Core Viewpoint - The well-known company Pang Donglai is facing a store closure controversy, which has attracted significant public attention and discussion on social media platforms [3][6][7]. Group 1: Store Closures - Pang Donglai's founder, Yu Donglai, announced the closure of several stores, including the Life Plaza store, which has generated over 820 million yuan in sales this year [3][9]. - The company clarified that the closures are part of a strategic shift, focusing on phasing out older stores with expiring leases and lower quality, to replace them with higher-quality outlets [10][12]. - The Life Plaza store, opened in 2002, is set to close due to aging equipment, with its lease expiring in 2026, although the exact closure date is yet to be determined [10]. Group 2: Sales Performance - Despite the controversy, Pang Donglai's sales performance has exceeded expectations, with total sales reaching 11.346 billion yuan by June 23, 2023 [16]. - The company reported a sales target of approximately 20 billion yuan for 2025, with a projected net profit of 1.5 billion yuan [18]. Group 3: Strategic Developments - New commercial complexes such as "Pang Donglai Angel City" and "Pang Donglai Times Square" are emerging, indicating a shift towards modern retail formats [5][11]. - The Times Square store has achieved the highest sales among Pang Donglai's outlets, with 2.786 billion yuan in sales this year [11]. Group 4: Employee Welfare - Pang Donglai has announced plans for employee welfare, projecting an average after-tax monthly income of approximately 9,000 yuan for over 8,000 employees by 2025 [14][15].

6月24日，广州永旺天河城店。 南都记者 冯宙锋 摄 永旺天河城店不走了。6月24日，永旺(香港)百货有限公司发布公告称，其非全资附属公司永旺广东与 天河城集团签订新的租赁协议，租期为8年，从2025年7月1日起至2033年6月30日止。同时，永旺广东通 过官方公众号透露，永旺天河城店将从今年7月起升级改装，预计在10月重新开业。 此外，根据永旺百货2010年的公告，其租赁的物业为广州市天河路208号天河城广场负一层。而根据最 新的公告，永旺广东租赁的物业为广州市天河路208号天河城购物中心负一层B113及B114号商铺(连同 负二层和负三层的仓库)。两份公告的表述有所不同，新公告租赁面积并未覆盖天河城整个负一层。6月 24日，永旺广东相关负责人向南都湾财社记者确认，永旺天河城店新租赁的面积确实缩小了。 永旺广东此前租赁的物业为天河城负一层，此次最新协议租赁的物业为负一层B113及B114号商铺(连同 负二层和负三层的仓库)。6月24日，永旺广东相关负责人向南都湾财社记者确认，新租赁面积确实缩小 了。 截至6月24日，永旺在广州有7家综合百货超市和11家食品超市，同时还有3个购物中心永旺梦乐城。 此前，永辉超 ...

Core Viewpoint - AEON (Hong Kong) Department Store Limited has signed a new 8-year lease agreement for its Tianhe City store, which will undergo renovations starting July and is expected to reopen in October [2][3][8]. Group 1: Lease Agreement Details - The new lease period is from July 1, 2025, to June 30, 2033, with a total rent of approximately 102 million RMB, averaging 12.7 million RMB per year [3][6]. - The leased area has been reduced, now covering B113 and B114 on the first basement level, along with storage on the second and third basement levels, rather than the entire first basement [2][9]. - The previous lease saw annual rent increase from 37.2 million RMB in 2010 to 52 million RMB in 2023, with an average annual increase of about 5% [6][7]. Group 2: Renovation Plans - The Tianhe City store will undergo a three-month upgrade focusing on "scene reconstruction, product renewal, and service enhancement," targeting the needs of young middle-class families [8][9]. - The renovation aims to create a "five-sense experience marketplace" and is part of a broader upgrade plan for the Tianhe City shopping center [8][9]. Group 3: Market Context and Future Plans - AEON plans to open 8 new stores in Guangdong this year, increasing its total to 41 stores by year-end, compared to 33 stores in 2019 [10]. - Despite expansion plans, AEON's overall performance in Guangdong has been under pressure, with declining revenue and ongoing operational losses since 2017 [11].

行 业 及 产 业 商贸零售 2025 年 05 月 18 日 618 大促开启，时间前置加码补贴 看好 ——商贸零售行业周报（5.12-5.16） 相关研究 《阿里巴巴（BABA）点评：电商和即时零 售表现超预期，云+AI 加速成长》 2025/05/16 《京东（JD）点评：营收增速创三年新 高，外卖业务协同并进》 2025/05/14 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 本期投资提示： 证 券 研 究 报 究 / 行 业 点 评 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 ⚫ 一周主要回顾与展望：在 2025 年 5 月 12 日至 2025 年 5 月 16 日期间，社会服务指数 下降 0.54%，相较于沪深 300 下降 1.66pct，在申万一级行业中排名第 27 位。商贸零 售指数上升 1.72%，相较于沪深 300 指数上升 0.6pct，在申万一级行业中排名第 7 位。 ⚫ 6 ...