2026.02.24 本文字数：2393，阅读时长大约4分钟 作者 |第一财经 刘晓颖 只要不出门旅行，杨亚楠几乎在节日假期都会安排一天带上一家老小去奥特莱斯（下称"奥莱"）购物， 这个春节也不例外。 同杨亚楠一样的人不在少数。近几年，每逢春节、元旦、国庆等节假日，全国各大奥莱都会迎来消费峰 值，停车场排起长龙、热门店铺限流、收银台前排起长队成为常态。 相关数据显示，奥莱已经成为商业零售领域的重要增长极之一。据中国商业联合会奥特莱斯分会统计， 2024年7月至2025年6月间，全国205个品质化奥特莱斯项目实现销售额1800亿元，同比增长8.9%，客流 量近9亿人次，同比增幅达12.5%。 并非"尾货处理站" 对于很多国人来说，去奥莱就是"买买买"。但近几年，随着翻新升级，国内的奥莱已不再是单纯的"尾 货卖场"，更像是一个"可停留、可社交、可放松"的城市生活中转站。 这个春节，杨亚楠的表姐一家在上海游玩了几日。在杨亚楠的建议下，迪士尼的两日行程放在最后，游 玩过乐园后，杨亚楠又带表姐一家去逛了附近的比斯特购物村，"玩了吃了逛了买了，满载而归。" 换而言之，近郊奥特莱斯解决了性价比和高品质的对立，实现了都市便捷 ...

奥特莱斯已从传统的尾货卖场转型为集购物、休闲、亲子娱乐与微度假于一体的综合性商文旅目的地。 这个春节，杨亚楠的表姐一家在上海游玩了几日。在杨亚楠的建议下，迪士尼的两日行程放在最后，游玩过乐园后，杨亚楠又带表姐一家去逛了附近的比斯 特购物村，"玩了吃了逛了买了，满载而归。" 换而言之，近郊奥特莱斯解决了性价比和高品质的对立，实现了都市便捷与郊区环境之间的平衡，"吃喝玩乐购"一站式的模式解决了许多家庭的需求，成了 "近郊旅行目的地"。一些常去奥莱的消费者向记者表示，如今线下购物的意义不再是单纯购物，去奥莱更多的是"逛"与"玩"。 只要不出门旅行，杨亚楠几乎在节日假期都会安排一天带上一家老小去奥特莱斯（下称"奥莱"）购物，这个春节也不例外。 同杨亚楠一样的人不在少数。近几年，每逢春节、元旦、国庆等节假日，全国各大奥莱都会迎来消费峰值，停车场排起长龙、热门店铺限流、收银台前排起 长队成为常态。 相关数据显示，奥莱已经成为商业零售领域的重要增长极之一。据中国商业联合会奥特莱斯分会统计，2024年7月至2025年6月间，全国205个品质化奥特莱 斯项目实现销售额1800亿元，同比增长8.9%，客流量近9亿人次，同比增幅达 ...

Core Viewpoint - The article emphasizes that the rise of outlet malls in China is not merely a result of discount shopping but reflects a broader trend of consumer upgrading, driven by various demographic factors and changing shopping preferences [5][11]. Group 1: Outlet Mall Growth - Outlet malls are experiencing significant growth, with record-breaking foot traffic and sales, contrasting sharply with the struggles of traditional luxury and mass-market malls [7][9]. - The outlet industry is projected to see a substantial increase in total sales from approximately 126 billion to 248 billion yuan between 2021 and 2025, nearly doubling in five years [26]. Group 2: Consumer Demographics - Middle-aged men and affluent families from smaller cities are increasingly frequenting outlet malls, indicating a shift in consumer behavior where men are becoming significant contributors to sales [12][19]. - Data from Fuzhou's Sand City outlet shows that male consumers accounted for 45% of total sales, highlighting the awakening of purchasing power among middle-aged men [19]. Group 3: Shopping Experience - The design and layout of outlet malls are more consumer-friendly compared to traditional malls, featuring open spaces and a variety of brands in close proximity, which enhances the shopping experience [14][15]. - Consumers appreciate the transparency in pricing and the assurance of purchasing genuine products at discounted rates, which contrasts with the frustrations of online shopping [19][31]. Group 4: Changing Consumer Preferences - Younger consumers are returning to physical stores due to dissatisfaction with online shopping experiences, where product quality and pricing can be misleading [31][32]. - The trend indicates a growing preference for immediate gratification and tangible experiences, with many consumers finding value in the social and experiential aspects of shopping at outlet malls [34][35]. Group 5: Future Outlook - New outlet projects are set to open in major cities, indicating a robust expansion strategy within the industry, with significant investments from both established and new players [10][11]. - The article suggests that the success of outlet malls may also be attributed to the shortcomings of other retail channels, positioning them as a viable alternative for quality shopping experiences [27].

