当越来越多的户外品牌入驻一层，购物中心一层的商业价值也 在持续被重构。 作者：郑淯心 封图：图虫创意 英国户外品牌Barbour正在试营业，它的对面是意大利自行车品牌COLNAGO，新西兰户外品牌 icebreaker隔壁的围挡上显示，美国户外品牌Smartwool全国首店也即将开业——走进北京来福 士一楼，一股户外风潮扑面而来。 2022年底，北京来福士正式启动调整步伐，将部分箱包、数码和快时尚品牌转移到更高楼层或转 出，为更具影响力和成长性的高端户外运动品牌让出了核心位置。 一层向来是购物中心租金最高、位置最优越的黄金区域。几年前，这家购物中心靠近一楼入口的位 置，还是被轻奢服装、时尚潮牌、黄金珠宝等品牌占据。经过3年调整，如今北京来福士一层约 40%的面积，都让位给了定位高端的户外运动品牌。 不仅是场内，北京来福士东广场上那座墨绿色的骑行驿站把户外风延伸到场外，今年"五一"前骑 行驿站建成以来已经举办了近130场城市骑行活动。活动通常会从驿站前空地上的热身环节开始， 参与者在解锁全新骑行路线后，在刷新骑行榜排名的同时，也能兑换相应权益。 北京来福士中心是新加坡凯德集团旗下综合体旗舰品牌"来福士"的一员， ...

Core Insights - The outdoor brand trend is reshaping the retail landscape in Beijing's Raffles City, with approximately 40% of the first floor now occupied by high-end outdoor sports brands, a significant shift from luxury fashion and jewelry [1][5][4] - The cycling station outside the shopping center has hosted nearly 130 urban cycling events since its establishment, enhancing community engagement and brand visibility [1][2] - The outdoor sports industry in China is experiencing rapid growth, with participation reaching 540 million in 2023 and an expected market size exceeding 600 billion yuan in 2024, reflecting a compound annual growth rate of over 30% in the past five years [5][6] Retail Strategy - Raffles City has strategically relocated brands like bags and fast fashion to higher floors to make room for more impactful outdoor brands, indicating a shift in commercial priorities [4][5] - The North Face is moving many of its stores from upper floors to the first floor, focusing on larger spaces and enhanced customer experiences, with sales per unit area increasing enough to offset rising rents [2][7] - The emphasis on experiential retail is evident, with brands like HOKA creating immersive environments to engage customers and convey brand narratives [8][9] Market Dynamics - The entry of outdoor brands into prime retail spaces is creating a new competitive landscape, with brands benefiting from shared customer bases and collaborative marketing efforts [10][11] - The shift towards outdoor brands is prompting shopping centers to rethink their spatial layouts and tenant mixes, as these brands attract a health-conscious consumer demographic [11] - Future plans include adding more health and outdoor-related retail brands to Raffles City, reflecting ongoing consumer trends towards active lifestyles [11]

Core Insights - The report indicates a slight decline in average daily foot traffic in shopping centers across 23 cities in China, with an average of approximately 53,000 visitors, down by about 10,000 from the previous month [1] - Chengdu's commercial market, despite seasonal impacts, remains among the top in the country, entering a phase of "high-level adjustment" after the summer peak [1][15] - The competitive landscape is intensifying, particularly among mid-tier projects, while leading projects maintain stability, contributing to a robust commercial foundation in Chengdu [1][5] Q3 Trends - The top-tier shopping centers in Chengdu have shown stability, with six projects consistently ranking in the top ten, including Chengdu Kaide Plaza, which notably rose from 9th to 6th place [5] - The "three giants" of Chengdu's shopping centers—Chengdu IFS, Chengdu MixC, and Chengdu Global Mall—have maintained their leading positions throughout the quarter due to strong brand equity and operational maturity [5] Recent Highlights - The ranking changes in September reflect a clear trend of increased competition among large-scale projects, with Chengdu Kaide Plaza achieving a three-month consecutive rise in ranking due to effective operational strategies [9][10] - The resurgence of established projects like Chengdu Jinniu Wanda Plaza indicates strong market resilience and consumer loyalty [10] - New entrants such as Chengdu Fashion Baisheng Outlet signify a growing competitive landscape in the outlet sector [11] Regional Competition - The Jinjiang District continues to lead in commercial projects, while Chenghua District is emerging strongly, supported by key projects like Chengdu MixC [13] - Over 60% of the projects are located in regional commercial centers, indicating a mature multi-center commercial development pattern in Chengdu [13][14] - Dragon Lake Commercial has emerged as a significant player with five projects, showcasing a well-structured grid layout across different regions [13] Market Dynamics - The overall market is characterized by a high level of inclusivity, with various types of enterprises competing effectively, contributing to the vibrancy and innovation of Chengdu's commercial landscape [14] - The third quarter served as a pressure test, with foot traffic slightly declining but overall consumer activity remaining high, indicating a solid foundation for the upcoming year-end shopping season [15]

