9]. - The brand has struggled with stagnation in the Chinese market and has been criticized for not innovating its store image and product displays [7][9]. Group 5: Future Growth Potential - Analysts suggest that future growth may rely on improving store efficiency and expanding product categories, such as introducing high-margin services [10]. - The company's ability to successfully transition to a more integrated online and offline retail model remains a critical question for investors [10].

Core Insights - The article highlights a significant shift in consumer behavior towards experiential shopping, moving from mere consumption to seeking emotional and sensory experiences in retail environments [1][4][25] - The rise of the "experience economy" is evident, with consumers desiring more than just products; they seek engaging interactions and memorable experiences [1][18] Group 1: Consumer Trends - Data from the National Bureau of Statistics indicates that from 2013 to 2024, per capita service consumption expenditure in China increased from 5,000 yuan to 13,000 yuan, with its share of total consumption rising from 39.7% to 46.1% [1] - Over one-third of young consumers prefer shopping in physical stores not just for purchasing but for the atmosphere and inspiration [1] - The emergence of the "He Economy" reflects a growing trend where male consumers are increasingly focused on self-care and grooming, with online sales of men's skincare products projected to grow nearly 20% year-on-year in 2024 [5][9] Group 2: Company Initiatives - Watsons has launched new in-store experiences targeting men, children, and health, enhancing sensory experiences and emotional satisfaction for consumers [1][14] - The "Male Equipment Supply Station" has been introduced in key cities, featuring a rugged industrial design to create a dedicated shopping space for male consumers, significantly improving product visibility and shopping convenience [5][14] - Watsons plans to expand the "Male Equipment Supply Station" to 300 stores nationwide, tapping into the previously underdeveloped male consumer market [14][25] Group 3: Children's Market - Watsons has created a "Children's Selected Zone" in select stores, offering over 250 products tailored for children aged 3 and above, reflecting the shift towards a more refined and emotional approach to children's consumption [12][18] - The introduction of children's makeup services and play areas in stores aims to enhance the shopping experience for families, allowing parents to shop while their children are entertained [18][25] Group 4: Health and Wellness Focus - Watsons is leveraging its health and beauty heritage by establishing health experience centers in multiple cities, aiming for a threefold increase in health product sales over three years [21][25] - The company is also integrating AI technology with the launch of an AI health consultant, providing personalized health advice and enhancing the consumer experience [25]