On December 20, the "2023 Winshang.com Conference and the Release of the Research Results of the 'Winshang.com Top 100 List'" was held in Shanghai. The "Top 100 List" initiated by Winshang.com and Zhongcheng Research Institute was officially released: including the list of retail commercial real estate enterprises, shopping malls, and brands (China's leading brands and emerging brands), this article is the "Top 100 Shopping Malls for Brands in 2023".
2023 will be a year of "rebirth" and "rebirth" of commercial real estate.
On the other hand, the revival of traditional business districts, the continuation of new stories, and the expansion of "non-standard" projects broaden the boundaries of commercial imagination. The typical change is that the construction hardware and brand lineup, which were regarded as "killer features" in the past, are no longer the golden rule to attract customers. Scarce soft power such as positioning, cultural power, artistic aesthetics, pet friendliness, sustainable development, and topic creation have created a lot of fresh samples that "have not been fired first". This is an excellent proof that consumers tend to pay attention to emotional consumption, detailed services, and sensory experience in the weak recovery market environment, and it is also an intuitive reflection of the continuous evolution of China's commercial real estate industry. More details about the changes are concretely presented in the "Top 100 Shopping Malls for Brand Owners to Prepare for Opening in 2023". The annual list looked at 739 shopping malls in 368 cities, combined with the results of a large questionnaire (☜ click to view), and discovered the 100 malls with the greatest potential to become the new generation of stars.
The evaluation dimensions of this list mainly include:
1) City: the business index of the city where the project is located
2) Business district: the radiation of the business district where the project is located
3) Shopping malls: commercial floor area, comprehensive strength of operators, target brand intention to settle in index, and popular hot search index
1
Throughout the past three years, the projects that have been on the list of "Top 100 Shopping Centers for Brand Owners to Pay Attention to the Opening of Shopping Centers in 2023" have become more and more frequent and proportional, while the proportion of non-standard projects that are not chained is small, but the way of playing is eye-catching enough.
Longhu Heavenly Street, Vientiane City, Joy City,
Definitely a big newcomer
In this year's TOP100, the number of projects on the list of Longfor Paradise Street, The Mixc and Joy City ranked among the top three. In the past three years, the three have always ranked in the top four and are the absolute new big players.
- The operation and management strength is leveraged, and it has been recognized by the capital and consumer markets
According to the survey, the MixC is recognized as the No.1 chain product line, which is favored by 73% of respondents, and Longfor Paradise Street and Joy City are also ranked high. The three major chain product lines have been recognized for their excellent operational strength and profitability. Taking the "MixC City" as an example, the trader's business management ability of the whole chain of China Resources Vientiane Life has been highly praised by the capital market and the consumer market. Recently, China Resources Land has obtained the first batch of admission tickets for consumer infrastructure REITs, and the underlying asset is Qingdao MixC operated and managed by China Resources Mixc Life.
- The speed of the fall is fast, and the expectation of the city debut is MAX
In the survey, product lines such as Taikoo Hui/Taikoo Li, SKP, and IFS also received more fans, but due to the slow development speed and small number of new projects, they failed to break into the top 10 of the number of projects on the list. In contrast, Longfor Paradise Street, The MixC and Joy City are not only deeply cultivating urban encryption, but also actively landing in new cities, flexibly adopting a variety of cooperation methods to expand rapidly. Thanks to the good reputation of the projects in operation, the city debut of these chain product lines often contracts the attention and expectation of the whole city.
Vientiane City, China Merchants Garden City, Sand Boat Outlet,
Mid-range players are on the rise
In this year's TOP100 list, Vientiane City and China Merchants Garden City ranked fourth and fifth in terms of the number of projects on the list, and "new faces" such as Intime City and Sand Ship Outlet also performed well. Most of the projects under these product lines are mid-range and mass-market positioning.
- The benchmark project is in front, and the scale expansion is full of confidence
Taking "China Merchants Garden City" as an example, a number of projects have been on the list in the past two years, rising at a speed visible to the naked eye. Shenzhen Merchants Garden City is the pioneering work of China Merchants Shekou's commercial territory, which has been operating steadily for more than 10 years, with an average annual occupancy rate of 86.9%. "China Merchants Garden City" is one of the fist product lines of China Merchants Management, which is the "largest quantity" in its commercial territory, with strong innovation and adaptability, and is currently continuing to iterate and increase its large-scale layout.