以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 来源丨表里表外 文 | 陈梓洁 编辑 | 曹宾玲 春节前，各地奥特莱斯像 5A景区一样拥挤。 这股热浪还有愈演愈烈之势，号称 "华北最大奥莱"的湾里·王府井刚落地，武汉又官宣即将迎来第 13座奥莱，还有 " 奥莱之王 " 上海青浦百联二期、杉杉华东 最大 "全时奥莱" 等，都将于今年落 地。 不仅 奥莱连锁 集团 火力全开 ， 华润、德基 、 京东等新 玩家也纷纷 跨界加入 ， 一场没有 硝烟 的零售战争 正在大城市郊区熊熊燃起。 但消费世界的主角，从来不是商场，而是用钱包投票的普通人。 奥莱的火爆， 不止是 " 折扣天堂 "的 胜利 ， 更在于 它同时撬动了三股 势力 ：中年经济男的消费冲动 、 五环外家庭的品质空缺 、 年轻一代对网购降质提价 的 "集体反叛"。 01 中年经济男和县城富人，定期去奥莱"掏光口袋" "男人消费力不如狗"的调侃，在奥莱失灵了。 广州万国 奥莱， 人多到像在 "抢" ； 杭州百联 "开门红"活动， 客流量与日销售双双 破纪录； 扬 州 砂之船 入口 大 排长龙，高峰期 等待 两小时才能进场 …… 在 顶 ...

武汉新增一家奥特莱斯，所有货品均由自营供应链统一采购，能实现更大折扣力度和更快的货品周转。 2月13日，位于黄陂区甘露山文创城内的嘉佑城市奥莱正式开门迎客。这是武汉首家采取全自营模式的奥特莱斯，建筑面积超1万平 方米，营业面积达6000余平方米。 广东佛奥商管集团奥莱事业部总经理房斌介绍，项目从签约到开业仅用时两个月，这家奥特莱斯以"自营"为核心竞争力，精选国际 一线名品与运动潮流大牌集合店，与毗邻的武汉国际滑雪场形成"购物+冰雪体验"的特色消费联动。 嘉佑城市奥莱吸引了众多市民游客。 与传统奥特莱斯依赖品牌招商租赁的模式不同，嘉佑城市奥莱所有货品均由自营供应链统一采购。"品牌招商、货品管控、人员管理 全部由我们自己负责。"房斌在采访中强调，自营模式实现了对供应链和定价权的直接掌控，省去中间环节，从而带来更大折扣力度与更 快的货品周转。 嘉佑城市奥莱吸引了众多市民游客。 谈及选址甘露山文创城的原因，房斌坦言："这里停车便利，辐射范围广，既有旅游休闲属性，又与我们的运动户外品类高度匹 配。"他预测，依托周边滑雪场的亲子家庭客流，儿童运动品牌或将成为未来增长最快的板块。 "更重要的是，黄陂区政府将该项目作为招商引 ...

