Evolution And Development Of China'S Shopping Center Industry

From the time axis, the evolution history of China's retail industry and shopping center industry can be divided into the following periods:

In the 1.0 era, before the 1990s, businesses in the mainland mainly relied on small street stores and medium-sized state-owned traditional department stores, and met people's basic material needs with the mode of "hotchpotch" and "production based marketing". This stage of material scarcity corresponds to the first stage of Maslow's hierarchy of demand theory in the scientific theory of consumer behavior - the "physiological demand stage", which belongs to the era when people "rush to buy". At that time, it would be good to buy things with shopping vouchers.

In the 2.0 era, in the early 1990s, with the economic development, the citizens became more and more prosperous. The modern large-scale new foreign-funded department stores, professional home appliances stores and foreign-funded supermarkets began to replace the aging small and medium-sized state-owned department stores. The first generation shopping centers began to enter the first and second tier cities, but most of them are in a difficult cultivation period (For example, Shanghai 800 Partners IMM South Mall, Shanghai Ganghui Plaza, Shanghai Zhengda Plaza, Shanghai Meilong Town Plaza, Guangzhou Tianhe City, Guangzhou Zhonghua Plaza, Guangzhou Zhengjia Plaza, Shenzhen CITIC Plaza, Shenzhen MIXC, Xiamen SM City Plaza, Dalian Peace Plaza, Chongqing Metropolitan Plaza, Beijing Times Square, Beijing Oriental Plaza, Beijing New Dong'an, etc.). At this stage, the material supply began to increase significantly, many products were no longer limited by coupons, and medium and high-end brand goods began to gradually enter the daily life of the people. This stage corresponds to the primary stage of Maslow's hierarchy of demand theory in the scientific theory of consumer behavior - the "security demand stage", which belongs to the era when people "choose to buy", and people begin to carefully select goods.

In the 3.0 era, since the middle and late 1990s, new shopping centers have entered the first tier cities in mainland China. Since 2000, with the unique magic weapon of super large building scale, multi formats and one-stop consumption, shopping centers have developed rapidly, and gradually developed to other second and third tier cities (such as Wanda Plaza, Bailian Shopping Center, CapitaLand Plaza) after some first and second tier cities experienced difficulties and achieved success. However, the Chinese shopping centers at that time mainly imitated the famous predecessors in Southeast Asia and Europe and the United States in the 1980s - the large and comprehensive one-stop big box shopping centers. Although a certain proportion of restaurants and entertainment merchants were introduced, boasting the integration of many functions of eating, drinking, playing and Tesco, they often lacked details of humanistic care: such as air circulation, ecological plants, cultural and creative landscapes, etc, More efficient large department stores still firmly grasp the performance advantage at this stage. This stage corresponds to the middle stage of Maslow's hierarchy of demand theory in the scientific theory of consumer behavior - the "emotional demand stage", which belongs to the era when people "compare to buy", and people pay more and more attention to the brand of goods.

In the era of 4.0, from 2009 to 2013, the light of large and medium-sized modern department stores entered a transformation period after the development of the first and second tier cities reached its peak (turning to the development of department store shopping centers and deepening the development of third and fourth tier cities), and one-stop shopping centers integrating food, clothing, fun and shopping have sprung up and become increasingly popular in various places (such as Joy City, MIXC, Water Tourism City, etc.). However, due to the disordered planning of the relevant departments, a large number of shopping centers and complex projects have rushed forward in a short period of time and fought hand to hand, leading to the homogenization of competition in many places has evolved into vicious competition. However, the influx of numerous amateurish developers who do not seek to understand everything leads many consumers' understanding of shopping centers to stay in the physical box level of department stores+supermarkets+cinemas+restaurants, and the charm and social effects that shopping centers should have are greatly inferior. At this stage, on the one hand, truly world-class luxury brands began to enter the Chinese market in an all-round way; on the other hand, flavor food and global foreign catering in various provinces and cities have sprung up, and the entertainment industry represented by cinemas, video game cities and KTV has flourished. This stage corresponds to the middle stage of Maslow's hierarchy of needs theory in behavioral science theory - the "respect needs stage", which belongs to the era of people "buying and playing". At this stage, people are paying more and more attention to leisure and entertainment, preferring one-stop consumption, and getting used to eating while playing and buying while playing.