- Young people are once again popular outlets, "both good and saving" new traffic passwords
From online to offline, the outlet of "famous products + discounts" has become popular again. Budget-conscious young people no longer shout "impulsive consumption", "money-saving guide" and "discount list" are king, and the main focus is "buy better goods with less money". After 30 years of walking in the commercial world, Sand Ship is a leader in the outlet circle, with efficient and high-quality operation and the unique financial advantages of the listed REITs platform, which is an important foundation for its rapid development.
Reduction in the number of non-chain product line items,
But the style of play is exquisite
The head chain product line brand has accelerated the seizure of market share, which has a certain "crowding out effect" on non-chain product lines. In the past three years, the number of projects on the online list of non-chain products has decreased, from 34 in 2021 to 29. However, with the advent of the stock era, the attention of "non-standard" projects that do not take the chain path has increased. In this survey, more than 75% of the respondents are optimistic about the future development of non-standard projects. In their view, the diversified and personalized needs of consumers have brought incremental business opportunities and simultaneously affected the changes in the market landscape. In order to meet the needs of the three main groups of urban nouveau riche, trendy youth, and urban visitors, Wuhan Huafa Bund Plaza, which is newly built by Huafa Commercial, has formulated differentiated strategies for different plots, and plans different theme contents such as a dynamic "tide" base, a "private" platform for quality life, and an urban cultural "reading" space.
2
The leading cities have changed hands, the three ancient capitals and the twin cities have become popular from the project form to the location of the city, and the cities with the most projects on the list of "Top 100 Shopping Malls for Opening in 2023" rotate between Beijing, Shanghai and Shenzhen. The three cities of the ancient capital and the twin cities of Hainan are catching up because of their unique advantages of gathering customers.
TOP1 city battle,
The north goes deep and takes turns to reach the top
The throne of the top 1 in the number of projects on the list is firmly occupied by the first-tier commercial cities that gather the resources of leading brands and the consumer market. In this year's TOP100, Shenzhen won the first place. In the past three years, Shanghai, Beijing, and Shenzhen have taken turns to reach the top, and the battle for the city has intensified, and no one can hold the leading position.
In the name of culture,
The ancient capitals of Hangzhou, Xi'an, and Nanjing are out of the circle
High-quality land plots in commercial first-tier cities are "rarely bought", and commercial quasi-first-tier cities have become the focus of leading enterprises. In this year's TOP100, the ancient cultural capitals of Hangzhou, Nanjing and Xi'an are out of the circle, Hangzhou ranks among the TOP2, and Nanjing and Xi'an catch up with Beijing. The purchasing power of such cities is not inferior to that of the first line. For example, Hangzhou's total retail sales of consumer goods will grow by 5.8% in 2022, ranking first in the country, and "beating" first-tier cities.
Duty-free and tourism are both arrows, and Hainan is a twin city
It is also worth mentioning that this year, there has been a significant increase in the number of commercial third-tier cities and below on the list.
According to data, in the national consumer market, the consumption scale of the sinking market accounts for the highest proportion, exceeding 17 trillion yuan, and continues to expand. Aiming at business opportunities, many brands are gearing up to sink the market, and high-quality shopping malls have become their first choice for layout. Among them, the sinking cities with the highest "face appearance rate" in the past three years are Sanya and Haikou in Hainan. The offshore duty-free policy and tourism advantages have led to a booming business in shopping malls in Hainan, represented by Sanya International Duty Free City, and has attracted businesses from LVMH's duty-free retail giants such as DFS, Swire Properties, and Macau's state-owned Nam Kwong Group. As the countdown to the "island-wide closure" begins, the few malls that are ready to open are naturally a scarce investment opportunity that brands do not want to miss.
