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Core Viewpoint - The article discusses the transformation of shopping malls in China, highlighting the shift from traditional cosmetics brands to new categories such as trendy toys, outdoor sports, and tea beverage brands, referred to as the "Four Kings" of modern retail [6][11][12]. Group 1: Transformation of Retail Landscape - The flagship store of Innisfree, a Korean beauty brand, has been replaced by Pop Mart, a trendy toy company, symbolizing a broader trend in retail [6][8]. - The "Four Kings" now dominating mall spaces include trendy toys, outdoor sports, new energy vehicles, and diverse tea brands, reflecting changing consumer preferences [8][11]. - The vacancy rate in shopping malls has approached 14% in major cities, providing an opportunity for the "Four Kings" to establish a presence [11]. Group 2: Decline of Traditional Brands - The number of cosmetic counters in China has decreased from 15,415 in 2020 to 11,365 in 2022, with low-end cosmetics experiencing the most significant decline [11][12]. - High-end cosmetic brands like Chanel and Lancôme continue to maintain their presence in malls despite overall declines in sales [12][14]. Group 3: New Entrants and Market Dynamics - New energy vehicle brands have become prominent in malls, with Tesla being a pioneer in this space, shifting the focus from traditional car dealerships to experiential retail [18][19]. - The tea beverage market has seen rapid changes, with brands like Nayuki and Heytea adapting to consumer preferences, while others like Tiger Sugar have exited the market [22][24]. Group 4: Future Trends and Opportunities - The article notes that while the "Four Kings" dominate, there are still opportunities for emerging brands like Mao Geping, which has expanded rapidly in the offline market [32][35]. - The future of retail remains uncertain, with the potential for new categories to emerge and replace existing ones, indicating a dynamic and evolving market landscape [36].