"周末带孩子来逛公园，顺便在石头先生的烤炉买了刚出炉的面包，还能参观康有为故居，这种古今结合的消费体验特别棒！"家住陶然亭街道的李女士笑 着说。坐落在西城区陶然亭街道的北京中海大吉巷（以下简称"大吉巷"），自5月25日开业以来，仅两个月便取得亮眼业绩——累计销售额突破1.57亿 元，最高单日客流达22.01万人次；同步对外营业的27个品牌创下其内部全国单日销量第一，34个品牌斩获北京区域业绩榜首。 - THE FERT inas the AND THE FOR ter and t TITIE HITT it the block 开局惊艳！预期客流超7倍 大吉巷为啥这么"火"？ 走进大吉巷，1.2万平方米的城市森林绿地"镶嵌"在36万平方米的综合体中。8万平方米的商业空间里，119家商户与康有为故居、《每周评论》旧址等历 史遗迹相映成趣，形成独特的"逛故居、逛商场、逛公园"三位一体消费场景。开业当天，这里就创下了20万人次客流的纪录，是预期的7倍；营业额突破 550万元，为预计的5倍。端午假期，客流峰值更是刷新至22.01万人次。 大吉巷的火爆不仅仅是一场商业盛宴，更是一次文旅消费能量的集中释放。这里成功打破传 ...

Core Insights - In the first half of 2025, over 120 centralized commercial projects were opened nationwide, indicating a shift towards cautious and steady operations rather than rapid expansion [2][4][6] - The proportion of projects involving stock renovation has increased, with over 30% of new openings being renovations, highlighting a trend towards urban renewal and revitalization of existing assets [6][17] - The emergence of new commercial models such as outlet malls, themed malls, and hybrid commercial spaces is becoming a key strategy for differentiation in a competitive market [19][20] Group 1: New Openings and Market Trends - A total of 120+ centralized commercial projects were opened in the first half of 2025, covering approximately 9 million square meters [2] - The opening peaks occurred in January and May, with 46 and 38 projects respectively, while February saw only one opening due to the Spring Festival [2] - The structure of new openings has shifted, with a 70:30 ratio of new projects to stock renovation projects, and in June, the renovation projects surpassed new openings for the first time [6] Group 2: Regional Distribution and City Performance - The East China region led in new openings, accounting for 34% of the total, followed by South China and Southwest China at 19% and 15% respectively [7][8] - Beijing ranked first in the number of new openings, with 8 projects, while several lower-tier cities also showed significant activity [10][12] - High-tier cities continue to dominate the commercial landscape, but lower-tier cities are increasingly active, with notable openings in fourth and fifth-tier cities [12] Group 3: Leading Companies and Market Dynamics - Sixteen companies opened two or more projects, totaling 43 projects, with Zhuhai Wanda Commercial Management leading with 8 new openings [14] - State-owned enterprise Beijing Xincheng Commercial emerged as a "new dark horse," focusing on stock renovation projects [14][15] - Companies are increasingly utilizing stock renovation as a key strategy for project expansion, with several major players launching new product lines and flagship projects [15] Group 4: Urban Renewal and Stock Renovation - Urban renewal is driving the revitalization of commercial spaces, with nearly 40 stock renovation projects opened in the first half of 2025 [17][18] - The focus of renovations includes transforming old department stores and supermarkets, as well as repurposing vacant properties and historical sites [17][18] - Innovative commercial formats are emerging from urban renewal efforts, such as immersive industrial-style districts and cultural tourism landmarks [18] Group 5: Differentiation Strategies in Commercial Development - Outlet malls are experiencing a counter-cyclical boom, with 9 new outlet projects opened, reflecting a shift towards quality discount retail [19] - Themed malls targeting specific consumer segments, such as female-focused and esports-themed malls, are gaining traction [20] - Hybrid commercial spaces that integrate various elements like parks, art, and cultural heritage are being developed, providing new avenues for consumer engagement [20]