◎Renderings of Sanya Joy City
3
The rejuvenation of traditional business districts, the potential of upstart urban areas, and the difference between the projects on the list in different cities are behind the competition of urban economic power, consumption power and cultural power. In the city, there are many and few projects on the list in different business districts, and there are many reasons. In the past three years, the number of projects on the list of non-business districts has been increasing, and the number of municipal-level and regional business districts has tended to decrease. The number of high-quality land plots has decreased, the space for commercial increment has been narrow, and the market opportunities in the business district have shrunk.
However, the "location" dividend remains unchanged for eternity, and the traditional business district has always been the place with the most concentrated resources and the main consumer group in the city. In this survey, projects such as Wuhan SKP, Hangzhou Hang Lung Plaza and Chongqing Central Mixc are highly popular, and "located in the core business district with great potential" is the primary factor for respondents to be optimistic about them. More and more old properties are being renovated and reshaped, reshaping the business discourse in the central city. Typical examples:
- Chongqing China Resources Jiefangbei Xinhua Bookstore Project: Located in the core area of Shijijin Street in Jiefangbei Business District, the owners are Chongqing Xinhua Bookstore Group and Chongqing Kangxiang Industrial Group, introducing China Resources Vientiane Life Trading, with a total commercial operating area of 83,000 square meters and a planned total investment of 4 billion yuan.
- Beijing Zhongguancun ART PARK Darong City: Located in the western district of Zhongguancun, formerly known as Zhongguancun "Shibao Street", EBA has transformed it into a new commercial complex with a total construction area of about 200,000 square meters, which will bring trendy consumption content and drive regional consumption upgrades.
Looking at the non-business district area, the upstart urban areas that local governments are focusing on developing, and the projects on the list are considerable. Although the business atmosphere has not yet become a climate and the consumer population density is not as dense as that of traditional core business districts, these areas have a huge customer base with high spending power, and the competition is relatively less fierce, and there are a large number of market gaps to be filled. Typical examples:
- Merchants manage Changsha's "double flowers" - Changsha Guanshaling Merchants Garden City and Changsha Meixi Lake Merchants Garden City, both of which are located in the Meixi Lake area, connecting multiple science and technology innovation headquarters and financial industries in Meixi Lake International New City along the line, and adjacent to provincial forest parks, Elephant Trunk Nest Forest Park, Central Park and other tourist destinations, which will become the next urban focus of Changsha.
- Shenzhen K11 ECOAST is located in the Nanshan Taiziwan Area of Shenzhen, which is the area with the highest planning starting point and the highest maturity of the Shekou Free Trade Zone, and will be built into a maritime gateway to the Greater Bay Area and in line with the world's frontiers. With the advancement of time, the planning value carried by Prince Bay has been gradually realized.
4
"Single-handedly" is risky, and the epidemic index of "huddling for warmth" has skyrocketed, and competition has entered the deep water area, and the risk factor of single-handedly entering the world has increased. Commercial real estate companies that have been conquering the city all the way have rethought the way of attack and defense: not only to compete for market share, but also to control risks, and improve management efficiency and profitability.
As a result, joint investment and group CP to build projects have become a regular mode of operation, some are joint ventures between enterprises, and some are joint ventures with local governments.
According to incomplete statistics, there are more than 30 asset-light projects in the "Top 100 Shopping Malls for Brands to Open in 2023", far exceeding the level of 2022 and 2021. For benchmark commercial operation enterprises with a huge brand resource pool and high-quality product lines, the asset-light style is "cost-effective", and for property owners who lack business management experience, handing over to a professional trader is the best choice to obtain stable income.
From the perspective of local governments, combining social capital and accelerating the revitalization of "shock fish" is also an important part of urban renewal work. In this year's TOP100, there is a project that adopts the ROT (reconstruction-operation-transfer) innovative cooperation model - Shenzhen Universiade Tiandi (formerly "Shenzhen Universiade Center", which was won by Runxin Commercial Investment (Shenzhen) Co., Ltd. at a price of 572 million yuan last year, and the project company was established by China Resources Vientiane Life to be responsible for its investment, construction and overall operation. The cooperation period is 30 years, and the project assets will be handed over to the government or its designated agency free of charge), which is a representative of great reference significance in the current tide of urban renewal.
