URF Exhibition Szeto Wencong: The four types of places that young people do not like to go to | the era of urban narrative

On December 14, 2021, 36Kr held the 2021 Future City Summit in Beijing with the theme of "Urban Narrative Era". The summit brought together industry pioneers and business leaders in various fields such as real estate, technology and commerce, focusing on four major topics of experiential city, digital new daily life, atmospheric power community and super destination, and exploring the underlying variables of China's urban development in the future and the core logic of urban narrative.

Szeto Wencong, Chairman of URF Yingzhan Young Power Consumption Group, shared the theme of "How to Target The Leisure Physical Consumption of China's Young Force" with the example of Shanghai's new consumption coordinate "TX Huaihai", mainly expressing the following views:

1, the consumption of young people is no longer the supply and demand relationship of on-demand distribution, with the continuous enrichment of spiritual civilization and material life, the configuration of community identity such as sneakers and tide play has redefined their consumption needs.

2. There are four types of places that young people don't like: places where parents like to go, places where there are no stories and topics, places where there is no uniformity, and places where there is no sense of community identity.

The following is a transcript of the guest speech, compiled by 36Kr Editors:

Hello everyone, thank you very much 36Kr and Wu Sheng teachers for providing this opportunity, to share our experience to everyone, today a lot is to do real estate, there are also a lot of consumption, there are also a lot of different industries, I recently like to participate in non-real estate special activities. Because of the future development of commercial real estate, it is difficult to solve it with real estate thinking, and it must be done through many different industries and different underlying logics to do cross-border cooperation. We talked about young power today and talked about the consumption of entities, this morning Teacher Wu talked about the flow scene, but also a very important neighbor in our development, just now the teacher talked about how to pull young people back to watch the play at home when joining twist, how to attract young people back from home in the theater, the theater to participate in it. We are in the traditional business or the new generation of business, we have the same needs, how can we attract the younger generation back from home to the physical business, the same cookie-cutter shopping malls are more and more, all kinds of chain stores bring large shopping malls so that many young people are no longer interested in shopping, all the goals are because we want to do a new innovation.

Before we talk about the content, we must know that although we seem to come from commercial real estate, but we are really not doing commercial real estate, don't always talk to me about shopping centers, we are really not shopping centers, we are not simply to solve your shopping needs, catering experience needs, we are really not to solve shopping to do.

Because there are still ten days this year, I think our turnover should be able to exceed 600 million, play a very strong target in more than 10,000 square meters of usable area space, and this year's overall income, rent-related income should be close to 100 million, although we are not a shopping mall, but we do have a very clear economic value brought by consumption.

We are not simply looking at the shopping mall, how to solve the possibility of attracting young people from home to the scene, this is a very interesting proposition, how can we do there is consumption, we through the empowerment of young people's trends, we must have a theme, what young people like, we first assume that he likes the trend, this trend can create a community of power, this group of people It can affect a lot of consumption power, and into a new liquidity scene, this word may be relatively simple, first of all, there is a theme, Targeted consumer groups finally pulled a very powerful scene. The whole process we as through a technique, through a scene of the creation, and this scene to create, I especially want to share with you here, scene creation you do not think that it is the work of designers and construction workers, we have a scene here, behind the scene there is an operational logic, we are now seeing a scene, this is a static place, but if no one stands on the stage, there is no audience in front of you, this scene is meaningless, It does not bring any value of integrated consumption. So the scene we have been talking about now is not what we call a large scene, but the operational logic behind the scene.

You will find that in the past year, the most important thing to do in the consumption scene of young people is how to guide the flow of activities to increase, in a short period of less than a year, through more than 390 activities, community activities and market activities, we through different brands, different communities of leaders to achieve almost every day there are some different things happening in the space, and the community power, we cooperate through different brands, we do not simply provide places to you, We have a lot of logic behind the operation of the community, and the use of this powerful consumption curation makes us bring more attraction in curation, a lot of targeted consumption, the target group experience through the pull of a large volume, back to the entity. At the same time, we also have a way to play, the core competitiveness of small communities, we are not necessarily hundreds of people to call the activity, we also through a lot of young people's children, even they have the ability to form a small community of no more than 20 people activities, we will help them to achieve, at the same time, behind the creation of the scene, the most important thing is that you recognize yourself as a media. Usually, the marketing department will spread through the purchase of media, but in the creation of the scene, we found that first of all, you have to identify with your ability to produce UGC, so you pull your own communication through the method of self-media.

Whether a scene can form a communication is not as simple as through the help of a third party, it must be through the operation method, its own positioning has been positioned as a content generation unit, and through the content of the unit to turn itself into a self-media communication method, the power of the three has changed the important part of the flow scene.

