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一、引言 | 新商業(yè)空間

2025年以來(lái)，中國(guó)消費(fèi)市場(chǎng)呈現(xiàn)出明顯的回暖態(tài)勢(shì)，但消費(fèi)邏輯已發(fā)生深刻變化。商務(wù)部等9單位印發(fā)的《2026“樂(lè)購(gòu)新春”春節(jié)特別活動(dòng)方案》明確提出打造“全域聯(lián)動(dòng)、全民樂(lè)享”的消費(fèi)盛宴，折射出政策層面對(duì)消費(fèi)場(chǎng)景創(chuàng)新的高度重視。與此同時(shí)，商業(yè)地產(chǎn)行業(yè)進(jìn)入存量競(jìng)爭(zhēng)時(shí)代——2025年新開(kāi)業(yè)項(xiàng)目數(shù)量創(chuàng)2013年以來(lái)新低，空置率壓力和租金下行壓力并存。

然而，在傳統(tǒng)商業(yè)體面臨困境的同時(shí)，一批具有“微度假”屬性的新商業(yè)地標(biāo)卻逆勢(shì)崛起。北京郎園Station、檀谷、成都東郊記憶、上海鴻壽坊等項(xiàng)目憑借獨(dú)特的空間體驗(yàn)和文化內(nèi)涵，成為社交媒體上的熱門打卡地，客流增速遠(yuǎn)超傳統(tǒng)購(gòu)物中心。這一現(xiàn)象背后折射出的核心問(wèn)題是：在文旅融合與消費(fèi)升級(jí)的新時(shí)代，商業(yè)空間應(yīng)當(dāng)如何重構(gòu)自身的存在邏輯？新商業(yè)空間的本質(zhì)變革在于從“提供銷售場(chǎng)所”轉(zhuǎn)向“共創(chuàng)情感場(chǎng)景”。這一轉(zhuǎn)變要求我們重新審視商業(yè)空間與城市、文化、旅游的深層關(guān)系，探索空間更新迭代的系統(tǒng)路徑。

二、新商業(yè)空間發(fā)展 | 趨勢(shì)特征從功能分區(qū)到場(chǎng)景融合：空間邏輯的范式轉(zhuǎn)換。傳統(tǒng)商業(yè)空間遵循的是“功能分區(qū)”邏輯——超市在地下、奢侈品在一層、服裝零售在二層、親子娛樂(lè)在三層。這種空間組織方式雖然滿足了消費(fèi)者的個(gè)性化需求，卻迫使消費(fèi)者通過(guò)不斷的物理位移完成需求切換，本質(zhì)上是一種“效率優(yōu)先”的思維。當(dāng)下的新商業(yè)空間正在打破這種功能邊界。北京中關(guān)村ART PARK大融城將超過(guò)2萬(wàn)平方米的屋頂花園和五大庭院式下沉廣場(chǎng)融入商業(yè)空間，打破傳統(tǒng)商場(chǎng)“封閉盒子”的束縛；南京德基廣場(chǎng)將《金陵圖》轉(zhuǎn)化為沉浸式互動(dòng)展覽，運(yùn)用AR技術(shù)實(shí)現(xiàn)“人物入畫(huà)、實(shí)時(shí)跟隨”，累計(jì)接待客流超120萬(wàn)人次。這些實(shí)踐表明，商業(yè)空間正在從“貨架的容器”轉(zhuǎn)變?yōu)椤肮适碌妮d體”。從物質(zhì)滿足到情緒價(jià)值：消費(fèi)需求的深層演變。中國(guó)商業(yè)聯(lián)合會(huì)購(gòu)物中心分會(huì)副會(huì)長(zhǎng)蔡云指出，當(dāng)下消費(fèi)端的核心變化在于“從原來(lái)的物質(zhì)滿足轉(zhuǎn)向體驗(yàn)服務(wù)”。具體而言，Z世代需要通過(guò)社交完成消費(fèi)轉(zhuǎn)換，老年人需要品質(zhì)化的陪伴，新中產(chǎn)則需要精神層面的治愈。這種需求變遷直接推動(dòng)了商業(yè)空間運(yùn)營(yíng)邏輯的轉(zhuǎn)變。北京友誼商店改造后，不僅保留了1964年始建時(shí)的建筑風(fēng)貌，更通過(guò)100%首店及定制店陣容，構(gòu)建出“城市自在生活圈”的沉浸式場(chǎng)景。消費(fèi)者在這里不僅購(gòu)買商品，更在體驗(yàn)中獲得“情緒價(jià)值”。正如一位消費(fèi)者在郎園Station的留言：“我可能不記得在這兒買了什么，但會(huì)記得戶外的風(fēng)、飄蕩的云、餐廳的音樂(lè)和朋友環(huán)繞的好氛圍?！?strong>從標(biāo)準(zhǔn)復(fù)制到非標(biāo)創(chuàng)新：產(chǎn)品形態(tài)的多元探索。贏商研究中心將“非標(biāo)商業(yè)”定義為在空間形態(tài)、場(chǎng)景營(yíng)造、業(yè)態(tài)組合、運(yùn)營(yíng)模式等維度創(chuàng)新的商業(yè)項(xiàng)目。這類項(xiàng)目以小體量、開(kāi)放式街區(qū)為主要特征，5萬(wàn)平方米以下的項(xiàng)目占比約六成。非標(biāo)商業(yè)的涌現(xiàn)并非偶然——全國(guó)已更新改造的老廠區(qū)、老商業(yè)街區(qū)超過(guò)2600個(gè)，為這類項(xiàng)目提供了豐沃的土壤。以首創(chuàng)·郎園Station為例，這個(gè)由20世紀(jì)60年代北京紡織倉(cāng)庫(kù)改造而來(lái)的項(xiàng)目，在交通并不便利的情況下，通過(guò)內(nèi)容運(yùn)營(yíng)和文化場(chǎng)景吸引人流，印證了“微度假新地標(biāo)”的典型特征——不再依賴傳統(tǒng)商業(yè)的“地段邏輯”，而是以生活方式提案成為“目的地本身”。入駐園區(qū)的104家商業(yè)客戶中，標(biāo)準(zhǔn)化連鎖客戶僅占20%，“非標(biāo)”客戶占80%。