◎ Renderings of Shenzhen Dayuntiandi
5
In addition to the outstanding product strength, location advantage, and flexible model, what basic capabilities should an excellent project need to have?
Personality: Positioning is scarce, and the design is outstanding
In the survey, "scarcity of positioning" is an important factor for respondents to be optimistic about the project to be launched, second only to "superior location". "Positioning scarcity" is a relative concept, which can be understood as "no one has me, and no one has me" in the same city or the same area. Positioned as a high-end blockbuster commercial project, born with a golden key, it is within the reach of unconventional projects with architectural specifications and brand levels. Typical examples:
- Chongqing Central MixC City: Jointly built by Hongkong Land and China Resources Land, it is Chongqing's "first 10-billion-level high-end commercial complex", which has aroused phenomenal topics since the official announcement;
- Nanjing Jinling Central: A new generation of urban complex jointly built by Hongkong Land and the Nanjing Government, relying on Hongkong Land's ability and successful experience in building the "Central Series" of luxury complexes, to build a core landmark of the city;
- Hangzhou Henglong Plaza: Benchmarking the "golden business card" of Hangzhou in Ginza, Tokyo, with a total area of about 390,000 square meters, KPF was invited to do architectural design, planning five Grade A office buildings (including a 150-meter super high-rise building), a high-end hotel and a shopping mall of about 100,000 square meters, and the hotel part was determined to introduce the international luxury hotel brand - Mandarin Oriental Hotel.
◎Renderings of Hangzhou Henglong Plaza
In addition to high-end shopping malls, nearly half of the respondents in the survey believe that "cultural tourism business" will be the most popular among consumers in the next two years. Among this year's TOP100, the number of cultural and tourism commercial projects on the list has increased significantly compared with previous years, and most of them are based on scarcity positioning.
- Guangzhou Sand Boat Super Outlet: With a volume of 180,000 square meters, it continues the business model of "art business + super outlet", integrates Guangzhou's urban culture and architectural culture, and creates the largest outlet cultural and tourism commercial complex in South China.
- Canton Tower Plaza: Adjacent to the south side of Canton Tower, it integrates "landmark tourism + culture and art" to create a "first store + IP + night" economy, with distinctive cultural characteristics and rich play experience.
◎Renderings of Canton Tower Square
In addition, in the eyes of the respondents, "unique design (unique shape and novel form)" is no longer the core element of optimistic projects, and "architectural design emphasizes spatial aesthetics and cultural tonality" is more important. This trend is also reflected in the projects on the list.
- Xi'an CCBD: The first phenomenal MixC city, connecting culture, nature and future with commercial space design. The design combines traditional Chinese architectural techniques such as the square format texture layout and the building frame of the cornices, the interior space combines the natural and geomorphological elements of the Orient, and the exterior wall of the project adopts the complex traditional craftsmanship of Tang Sancai combined with innovative modern glaze technology. Integrate culture into business and put civilization into space.
◎ Xi'an CCBD renderings
- Xiamen Joy City: Positioned as a "coastal literary and romantic landmark", it is played by the architect Yao Renxi, integrating the elements of mountains and seas, using the southern Fujian style roof and the red brick architectural elements of southern Fujian that echo the architectural image of Jimei District, and organically integrating the southern Fujian culture, Jiageng style and the fashionable commercial style of Joy City.
◎ Renderings of Xiamen Joy City
- Xining Chengbei Wuyue Plaza: Committed to creating a new gathering place for urban enjoyment of life. The project will create a distinctive shopping center in Xining and unlock the city's cutting-edge consumption with five major Jiangnan scenes: the stuffy roof, the garden and the thousand lights, the main atrium, the Yunge Theater, the south atrium, the Yuyin Teahouse, the entrance and the lakeside wharf, and the end and the pavilion on the floor.
- Taiyuan Wuyue Plaza: The first A+ benchmark project built by Xincheng Holding Group in Shanxi, with the design concept of "beautiful Shanxi, mountains and rivers in the surface", it is the first to create eight characteristic spaces such as the ladder of happiness, the sky garden, and the Ferris wheel of the Taiyuan Eye, interpreting the exploration and thinking of the project on romance, beauty, emotion and imagination.