5.0 Era: Since 2014, Chinese shopping centers have entered the stage of "self realization", and department stores and shopping centers are undergoing different degrees of innovation and transformation.

In modern society, the pace of work is faster and faster, the city is larger and larger, the business circle is more and more dense, the business project is more and more, the passenger flow is more and more dispersed, the housing is more and more comfortable, the private car is more and more popular, people are more and more lazy, more and more residential, more and more smart (pay attention to the cost performance ratio), and everyone's knowledge and interests are more and more extensive, There are more and more places competing with shopping malls for leisure time. How to attract customers to the shopping center and come back again and again has become a common business problem faced by major shopping centers.

On the other hand, the modern society is extremely rich in materials and information, consumers' vision and requirements are getting higher and higher, and various e-commerce, overseas shopping and even overseas tourism shopping have rushed to eat, making many shopping centers have to shrink the front line, catering and entertainment businesses account for an increasing proportion, even basically giving up the retail business. However, such a serious bias will undoubtedly cause irreparable hidden trouble to the future performance and financial returns of shopping centers.

The 5.0 era of shopping centers is coming. Since 2013, with the further development of economy and culture, personal spiritual needs have been increasing, and interests have become increasingly diversified. The increasingly common overseas travel and the Internet have made people more knowledgeable, and people are no longer satisfied with the purpose of shopping in malls, Some new shopping centers that focus on the sense of experience have gained a firm foothold in the first tier cities and have begun to push down on modern department stores and traditional old-fashioned shopping centers, gradually tending to the development of second tier cities. Among them, a group of industry pioneers, represented by Shanghai K11, Shanghai Daning International Commercial Plaza, Beijing Fangcaoping, and Beijing Chaoyang Joy City, began to take the lead in exploring the path of innovation and transformation of shopping centers in the new era, and become new consumption experience centers representing new lifestyles. It is worth noting that Fuzhou World Europe Plaza will become the first upgraded new experience center in Southeast China. This stage can correspond to the advanced stage of Maslow's hierarchy of needs theory in behavioral science theory - "self realization stage". In this era when people prefer to "buy mood and circle", they like to be at their preferred fixed point Shopping Mall Let your mood soar inside, or move the circle on the social network to reality, and connect with your feelings through the party.

Even at this stage, the appeal of the traditional business stores is greatly diminished, but the modern society changes everywhere, new businesses show their magic, and the increasingly mature and rational consumers are becoming more and more sophisticated, and the consumer channels and consumption content are also becoming increasingly sophisticated diversification , which makes the new business era that subverts the tradition is coming, and the innovation of shopping centers needs to be solved urgently.

At this time, the new whole life represents the new lifestyle Consumer experience The center and the social life base shopping center integrating personal life and emotion are beginning to emerge. Among them, there are many enterprisers who are keen on innovation. Although they have not yet opened for market inspection, they dare to invest, explore and experiment.

At the 9th China Commercial Real Estate Summit Forum in 2014 hosted by Sopu, business projects with foresight began to lead the tide of change in the industry, breaking the business 5.0. Among them, the planning of Fuzhou's largest commercial body, "World Europe Plaza", is the most prominent. It advocates the theory of socialization center, the planning of full experience business The O2O intelligent business system, art ecological environment and other plans took the lead in defining the connotation of the new generation of business, and showed a brave and vigorous attitude in the era of 5.0. We will deeply interpret the innovations and attempts of World Europe Plaza in the era of business transformation in the following series of reports.