Since 2025, the Chinese consumer market has shown a significant recovery trend, but the consumption logic has undergone profound changes. The "2026 'Enjoy the Spring Festival' Special Activity Plan" issued by 9 units including the Ministry of Commerce clearly proposed to create a "comprehensive linkage and all-encompassing enjoyment" consumption feast, reflecting the high attention of the policy level to the innovation of consumption scenarios. At the same time, the commercial real estate industry has entered the era of competitive utilization of existing resources - the number of newly opened projects in 2025 reached the lowest level since 2013, with both vacancy rate pressure and rent decline pressure coexisting.

However, while traditional commercial entities are facing difficulties, a group of new commercial landmarks with "micro-recreation" attributes have risen against the trend. Projects such as Beijing Lang Yuan Station, Tan Gu, Chengdu Dongjiao Memory, and Shanghai Hong Shoufang have become popular打卡spots on social media due to their unique spatial experiences and cultural connotations， and their passenger flow growth rate far exceeds that of traditional shopping centers. The core issue reflected behind this phenomenon is： In the new era of cultural tourism integration and consumption upgrade， how should commercial spaces reconstruct their own existence logic？ The essential transformation of new commercial spaces lies in shifting from "providing a sales venue" to "creating an emotional scene". This transformation requires us to re-examine the deep relationship between commercial spaces and cities， cultures， and tourism， and explore the systematic path for space renewal and iteration.

II. Development of New Commercial Spaces | Trend Characteristics

From functional zoning to scene integration： a paradigm shift in spatial logic. Traditional commercial spaces follow the "functional zoning" logic - supermarkets in the basement， luxury goods on the first floor， clothing retail on the second floor， and children's entertainment on the third floor. This spatial organization method， although meeting consumers' individualized needs， forces consumers to complete demand switching through continuous physical displacement， essentially being a "priority of efficiency" mindset. The new commercial spaces are now breaking through these functional boundaries. The Zhongguancun ART PARK Grand City in Beijing integrates over 20，000 square meters of rooftop gardens and five courtyard-style underground squares into the commercial space， breaking the constraints of the traditional mall's "closed box"； Nanjing Deji Square transforms "Jinling Map" into an immersive interactive exhibition， using AR technology to achieve "characters entering the painting and real-time following"， with a cumulative visitor count of over 1.2 million. These practices indicate that commercial spaces are transforming from "a container for shelves" to "a carrier of stories".