◎Renderings of Taiyuan Wuyue Plaza
- Xi'an Sports Window· NMC Center: Located next to the Provincial Gymnasium, it has its own cultural tourism background and sports genes, and has three major labels of "culture, sports, and business", with ice rinks and sports venues, with high-end catering and quality experience, and provides a new leisure scene for quality family life with space aesthetics and high-quality experience.
◎Xi'an Sports Window· Renderings of the NMC center
Lifestyle: The atmosphere of the art scene and the social style are full
The art + business model has changed from a "patent" of K11 to one of the new trends in the industry. Under the popularity of spiritual consumption and emotional consumption, the mall has bet on art business, showing diversified charm and vitality.
- Shanghai Poly Flower and Tree Time: Screening the business format with "art", introducing the first museum in China of NANZUKA, Japan's trendiest contemporary art gallery, with an area of about 1,300 square meters, which is enough to bring consumers rich visual enjoyment.
◎ Renderings of Shanghai Poly Flowers and Trees Time
Focusing on social networking, a number of projects have been launched to create social spaces for pet lovers and families, highlighting pet-friendly and child-friendly labels, and in order to compete for nighttime consumer groups and tap new growth points, the number of projects that have increased 24-hour full-time operation has also increased compared with previous years.
◎Hangzhou Gongshu Baolong Plaza original IP mascot (partial)
◎Renderings of the new BUDS Nha Bao Paradise at Shangri-La Centre, Fuzhou
◎Schematic diagram of the indoor "Future Utopia" theme area of Hangzhou Halo Dream Center
◎宁波新世界THE PARK by K11 Select效果图
Chasing "green": sustainable development is imperative
"Sustainable development", "green business" and "POD business" are becoming the annual hot words in the financial reports and commercial real estate reports of real estate enterprises. By implementing ESG strategies (Environment, Social and Governance), companies can save energy costs, reduce operating costs, improve asset value, social reputation, and reduce financing costs, reflecting long-term thinking and gradually unleashing sustainable benefits. Among them, green buildings are regarded as the key cornerstone of the high-quality transformation of leading real estate enterprises. Compared with previous years, this year's projects have increased significantly with actions to practice "green, low-carbon, and ecological", and many projects have also obtained LEED certification (one of the most authoritative green building certifications in the industry).
Momentum:
Incarnate a topic maker, "surprise" released in advance
In the past two years, the mall has paid more and more attention to pre-opening marketing, and has continuously released information and "brushed the sense of presence" through channels such as the official official account, official Weibo, and official Xiaohongshu.
◎Longfor Nanjing Yushan Paradise Street, all major social platforms have been laid out
In addition to strengthening the information penetration of social platforms, there are also various creative activities to continue to create topics and arouse public attention.
- Suqian Sucheng Aegean Shopping Center: In June this year, the first water music interactive fountain with more than 5,000 square meters in northern Jiangsu was opened ahead of schedule, which swept the circle of friends, and in April, the first marathon of the 2023 Suqian Aegean Shopping Center was held, and the project's basketball park, trampoline park, skateboard park and other rich sports experience formats were simultaneously exposed, strengthening the perception of "sports vitality arena".
- Chengdu Tianfu Merchants Garden City: Signed a well-known IP Cola Bear, and during this year's "520" period, the pink Colle Bear with a high proportion of the real thing was unveiled in Xinglong Lake Wetland Park, which was in line with the sweet tone of Valentine's Day, triggered a wave of check-ins on social platforms, and harvested a batch of tap water traffic.
Co-produced 丨Winshang.com & Zhongcheng Research Institute
Written by丨Xiong Shumiao
Editor-in-Chief丨Fu Qingrong
Design丨Xie Zefeng, Zhang Xia, Xu Na
Data support丨Win business big data
List evaluation丨Zheng Jiewei Tang Zeqiang
Dong Qianqian, Zhang Wenwen, Chen Jiayan, Luo Jiaxin, Ma Ruru, Bai Li, Wang Jing, Zhu Yajie, Qiang Xiaoqun, Xing Yanling, and Xie Wanyin also contributed to this article
· end ·
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