Core Insights - The Double Eleven shopping festival showcases diverse commercial practices across various locations, integrating new technologies and creative scenes to enhance consumer engagement and stimulate spending [1] Group 1: Wuhan and Beijing Developments - Wuhan's commercial center emphasizes a blend of culture and art, featuring the opening of the first "five senses" theater in Central China, which has seen full houses since its launch [2] - Beijing's Ocean Le Port utilizes interactive activities to boost sales and customer traffic, achieving a 37% increase in new members and a 13% rise in overall sales during the event [4] Group 2: Hangzhou and Tianjin Initiatives - Hangzhou's Ocean Le Port caters to young consumers with a special hand account market event, attracting fans through promotional activities linked to popular IPs [6] - Tianjin's Ocean Le Port upgrades its membership system, offering a comprehensive service experience and achieving over 5,000 new members during the "Warm Winter Crazy Shopping Festival" [9] Group 3: Fuzhou and Suzhou Highlights - Fuzhou's Ocean De Cheng Le Port reports an 18% increase in foot traffic and a 12% rise in sales, leveraging a five-level themed street to create immersive experiences [12] - Suzhou's Wujiang Ocean Future Plaza implements deep support for merchants, leading to significant increases in customer flow and sales through various promotional activities [21] Group 4: Health and Community Engagement - The Suqian Ocean Future Plaza combines online and offline strategies to drive consumer interest, hosting events that attract over 3,000 visitors in a single day [18] - The integration of health services into shopping experiences at Suqian has resulted in a 10% increase in morning foot traffic [20] Group 5: Overall Market Trends - The Double Eleven event serves as a vibrant link between consumer needs and economic growth, with Ocean Commercial aiming to create more engaging shopping experiences that contribute to market prosperity [32]

Core Insights - The core argument is that traditional retail spaces are losing their appeal as consumer attention shifts towards content-driven platforms, necessitating a transformation in how physical commercial spaces operate and engage customers [1][2][3] Group 1: Changing Consumer Behavior - Consumer interest is increasingly driven by content rather than brand recognition, with users more likely to visit a location based on engaging content seen online [3][5] - The decision-making process for consumers has shifted from "I want to shop → find a place" to "I saw something interesting → I want to check it out" [3][5] - The effectiveness of brands in attracting customers is diminishing as users now perceive the world through content streams rather than brand lists [5][6] Group 2: The Role of Content in Retail - Content is becoming the primary mechanism for attracting visitors to physical spaces, with the need for continuous content updates to maintain consumer interest [6][11] - Retail spaces must evolve from being mere "containers" for brands to becoming "content generation platforms" that actively engage consumers [12][13] - Successful commercial spaces are those that can create a narrative and rhythm through content, making the experience dynamic and engaging for visitors [11][21] Group 3: New Operational Strategies - The traditional model of retail management, focused on brand acquisition and event planning, is being replaced by a model that emphasizes content creation and curation [12][21] - Teams managing retail spaces need to adopt a "director" mindset, orchestrating content and experiences rather than simply managing physical space [12][21] - Examples like AREA15 and BOXPARK demonstrate the effectiveness of treating retail spaces as experiential content platforms, where the focus is on creating engaging, shareable experiences [13][15][16] Group 4: Future of Retail Spaces - The future of retail lies in creating a cycle of space, content, and social interaction, where the physical environment fosters relationships and ongoing engagement [23] - Retail spaces should aim to be narrative-driven, focusing on sustained consumer interest rather than one-time events or brand showcases [23] - The ultimate goal is to transform commercial spaces into generators of relationships and experiences, rather than just places to sell products [23]