From material satisfaction to emotional value： a deep evolution of consumption demands. The vice president of the Commercial Center Branch of the China Business Federation， Cai Yun， pointed out that the core change in the consumption end at present lies in "moving from the previous material satisfaction to experience services". Specifically， the Z Generation needs to complete consumption transitions through social interaction， the elderly need high-quality companionship， and the new middle class needs spiritual healing. This demand change directly drives the transformation of commercial space operation logic. After the renovation of Beijing Yifu Store， it not only retained the architectural style established in 1964 but also， through a 100% first-store and custom store lineup， constructed an immersive scene of "urban free life circle". Consumers here not only purchase goods but also obtain "emotional value" through the experience. As one consumer wrote on Lang Yuan Station： "I may not remember what I bought here， but I will remember the wind outdoors， the drifting clouds， the music in the restaurant， and the good atmosphere surrounded by friends."

From standard replication to non-standard innovation： exploration of diverse product forms. The Winship Research Center defines "non-standard commercial" as commercial projects that innovate in spatial form， scene creation， business combination， and operation mode. These projects are mainly characterized by small size and open street layout， accounting for approximately 60% of projects under 50，000 square meters. The emergence of non-standard commercial is not accidental - more than 2，600 old industrial zones and commercial districts across the country have been updated and renovated， providing fertile soil for such projects. Take the "Chuangshi Langyuan Station" project as an example. This project, which was transformed from a Beijing textile warehouse in the 1960s, managed to attract visitors despite the inconvenient transportation. Through content operation and cultural scenarios, it demonstrated the typical characteristics of a "new micro-resort landmark" - no longer relying on the "location logic" of traditional commerce, but becoming a "destination itself" through lifestyle proposals. Among the 104 commercial clients that have settled in the park, only 20% are standardized chain clients, while 80% are "non-standard" clients.