Core Insights - In May 2025, the opening of nearly 50 centralized commercial projects was driven by the "May Day" Golden Week, marking the highest number of openings in the same period over the past three years [1][2] - The total commercial building area of these projects exceeded 3.68 million square meters, with a month-on-month increase of 4.5 times in quantity and 3.8 times in area compared to April 2025 [2] - The opening wave included innovative projects in urban renewal, "cultural tourism+" commercial spaces, "sports+" commercial spaces, and themed shopping malls, showcasing various creative elements [1][14] Group 1: Opening Statistics - A total of 49 centralized commercial projects opened in May 2025, with 25 projects opening on May 1 alone, accounting for over half of the month's total [2] - The number of new openings in May 2025 increased by 13.95% in quantity and 16.76% in area compared to May 2024 [2] - The distribution of new openings was concentrated in high-tier cities, with first-tier, quasi-first-tier, and second-tier cities accounting for 64% of the total openings [5][10] Group 2: Leading Cities and Projects - Beijing ranked first in the number of new openings with four projects, followed by Guangzhou with three [5] - Notable projects included the Nanjing Xuanwu China Merchants Garden City and the first Joy City in Jiangxi, among others [10][12] Group 3: Dominance of Chain Management Enterprises - Chain management enterprises played a significant role in the new openings, with nearly 30 projects managed by major players like China Resources, Wanda, Longfor, and JD MALL [10][11] - JD MALL accelerated its expansion with multiple openings in cities including Nanjing, Chengdu, and Beijing [10] Group 4: Urban Renewal and Cultural Integration - Seven urban renewal projects opened in May, primarily in first-tier cities, focusing on integrating local cultural DNA into commercial spaces [15][16] - Projects like Beijing Zhonghai Dajixiang and Guangzhou Huatingfang exemplified the trend of preserving historical elements while modernizing commercial offerings [15][19] Group 5: "Cultural Tourism+" and "Sports+" Trends - "Cultural tourism+" commercial spaces are evolving, with projects like Ningbo Qianwan Shengshi Li and Guangzhou Huatingfang emphasizing local culture and immersive experiences [24][25] - The "sports+" commercial trend is gaining traction, with projects like Nanjing Zijin Zhongai Li and Shenyang Global Port Dynamic City focusing on sports-themed environments [29][30] Group 6: 24-Hour Social Spaces - The concept of "24-hour social spaces" is emerging, with projects like Xiamen Hemei Tiandi and Lhasa Wangfujing Shopping Center catering to round-the-clock consumer needs [38][40] - These spaces aim to enhance night economy activities, providing diverse entertainment and dining options [40][41] Group 7: Thematic Shopping Malls - The rise of "two-dimensional" themed shopping malls is evident, with projects like Nanchang Yintai and Dalian Olympic Electronic City transforming existing spaces into vibrant cultural hubs [42] - These projects focus on attracting younger demographics through innovative themes and experiences [42]

Group 1 - The Beijing Zhonghai Dajixiang commercial complex officially opened on May 25, covering a total area of 360,000 square meters, aiming to fill the commercial gap in southern urban areas and create the largest economic increment in Xicheng District [1] - The project features a courtyard-style block layout with over 150 brands, including more than 50% first stores and customized shops, such as the national first store of the Oriental Aesthetic Retail Collection and various dining options [2] - The project integrates green spaces and social interaction areas, designed to be a "walkable, restable, and breathable" green landmark along the central axis [2] Group 2 - The project is located in the cultural core of Xuan Nan, preserving numerous historical buildings from the Ming and Qing dynasties, including significant cultural heritage sites [3] - A comprehensive mechanism for cultural heritage protection has been established, identifying 48 valuable courtyards and 61 traditional courtyards for preservation [3] - The restoration of the Kang Youwei Former Residence follows traditional craftsmanship principles, ensuring the integrity of historical materials and techniques [3] Group 3 - Cultural exploration routes have been launched, showcasing the struggles of modern Chinese intellectuals for national awakening and the great rejuvenation of the Chinese nation [4]