Core Insights - The emergence of dimension commerce is driven by a shift in consumer demand from "functional satisfaction" to "spiritual recognition" [1][4] - Weibo IN Cross-Dimensional Gravity Field has become a new hotspot for young consumers in Beijing, focusing on continuous marketing and themed activities to maintain freshness [1][4] Group 1: Business Model and Strategy - Weibo IN focuses on capturing the needs of Generation Z, with a unique positioning as Beijing's first urban commercial space centered on dimension culture [4][12] - The project features a diverse layout with retail (45%), experiential and trendy segments (30%), and dining (25%), highlighting the "first store economy" by introducing numerous leading brands [9][12] - The operational strategy emphasizes fine-tuned brand selection to avoid internal competition, contrasting with traditional shopping centers that cluster similar brands [12] Group 2: Event and Activity Management - Weibo IN has hosted approximately 80 events to maintain customer flow, with an estimated 500-600 events planned annually [13][16] - The project aims to continuously attract young consumers by integrating various entertainment experiences and regularly updating IP content [16][18] Group 3: Market Trends and Future Directions - The dimension commerce sector is characterized by emotional engagement and deep cultural integration, appealing to young consumers seeking social identity through related products and activities [17][18] - Future growth in dimension commerce will require differentiation in offerings, content innovation, and expansion into lower-tier markets through online channels [18][19] - The integration of technologies like VR, AR, and blockchain is expected to enhance consumer experience and product value, while also expanding into sectors like tourism, education, and sports [19]

Zip Co Ltd (ZIP) - Zip Co Ltd's share price has increased by 61.6% since the beginning of 2025 [1] - Zip is a fintech company established in 2013, providing a buy-now-pay-later (BNPL) service that is favored by retail consumers [1] - The platform allows customers to make immediate purchases and repay in several interest-free installments [1] - Zip generates revenue through transaction fees from businesses and late fees from customers who miss payments [2] - The current price-to-sales ratio for Zip is 7.12x, higher than its 5-year average of 5.81x, indicating that shares are trading above historical averages [5] - Revenue for Zip has been growing over the last three years, which is a positive indicator despite the higher price-to-sales ratio [5] Scentre Group (SCG) - Scentre Group specializes in shopping centre real estate, operating under the Westfield brand in Australia and New Zealand [3] - The group manages a portfolio of 42 centres valued at over $34 billion, with an occupancy rate exceeding 99% and attracting over half a billion visitors annually [3] - SCG has a trailing dividend yield of approximately 4.18%, compared to its 5-year average of 4.78%, indicating a slight decrease in yield [6]

Group 1 - The 2025 ITValue Summit focused on the theme "The Truth of AI Scene Implementation," addressing ten core issues in AI application for enterprises, including strategy, reliability, data challenges, scenario selection, model selection, industry implementation, knowledge base construction, security compliance, human-machine collaboration, and talent bottlenecks [1] - During the summit, five closed-door meetings were held covering various topics and industries, allowing participants to discuss specific industry challenges in depth [1] Group 2 - Many small and medium-sized manufacturing enterprises face challenges in digital transformation, with 90% of their data remaining "asleep" due to a lack of unified data and business process standards [2][3] - The digitalization of supply chains is evolving from merely moving procurement online to achieving end-to-end collaboration and optimization through data integration [2] Group 3 - Companies like Shenzhen Genesis Machinery are integrating AI large model technology to break down data silos and enhance data sharing and value release [3] - The lack of standardization in business and data processes is a fundamental issue, particularly in non-standard manufacturing, where unique project characteristics complicate data integration [3] Group 4 - AI and data technologies are increasingly being applied to enhance supply chain transparency, responsiveness, and risk management [5] - Companies are utilizing AI to analyze historical sales and inventory data to predict risks, such as chip price increases, allowing proactive inventory management [6] Group 5 - The manufacturing sector's AI application differs significantly from the internet industry, focusing on "small data" and "scenario closure" rather than large models [6][7] - The core of successful digital transformation in manufacturing lies in standardization, followed by system implementation, data collection, and AI modeling [4] Group 6 - The financial sector is exploring AI infrastructure to address industry pain points, with companies like JD Cloud leveraging their diverse data advantages to enhance AI model training and application [10] - The successful application of AI in enterprises hinges on data quality, identifying suitable business scenarios, and establishing a supportive organizational structure [11][12] Group 7 - The retail industry is undergoing significant changes, with CIOs emphasizing the need to adapt to evolving consumer behaviors and market trends [19][20] - Successful retail operations require a focus on creating value for consumers and leveraging technology to enhance customer engagement [21] Group 8 - The hospitality and airline industries are integrating AI into their operations, with companies like East China Airlines deploying AI applications to improve efficiency and customer service [22][24] - The transition to AI-driven solutions in these sectors involves overcoming initial high costs and ensuring leadership commitment to AI initiatives [23][24] Group 9 - The CIOxCFO closed-door meetings highlighted the importance of collaboration between IT and finance leaders in driving AI implementation [25][26] - Key factors for successful AI application in enterprises include high-quality data accumulation, focusing on high-value business scenarios, and continuous operational improvement [27][30]

