Core Insights - The first-store economy is a vital engine for commercial markets, enhancing competitiveness and stimulating consumer potential, becoming a key indicator of regional commercial prosperity [1] - In Q2 2025, Fujian province saw the establishment of 158 brand first-stores, indicating a robust performance in first-store introduction [1] Group 1: First-Store Structure - The first-store hierarchy in Q2 2025 exhibits a "pyramid structure," with city first-stores dominating at 96, accounting for 61% of the total [2] - Fujian's first-stores are concentrated in Xiamen (35 stores, 59%) and Fuzhou (18 stores, 29%), together contributing 90% of the province's total [4] Group 2: Opening Trends - The opening of first-stores showed a "monthly concentration and single-day peak" pattern, with April seeing 32 stores, May surging to 81 stores (51% of the quarter's total), and June closing with 45 stores [5][7] - May 1st alone witnessed 55 first-stores opening, marking a single-day record [5] Group 3: Project Contributions - Three major commercial projects in Fujian introduced over 10 first-stores each, with Xiamen Caitaing Aegean Shopping Center and Zhangzhou Bihu Wanda Plaza leading with 14 stores each [8] - SM Xiamen followed closely with 13 first-stores, showcasing a clear gradient in first-store quality among these projects [8] Group 4: Regional Distribution - Xiamen leads with 63 first-stores (40% of the total), followed by Fuzhou with 38 (24%) and Zhangzhou with 24 (15%), collectively accounting for nearly 80% of Fujian's first-store resources [10] - The distribution reflects a "core aggregation and decreasing gradient" characteristic, highlighting the siphoning effect of major cities on quality commercial resources [12] Group 5: Performance Comparison - Xiamen's first-store economy showed a significant year-on-year increase of approximately 163%, with 63 stores opened in Q2 2025 compared to 24 in Q2 2024 [13] - Fuzhou's overall scale decreased by about 30% year-on-year, with 38 first-stores introduced, all from existing commercial projects [19] Group 6: Sector Composition - In Xiamen, retail and dining sectors dominate, with 28 retail stores (44%) and 24 dining stores (38%) among the first-stores [16] - Fuzhou's dining sector led with 18 stores (47%), followed by retail with 13 stores (34%), indicating a strong preference for dining experiences [19] Group 7: Emerging Markets - Zhangzhou's first-store count surged by 167% year-on-year, with 24 stores introduced, primarily driven by dining brands [23] - Quanzhou maintained stable first-store entry with 14 stores, while Putian saw a slight decline with 10 stores [24]