Core Insights - Jia You City Outlet officially opened on February 13, marking Wuhan's first fully self-operated outlet with a building area exceeding 10,000 square meters and an operational area of over 6,000 square meters [1][4]. Group 1: Business Model and Strategy - The outlet operates on a self-operated model, which is its core competitive advantage, allowing for direct control over supply chain and pricing, eliminating intermediaries, and providing greater discounts and faster inventory turnover [5]. - Unlike traditional outlets that rely on brand leasing, all products at Jia You City Outlet are sourced through a unified self-operated supply chain [5]. Group 2: Product Offering and Market Positioning - The outlet features a selection of high-end brands such as Coach, Burberry, and Prada, as well as international sports brands like Adidas and Nike, with a focus on high-end cosmetics and children's sportswear [5]. - The strategic location in Ganlu Mountain Cultural and Creative City offers convenient parking and a wide catchment area, appealing to both tourists and local families, particularly for children's sports brands [9]. Group 3: Promotional Activities and Future Plans - To celebrate its opening, Jia You City Outlet launched a promotional event from February 13 to February 23, offering discounts as low as 10% and most brands priced between 20% to 50% off [13]. - Future plans include brand adjustments and upgrades based on operational performance to enhance the commercial ecosystem of Ganlu Mountain Cultural and Creative City [13].

Core Insights - The first batch of commercial real estate investment trusts (REITs) has been submitted and accepted by the exchange, marking a significant milestone in the development of China's public REITs market [1] - The launch of commercial real estate REITs by the China Securities Regulatory Commission signifies a new phase in the REITs market, enhancing the depth and breadth of capital market services for the real economy [1] Industry Overview - REITs play a crucial role in revitalizing existing assets and broadening investment channels for residents, contributing to the stable operation of the public REITs market over the past five years [1] - The essence of REITs is asset listing, allowing asset holders to share stable operating cash flows and capital gains with a broader range of institutional and individual investors [1][2] - The management and capital management of REITs are core values, enabling continuous sharing of stable investment returns for investors [2] Company Developments - Leading companies like Jinjiang and Shazhu have actively applied for the first batch of commercial real estate REITs, aiming to leverage their "assets, asset management, and capital" advantages for both internal and external development [3] - Jinjiang's REIT project, which includes 21 hotels across 18 cities, aims to diversify risk while meeting stable demand in core cities and growth potential in emerging cities [4] - Shazhu Group, a leader in the outlet industry, plans to use its REITs to strengthen its brand and expand its scale, focusing on quality improvement in the outlet sector [5] Market Expectations - Investors have shown positive interest in the REITs issued by industry leaders, focusing on the quality of the initial assets and the potential for continuous expansion of the REITs [5] - The industry anticipates that as the commercial real estate REITs market matures, leading REITs will play a more significant role in promoting high-quality development within the sector [5]