Zip Co Ltd (ZIP) - Zip Co's share price has increased by 46.5% since the beginning of 2025, indicating strong market performance [1] - The company specializes in buy-now-pay-later (BNPL) services, providing flexible payment options for retail consumers [2] - Zip has partnered with over 79,300 retailers and serves more than 6 million customers globally [2] - Revenue has grown at a rate of 75.7% per year since 2021, reaching $868 million in FY24, while net profit improved from -$678 million to $6 million [6] - The return on equity (ROE) for Zip is reported at 1.8% [6] Scentre Group (SCG) - Scentre Group operates shopping centres under the Westfield brand in Australia and New Zealand, managing a portfolio valued at over $34 billion [3] - The group has an occupancy rate exceeding 99% and attracts more than half a billion visitors annually [3] - In CY23, Scentre Group reported a debt/equity ratio of 87.3%, indicating more equity than debt [7] - The average dividend yield since 2020 has been 4.8% per year, while the ROE for SCG in CY23 was reported at 1.0% [8]

Core Insights - The launch of the first foreign-funded consumption REIT in China, Huaxia CapitaLand Commercial REIT, has garnered significant market interest, with subscription funds exceeding 309.1 billion yuan, reflecting a subscription multiple of 135.2 times the target amount [1][9] Group 1: Fund Details - The fund aims to raise 2.2872 billion yuan, with a public offering of 47.868 million units priced at 5.718 yuan per unit, requiring a minimum investment of 1,000 yuan [1] - The subscription results indicate a remarkable demand, with public investors' effective subscription multiple exceeding 535.2 times and institutional investors' exceeding 252.6 times [1] Group 2: Underlying Assets - The core assets of the REIT include two shopping centers, CapitaLand Yunshang and CapitaLand Yuhua Pavilion, both of which have been operational for over nine years and feature a diverse brand matrix [3] - CapitaLand Yunshang is strategically located in the CBD of Baiyun New City, surrounded by established residential communities and high-end office buildings, enhancing its accessibility and customer base [3][4] Group 3: Market Significance - The successful issuance of the REIT marks a significant step in connecting Baiyun District's commercial real estate with international capital markets, establishing a "core bridge" for future developments [4] - The REIT's launch is seen as a recognition of the operational strength of CapitaLand Yunshang and highlights the asset's quality, operational data, and growth potential, which were key focus areas for regulators and investors [4] Group 4: Regional Development - Baiyun District has seen substantial commercial growth, with 60 large commercial complexes and over 50 duty-free shops, positioning it as a leader in Guangzhou [6] - The district's development strategy, aligned with the "14th Five-Year Plan," leverages opportunities from the Guangdong-Hong Kong-Macao Greater Bay Area and the construction of Guangzhou as an international consumption center [6][7] Group 5: Future Outlook - The REIT is expected to solidify CapitaLand Yunshang's position as a benchmark in the Baiyun New City commercial landscape, contributing to a high-end consumption structure in the region [10] - The introduction of international operational and management systems through the REIT is anticipated to inject mature concepts and long-term capital into the consumer market, setting a replicable example for commercial asset securitization [9][10]