三、新商業(yè)空間 | 更新迭代策略“需求折疊”：空間價(jià)值的重構(gòu)框架。研究機(jī)構(gòu)提出“需求折疊”概念，認(rèn)為新一代商業(yè)空間的核心能力在于將多元需求“折疊”進(jìn)有限空間中。這一理念可從三個(gè)維度落地：物理折疊：曼谷ICONSIAM將2公里長(zhǎng)的水上集市折疊進(jìn)1.5萬(wàn)平方米的空間，將傳統(tǒng)街頭小吃與文化演藝融為一體。借鑒這一思路，北京灣里項(xiàng)目以軌道交通“站城融合”為理念，融合文商旅體展交六大產(chǎn)業(yè)，形成“消費(fèi)中心+主題公園”雙核驅(qū)動(dòng)的游逛閉環(huán)，開(kāi)業(yè)首月累計(jì)客流突破330萬(wàn)人次。時(shí)間折疊：同一空間在不同時(shí)段呈現(xiàn)不同功能。阿姆斯特丹De Hallen將老廠房轉(zhuǎn)變?yōu)槲幕瘎?chuàng)意空間，早上是咖啡館和創(chuàng)意市場(chǎng)，下午是藝術(shù)展覽空間，晚上則舉辦電子音樂(lè)演出。南京德基廣場(chǎng)推出“24h”商業(yè)新模式，打破傳統(tǒng)營(yíng)業(yè)時(shí)間限制，使夜間客流占比從改造前的不足5%提升至30%。價(jià)值折疊：紐約Hudson Yards將觀景平臺(tái)與數(shù)字藝術(shù)結(jié)合，使消費(fèi)者在同一空間體驗(yàn)城市全景、藝術(shù)展覽、社交互動(dòng)和NFT交易，客單價(jià)較傳統(tǒng)觀景臺(tái)高出近四倍。這啟示我們，商業(yè)空間的價(jià)值網(wǎng)絡(luò)可以從單一功能向多維復(fù)合演進(jìn)。存量煥新的實(shí)施路徑：存量商業(yè)改造不是簡(jiǎn)單的物理翻新，而是價(jià)值的系統(tǒng)重構(gòu)。新城控股提出的“吾悅經(jīng)營(yíng)五步法”提供了可資借鑒的框架：建好空間、組對(duì)內(nèi)容、找到品牌、做高銷售、分享收益。其中，“建好空間”被置于首位——2025年以來(lái)，吾悅已投入4億元用于88個(gè)項(xiàng)目的空間改造和品質(zhì)提升。北京友誼商店的改造實(shí)踐值得關(guān)注。改造后的友誼商店既保留原有建筑風(fēng)貌和歷史元素，又注入現(xiàn)代設(shè)計(jì)語(yǔ)言，在花園院落式建筑形態(tài)中囊括餐飲、休閑娛樂(lè)、潮流文化等多重業(yè)態(tài)，成為CITYWALK新晉網(wǎng)紅地標(biāo)。這一案例表明，存量煥新的關(guān)鍵在于找到“歷史記憶”與“當(dāng)代生活”的對(duì)話方式。微度假屬性的系統(tǒng)植入：“微度假”正在重新定義“逛街”的邊界。北京檀谷TANKO作為京西山系微度假新地標(biāo)，匯集近40家高品質(zhì)首店，將單向空間、三克映畫(huà)、FIRST青年電影中心等藝文空間與品質(zhì)餐飲、運(yùn)動(dòng)潮流、主題酒店融為一體，構(gòu)筑完整的山居生活系統(tǒng)。宋莊首開(kāi)LONG街則圍繞“運(yùn)河文化下生活美學(xué)棲息地”的理念，采用“50%區(qū)域首店+20%主力店+10%非標(biāo)品牌”的業(yè)態(tài)組合策略，打造文商產(chǎn)旅四維一體的共榮場(chǎng)。四、面向消費(fèi)需求 | 產(chǎn)品業(yè)態(tài)植入主理人品牌與社群生態(tài)構(gòu)建：非標(biāo)商業(yè)的魅力很大程度上源自大批駐扎其中的個(gè)性化品牌。在郎園Station，入駐品牌中“非標(biāo)”客戶占80%，這些品牌與主理人擁有相近的生活方式和價(jià)值認(rèn)同，形成了獨(dú)特的社群生態(tài)。老鼎豐這家源自哈爾濱的老字號(hào)，在這里開(kāi)出兼具總部和研發(fā)基地功能的門店，消費(fèi)者能品嘗到老字號(hào)的創(chuàng)新味道，門店銷售額在特定時(shí)段位居北京地區(qū)前列。主理人品牌的運(yùn)營(yíng)邏輯不同于標(biāo)準(zhǔn)化連鎖品牌——它們更注重品牌故事的獨(dú)特性、產(chǎn)品的創(chuàng)新性以及與消費(fèi)者的情感連接。對(duì)于商業(yè)空間而言，引入主理人品牌不僅僅是豐富業(yè)態(tài)，更是導(dǎo)入特定的社群資源和價(jià)值認(rèn)同。策展型零售與沉浸式體驗(yàn)：策展型零售將“策展思維”引入商業(yè)空間，通過(guò)內(nèi)容的持續(xù)更新保持空間的新鮮感。德基廣場(chǎng)打造“藝術(shù)+商業(yè)”生態(tài)，運(yùn)用AR、VR技術(shù)打造沉浸式互動(dòng)展《金陵圖》，形成“先看金陵圖，再逛南京城”的城市級(jí)商文旅IP。北京王府井WellTown則引入超40%的餐飲娛樂(lè)品牌，以及多個(gè)主理人品牌，深度融合文化藝術(shù)、運(yùn)動(dòng)娛樂(lè)、親子體驗(yàn)等全場(chǎng)景功能。這類業(yè)態(tài)的核心競(jìng)爭(zhēng)力在于“內(nèi)容的持續(xù)生產(chǎn)能力”—不是一次性的場(chǎng)景裝飾，而是能夠不斷迭代更新的內(nèi)容生態(tài)。文旅商體融合的復(fù)合業(yè)態(tài)：北京灣里項(xiàng)目的實(shí)踐表明，“軌道+文旅”的創(chuàng)新模式能夠形成強(qiáng)大的消費(fèi)集聚效應(yīng)。項(xiàng)目由王府井WellTown、汀云小鎮(zhèn)、諾嵐酒店三大板塊構(gòu)成，通過(guò)全球IP與本土文化共生的模式，融合文商旅體展交六大產(chǎn)業(yè)，形成“吃住玩樂(lè)購(gòu)”全場(chǎng)景覆蓋。從更宏觀的視角看，通州區(qū)依托大運(yùn)河文化底蘊(yùn)和環(huán)球度假區(qū)等世界級(jí)文旅項(xiàng)目，已構(gòu)建起以運(yùn)河為軸線、串聯(lián)環(huán)球度假區(qū)與三大特色小鎮(zhèn)的文旅商融合發(fā)展格局。這啟示我們，單個(gè)商業(yè)項(xiàng)目的業(yè)態(tài)創(chuàng)新需要置于區(qū)域文旅生態(tài)系統(tǒng)中進(jìn)行系統(tǒng)謀劃。汽車+跨界場(chǎng)景的創(chuàng)新實(shí)踐：昆明盤龍區(qū)的實(shí)踐展示了“汽車+”跨界場(chǎng)景的潛力。青云街道集聚了2400余戶汽車相關(guān)經(jīng)營(yíng)主體，通過(guò)打造“龍行天下 車聚青云”區(qū)域品牌，探索融合汽車銷售、文化體驗(yàn)、休閑旅游的主題園區(qū)。2025年，該街道汽車銷售額達(dá)124.5億元，形成了新車、二手車及后市場(chǎng)服務(wù)協(xié)同發(fā)展的產(chǎn)業(yè)生態(tài)。這一案例表明，看似傳統(tǒng)的汽車消費(fèi)也可以通過(guò)場(chǎng)景創(chuàng)新煥發(fā)新的活力。