Whether young people have the ability to consume, and whether young people aged 18 to 25 have the ability to spend, we also doubt this. So we through the third party, through their own methods, online and offline to do a lot of research, we came up with four very interesting proof, to prove that young people should have consumption, but we more proof of what, proved that young people can drive the theory of third-party consumption, young people themselves certainly do not have a particularly large consumption power, but this does not mean that he can not pull other consumption.

We look at several important data, behind their brand is constantly looking for a young people's mash-up, cross-border cooperation, no matter what design products, Louis Vuitton and Gucci, etc., they have a large amount of budget every year in the consumption of young people, this joint role is considered to be the consumption of young people in the lead in the active consumption method, Chinese brands are also constantly looking for a topic, and young people's brands have a very strong relationship.

Third, you look at the photo on the map, you may think that the photo is a store, in fact, it is the home of some young people, I estimate that you have been to the home of the son of many friends, in fact, their current consumption method, with the previous consumption, the old consumption method is the total consumption per capita, or how many products each person should buy, this is the old way of market statistics, but the new young people now, whether it is studying and sports-related content, there are tide play, and there are many related to his life, Embodies life and tools are purchased in the way of collection, he does not need to solve one or two problems, they are in a very large number of collections, the most familiar sneakers, which is the most common in the tide play and trend assembly, a young man's home at least no less than 30 pairs of shoes, the same 60, 70, 80, 90, 00, the same consumption in the sports and sneaker market, 00 in the consumption, the total population may not be as much as 60, 80 so much, But the total amount of their per capita consumption may be greater than 60, 70, these points are also what we recently saw on Douyin, on the Little Red Book, the purchase ratio of the same product in the same account is increasing, and that proportion has different colors, the endorsement of different stars or our endorsement sales will also increase even more, these points prove why we should pay special attention to the consumption of young forces, why we want to pull the growth rate of the total amount of commercial sales in the consumption of young people.

At the same time, we see the direction of the national tide of young people in China now, before our national tide only belonged to China's internal consumption, we call it internal circulation and domestic demand, but in the past two years, including several important European and American important clothing exhibitions and commodity exhibitions, the status of the national tide has been improved, most of the goods are not only provided to China's young people, they are also provided to young people around the world, and in many of the national tide brands do not specifically state that it has Chinese symbols, There are times when they don't see that it's the content of our national tide, and the consumption target is completely European young people.

These combinations found that we will consume young people in the future, pay special attention to what kind of consumption goals we bring, we know that his consumption is meaningful, when his consumption value is, we will ask them where they are going to consume now, I also want to ask everyone, you know where young people do not like to go, especially formal places, in fact, young people do not like what, where his mother goes he does not like to go, where his father goes he does not like to go. So we want stories, no topic where they don't want to go, there is no need, I'm at home well, why come out, so they cherish every action every time they leave home, he pays great attention to this place is the same, there is no difference, there is no sense of community identity, I told my friends that I have been somewhere, they feel that they will go, they attach great importance to the work of each trip, so when we do the real economy, we have to pay special attention to what the space created is for. Can we attract them to the project, in this matter we have specifically studied some passwords, in the end whether these passwords can solve the physical business, just we talked about how to effectively attract young people from home back to the physical business.

The first, definitely to talk about the existence of that place does not exist, can we create a lot of social capital, the future will find all the physical business, especially online physical business, if I can not provide effective social capital, can not give you money, no money in your pocket, this place has no meaning, no topic, no story, my mobile phone can not punch, social capital on our entity, including colleagues who are now doing real estate, not only to make a special environment, elegant place and enough goods, He also has to constantly tell consumers and young people stories that he likes to hear.

Social capital is a very important password for us to build offline physical business in the future, and we must know how to create a large number of stories for them. We call it the exchange of social money, the spread of social money.

At the same time, because everyone has no monopoly on the media, before I was a child there was a monopoly of media, what you listen to, what to see, there are several major media control, the current media is still monopolistic, but our self-media is very developed, many young people have become very powerful self-media providers, how to become a very important part through social communication, we can not promote through the paper media or a magazine, because no magazine or media can completely control different levels, Different consumption methods and people of different ages, only through the community, their like-minded people, such as people who love diving, they may have different ages, but they have a common hobby, that is, diving, and in the process of diving, you say that diving-related content, skills, products and consumption will occur in the middle of this community at the same time, how can our future entity business control the relationship between each member of this community and the community leader, becoming our medium. Our ability to relate to the medium of social media shows that we can generate the greatest possibility of consumption. In less than a year or two, we have organized no less than 200 different community leaders docking activities, maybe skateboarding, maybe diving, skiing and some strange art organizations, and night running groups, we did the Night Running Group with Nike, I don't know why the Night Running Group is beautiful, and they are all pretty, they like to follow our group to the Bund at 8:9 pm on Huaihai Road, this kind of group is an important part of our community label.