Core Insights - In 2025, Guizhou Province's GDP reached 23,562.17 billion yuan, marking a 4.9% increase year-on-year, indicating a significant economic breakthrough and ongoing healthy development amid transformation [1] - The tourism sector in Guizhou also saw growth, with a reported 8.9% increase in visitor numbers and an 11.1% rise in total tourism expenditure compared to the previous year [1] Commercial Real Estate Performance - Guizhou's commercial market is highly concentrated in Guiyang, with 45 commercial projects located in the capital, reflecting a strong commercial agglomeration effect [2] - Four projects in Guiyang exceeded 1 billion yuan in sales, highlighting the city as the core engine of the province's commercial and economic activities [2] - The top three projects with sales over 2 billion yuan are all located in Guiyang, indicating a significant market ceiling and brand stronghold [2] Customer Traffic and Sales Correlation - All commercial projects in Guiyang with sales over 500 million yuan had annual customer traffic exceeding 5 million, demonstrating that high customer flow is essential for achieving high sales [6] - Projects with sales between 500 million and 1.5 billion yuan typically saw customer traffic ranging from 5 million to 25 million, with operational efficiency being a key driver for sales differentiation [6] Rental Rates and Market Resilience - The average rental rate across Guizhou's commercial projects is approximately 94.6%, with several projects achieving 100% occupancy, indicating strong demand for quality commercial spaces [8] - Notably, top projects in non-capital cities also performed well, suggesting that there is a structural development opportunity in these areas due to a lack of quality commercial supply [8] Competitive Landscape and Growth Strategies - National brands, particularly the "Wanda" series, have established a strong presence in Guizhou, with significant sales figures and operational efficiency [9] - The outlet format has shown robust growth, with projects like Sand Ship (Guiyang) Outlet achieving 1.4 billion yuan in sales, indicating a strong consumer attraction to discount retail [9] Innovative Local Projects - Local projects like Bijie Investment Garden City have emerged as significant players, achieving 800 million yuan in sales with a high sales per square meter, demonstrating the potential of targeted supply in non-core markets [11] - The integration of cultural and tourism elements into commercial spaces has proven successful, with projects like Qingyun Market and Cao Zhuangyuan Street achieving impressive customer traffic and sales figures [11] Future Market Trends - The Guizhou commercial market is shifting from scale expansion to a focus on operational efficiency, with "sales per square meter" becoming a critical performance metric [13] - The market faces challenges such as increased competition in saturated areas like Guiyang and the need to convert high customer traffic into actual sales [13]

Core Insights - Fujian, a wealthy province in China, is struggling to develop a thriving outlet market despite strong consumer spending power and rising incomes [1][2] - The province currently has only 10 outlet projects, significantly fewer than other economically comparable provinces like Jiangsu and Guangdong [2][4] - The introduction of the Shanshan Outlet in Fuzhou is seen as a potential turning point for the region's outlet market [1][16] Economic Overview - Fujian's GDP for 2024 is projected at 5.78 trillion yuan, ranking 8th in the country with a year-on-year growth of 5.8% [2] - The per capita disposable income for urban residents is 51,200 yuan, placing it 6th nationally, and reflecting strong consumer purchasing power [2] Outlet Market Analysis - Fujian's 10 outlet projects total 978,900 square meters, ranking 14th in terms of commercial area, and significantly lower than Jiangsu (3.08 million m²) and Guangdong (2.83 million m²) [4] - The quality and tier structure of the existing outlet projects in Fujian are uneven, with only two projects rated as B-level, while others are C-level or lower [7][11] Consumer Behavior and Market Dynamics - The consumer awareness of outlets in Fujian is low, and existing projects have not effectively captured the high-end discount retail market [9][15] - The successful operation of Xiamen Shangbai Outlet has demonstrated the demand for outlet shopping in Fujian, achieving revenues of 590 million yuan in 2022 and 750 million yuan in 2023, marking a 27% increase [10] Challenges in Outlet Development - Structural issues in Fujian's commercial landscape, such as a multi-centered urban structure and a tendency for high-income residents to shop abroad, hinder the growth of large-scale outlet projects [13][12] - The local manufacturing industry does not naturally translate into successful high-end retail, leading to a mismatch between supply and demand in the outlet sector [15][16] Strategic Importance of Fuzhou - Fuzhou is positioned as a key market for outlet growth due to its status as a resource hub and its improving transportation network, which enhances its ability to attract cross-city traffic [16][19] - The city has a significant opportunity for outlet expansion, as it currently lacks high-profile outlet projects compared to other provincial capitals [20][22] Future Prospects - The planned introduction of Shanshan Outlet in Fuzhou is expected to fill the gap in high-end commercial offerings and enhance the overall outlet landscape in the region [24][22] - The strategic location of the proposed outlet in Cangshan District is aimed at leveraging Fuzhou's transportation advantages to attract a broader customer base [22][24]

Group 1 - The core business of the company includes department stores, shopping centers, chain supermarkets, and outlets [1] - The company does not engage in gold investments in its external investments [1]