Brand Management and Community Ecology Construction: The charm of non-standard business largely stems from the large number of personalized brands that are present. In Lang Yuan Station, 80% of the入駐 brands are "non-standard" customers. These brands share similar lifestyles and value identifications with the main manager， forming a unique community ecology. The old Dingfeng， a time-honored brand from Harbin， has opened a store here with both headquarters and research and development functions. Consumers can taste the innovative flavors of the time-honored brand， and the sales of the store rank among the top in the Beijing region during specific periods. The operational logic of the main manager brand is different from that of standardized chain brands - they pay more attention to the uniqueness of brand stories， the innovation of products， and the emotional connection with consumers. For commercial spaces， introducing the main manager brand is not only about enriching the business model， but also about introducing specific community resources and value identifications.

Curation-based Retail and Immersive Experience：Curation-based retail introduces "curatorial thinking" into commercial spaces， maintaining the freshness of the space through continuous content updates. Deji Square creates an "art + commerce" ecosystem， using AR and VR technology to create an immersive interactive exhibition "Jinling Picture"，forming a city-level commercial， cultural， and tourism IP of "First view the Jinling Picture，then visit Nanjing City". Beijing Wangfujing WellTown introduces over 40% of dining and entertainment brands， as well as multiple main manager brands， deeply integrating cultural arts，sports entertainment， and family experience across multiple scenarios. The core competitiveness of this type of business lies in "the continuous production capacity of content" - not one-time scene decoration， but a content ecosystem that can be continuously iterated and updated.

Comprehensive Business Model of Cultural Tourism and Commerce Integration： The practice of Beijing Wanli Project shows that the innovative model of "railway + culture tourism" can form a powerful consumption aggregation effect. The project consists of three sections： Wangfujing WellTown， Tingyun Town， and Nolam Hotel. Through the model of symbiosis between global IPs and local culture， it integrates six industries of culture， commerce， tourism， and sports and entertainment， forming a "eat，stay， play，learn，and shop" full-scenario coverage. From a broader perspective， Tongzhou District， relying on the cultural heritage of the Grand Canal and world-class cultural tourism projects such as the Universal Resort， has built a cultural tourism and commerce integration development pattern along the axis of the Grand Canal， connecting the Universal Resort and the three major townships. This reminds us that the業(yè)態(tài) innovation of a single commercial project needs to be systematically planned within the regional cultural tourism ecosystem.

Innovative Practice of "Car + Cross-border Scenarios"： The practice in Panlong District of Kunming demonstrates the potential of "car +" cross-border scenarios. Qingyun Street gathers over 2，400 car-related business entities. Through the creation of the regional brand "Dragon Travel World - Car Gathering Qingyun"， it explores a theme park that integrates car sales， cultural experience， and leisure tourism. In 2025， the sales of cars in this street reached 12.45 billion yuan， forming an industrial ecosystem of new car， used car， and after-sales services coordinated development. This case shows that seemingly traditional car consumption can also be revitalized through scene innovation.