So in this process, we have to know how to integrate the consumption of young people and all the means behind the consumption of young people just mentioned in the process of our consumption, we created a curatorial retail method last year, we put several important work formulas behind us, the first is scenario, I talked a lot about the content of the scene; the second curatorial; the third is self-media; the fourth is gamification. These four jobs, through our spatial integration process, mix and match scenes, curation, self-media and games in our business, are the main reasons why young people can return to business.

For example, sceneization, just talked about immersion, I don't like the word immersion, but there is no way. We maximize the possibility of creating more immersion in our business, creating fairy tale scenes in some places, scenes of the future universe, creating scenes of farmland, and each entity business is constantly shouldering the creation of a lot of scenes, so that our physical business has different social capital to obtain and take away after each young consumer arrives at the scene.

Curating, exhibition is the privilege of the Z generation, especially after 95, they get surprises in the process of exhibition, they don't know what the meaning behind the exhibition is, but every time they see the exhibition, they get a sense of surprise, and the interaction between the information obtained during their exhibition process and the brand will bring us the guiding role of consumption.

So you don't look at the curation of this thing as if it is a public welfare undertaking of the exhibition, sometimes we do not charge tickets, but behind the curators can be with the brand, with the goods docking and produce commodity consumption of an important method, which is also the best means we use in Shanghai now.

Nearly 27 million of our revenues of less than 100 million this year come from curating commodities, and the space used in curation is about 25% to 30%, and the efficiency of space is equivalent to doubling or twice the fixed rent. This topic is very interesting, we also made a very interesting comparison, in the end to lease to the long-term brand to provide high rental efficiency, or non-stop vacancies, 60% of the use of the high benefits, in Shanghai to prove that the frequent change of curated content of the frequent change of brand brought about by the flow of people and commercial value are high, Beijing in the future We can also measure what kind of efficiency will be generated by the commercial docking of the curatorial space and the entity.

Third, self-media, now we have been able to become the trend of the theme of self-media, and there have been a lot of brands began to put they think for us to be beneficial to them advertising on the self-media, the previous traditional method of our annual media budget to our very similar media platform, now there is a possibility to become the theme of the media, mainly because our space can produce a lot of UGC, can produce a lot of content to create, and turn themselves into a certain kind of theme content of the media work , this is the means of the new economy in all our future physical commerce.

Finally, we often hear about gamification. For the time being, we don't know how it develops, and we don't know how percent of the metaverse process is now, but we can see that the first initial docking with the metaverse is the game, and if we turn the entity and the game into an interactive method, every time we arrive at the scene, it will be like a game, and we will succeed in this practice. We are in the third quarter of next year in Beijing, we are trying to unite with two very large Internet platforms, to make a commercial space into a game space, in the future may be everyone into this space will have a lot of game rules, the purpose from the previous shopping to the later purpose of consumption, may become in the game to produce consumption, we are also studying how to use gamification things in large quantities in commercial space, different atmospheres and brands. Recently we did two sets of games on sale, three hours, two days or so, in the animation of a hundred, about 3 weeks or so all sold to complete, this meta-universe and gamification relationship we are exploring, this is a lot of space to give future developers and operators a very important inspiration, how to make your physical space better, this is gamification.

At the same time, we are also doing a very short period of prediction, the next three years, we think that the local domestic tide will go to the world, if it is not because of the relationship between the epidemic, in 2020, 2021 all the big European clothing exhibitions and commodity exhibitions will have a lot of domestic national tide brand appearance, and now we are also involved in a lot of national tide confirmation and standards, which is an important development in the future.

At the same time, the future technology capabilities of physical business will definitely be greatly improved, not like the current simple free parking coupons or simple coffee with you, the future of physical business will have a lot of air and VR, AR dialogue, and even may go to the target destination before there have been a lot of pre-consumption possibilities.

In the future, culture and art, especially local culture, will become our mainstream culture, all future local art may be deeply crossed with different brands, and now more than 100 of the more than 300 exhibitions per year are related to local artists.

This morning I went to a Longfu Temple, where I also did a dialogue between Italian and domestic artists. This is where we will pay special attention to art in the future.

Finally, I want to show you how we built a place that wasn't a shopping mall and what we did in our more than a year.