五、品牌建設(shè) | 系統(tǒng)路徑從空間提供商到內(nèi)容運(yùn)營(yíng)商：新城控股高級(jí)副總裁管有冬指出，吾悅已經(jīng)從“規(guī)模增長(zhǎng)”全面轉(zhuǎn)向“質(zhì)量共生”。這一轉(zhuǎn)變的核心在于運(yùn)營(yíng)角色的重新定位——從“收租方”轉(zhuǎn)向“服務(wù)方”。在實(shí)踐層面，吾悅推出的“購(gòu)物中心品牌銷售增長(zhǎng)引擎——V8模型”，通過(guò)8因子8要素為每個(gè)品牌提供銷售經(jīng)營(yíng)體檢表。這種精細(xì)化運(yùn)營(yíng)思維，將商業(yè)空間與品牌商戶的關(guān)系從“房東與租客”轉(zhuǎn)變?yōu)椤昂献骰锇椤保餐铝τ阡N售業(yè)績(jī)的提升。首發(fā)經(jīng)濟(jì)與首店矩陣構(gòu)建：首店經(jīng)濟(jì)已成為商業(yè)品牌建設(shè)的重要抓手。中關(guān)村ART PARK大融城以首店為核心引力，構(gòu)建國(guó)際潮流、社交化餐飲兩大強(qiáng)勢(shì)業(yè)態(tài)引擎；德基廣場(chǎng)累計(jì)吸納首店200余家，形成梯度化品牌矩陣；烏魯木齊吾悅·花園城計(jì)劃引入超250家品牌，首進(jìn)品牌+標(biāo)桿品牌比重預(yù)計(jì)超40%。首發(fā)經(jīng)濟(jì)的價(jià)值不僅在于吸引客流，更在于傳遞“引領(lǐng)消費(fèi)風(fēng)尚”的品牌信號(hào)。當(dāng)一個(gè)商業(yè)空間能夠持續(xù)引入?yún)^(qū)域首店、全國(guó)首店甚至全球首店，它就確立了在消費(fèi)版圖中的引領(lǐng)地位。生態(tài)協(xié)同與“悅鏈計(jì)劃”：2025年，新城控股推出“悅鏈計(jì)劃”，旨在篩選并聯(lián)合優(yōu)質(zhì)品牌與核心代理商，構(gòu)建“代理商×吾悅×品牌”三方聯(lián)動(dòng)的商業(yè)內(nèi)容共生模式。這一計(jì)劃的核心在于將“單向招商”轉(zhuǎn)變?yōu)椤叭焦糙A”，通過(guò)建立常態(tài)化的溝通機(jī)制和系統(tǒng)化的運(yùn)維體系，提升資源對(duì)接的效率和質(zhì)量。這種生態(tài)協(xié)同思維，將品牌建設(shè)的邊界從單個(gè)項(xiàng)目擴(kuò)展到整個(gè)商業(yè)生態(tài)網(wǎng)絡(luò)。對(duì)于商業(yè)空間運(yùn)營(yíng)商而言，品牌不再僅僅是項(xiàng)目層面的形象塑造，更是整個(gè)企業(yè)平臺(tái)的價(jià)值積淀。

From Space Provider to Content Operator: Guan Youdong, the Senior Vice President of New City Holdings, pointed out that Wuyue has completely shifted from "scale growth" to "quality symbiosis". The core of this transformation lies in the repositioning of the operational role - from "tenant" to "service provider". At the practical level, Wuyue launched the "Shopping Center Brand Sales Growth Engine - V8 Model", which provides a sales operation check-up form with 8 factors and 8 elements for each brand. This refined operational thinking transforms the relationship between commercial space and brand merchants from "landlord and tenant" to "partners", jointly striving for the improvement of sales performance.

Launching Economy and First-Store Matrix Construction: The first-store economy has become an important handle for commercial brand building. Zhongguancun ART PARK Dafengcheng takes the first store as the core attraction, building two strong business engine of international trends and socialized dining; Deji Square has cumulatively attracted over 200 first stores, forming a gradient brand matrix; Urumqi Wuyue Garden City plans to introduce over 250 brands, with the proportion of first-time brands and benchmark brands expected to exceed 40%. The value of the first-store economy lies not only in attracting foot traffic, but also in conveying the brand signal of "leading consumption trends". When a commercial space can continuously introduce regional first stores, national first stores, and even global first stores, it has established its leading position in the consumption map.

Ecological Collaboration and "Yue Chain Plan": In 2025, New City Holdings launched the "Yue Chain Plan", aiming to screen and unite high-quality brands and core agents to build a "Agent × Wuyue × Brand" three-party linkage commercial content symbiosis model. The core of this plan lies in transforming "one-way recruitment" into "triple win", by establishing a regular communication mechanism and a systematic operation and maintenance system to improve the efficiency and quality of resource connection. This ecological collaboration thinking expands the boundary of brand building from a single project to the entire commercial ecosystem network. For commercial space operators, brand is no longer just an image construction at the project level, but the value accumulation of the entire enterprise platform.

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