上海——尽管全国整体零售市场持续低迷，中国高端购物中心运营商的销售却逆势增长，并正扩大业务版图。
SHANGHAI -- High-end shopping mall operators in China are expanding their footprints as brisk sales defy the country's broader retail slump.
香港恒隆地产、太古地产以及国有企业华润置地均在今年上半年录得中国内地购物中心业务收入增长。
Hong Kong-based developers Hang Lung Properties and Swire Properties as well as state-owned China Resources Land all logged revenue growth for their mall businesses in China for the first half of this year.
恒隆地产正通过与无锡市政府成立的合资企业扩建无锡恒隆广场将使该商场的零售面积增加38%。此外，公司近期在旁边开设了一家希尔顿品牌精品酒店，并正在兴建两座住宅塔楼。公司还宣布计划扩建今年4月开业的杭州恒隆广场。
Hang Lung is expanding Center 66, a shopping mall in the eastern city of Wuxi, under a joint venture with the local municipality. This will increase its retail floor area by 38%. Nearby, the company recently opened a Hilton-branded boutique hotel and is building two residential towers. It has also announced plans to expand Westlake 66, a mall in Hangzhou that opened in April.
政府数据显示，受汽车、家电、珠宝和汽油需求疲软影响，今年前八个月全国零售额同比增长1.1%，增速为新冠疫情爆发以来最低。分析人士称，与出口的快速增长形成鲜明对比的是，这正是所谓“K型经济”中较弱的一端。
Government statistics show retail sales in the country grew 1.1% year-on-year in the first eight months of this year, the slowest pace since the COVID-19 pandemic, due to weak demand for cars, appliances, jewelry and gasoline. Analysts have called this the lower leg of a "K-shaped economy," contrasting it with rapid growth in exports.
不过，恒隆地产内地业务营运副总裁潘丽云在本月举行的媒体简报会上表示，消费放缓对该公司忠诚度计划中的高端会员“并未产生影响”，这些会员往往消费更多，到访旗下商场的频率也更高。她补充称，入门级会员的人均消费略有下降，但公司正通过增加客流的努力抵消这一影响。相关措施包括开设小型快闪店，以及吸引潮流生活方式品牌入驻。
But in a media briefing this month, Doris Poon, deputy director of Hang Lung's mainland business operation, said high-end members of the company's loyalty program "remain unaffected" by the consumption slowdown, often spending more and visiting its malls more frequently. Per-capita spending of entry-level members has slightly declined, but the company is countering that with efforts to drive more foot traffic, she added. The measures include setting up small pop-up stores and luring trendy lifestyle brands.
爱马仕和宝格丽等奢侈品牌在上海的恒隆旗舰商场占据主导地位，而无锡恒隆广场的通道两侧则遍布厨具和化妆品店。在杭州恒隆广场，毛绒玩偶制造商Jellycat和泡泡玛特推出的珠宝品牌Popop，其门店在入口附近均占据醒目位置。
While luxury brands like Hermes and Bvlgari dominate Hang Lung's flagship mall in Shanghai, the walkways of Center 66 are lined with kitchenware and cosmetics shops. Inside the Hangzhou location, storefronts of plush doll maker Jellycat and Popop, a jewelry brand launched by Pop Mart, enjoy prominent placement near the entrance.
由中国玩具制造商Pop Mart推出的珠宝品牌Popop，在杭州恒隆新开的购物中心中占据了显要位置。
Popop, a jewelry brand launched by Chinese toymaker Pop Mart, is featured prominently at Hang Lung's new shopping mall in Hangzhou.
Swire集团也在通过创新的销售模式获得市场关注：其位于上海的旗舰购物中心在今年上半年的零售销售额增长了82%，这部分得益于路易威登（Louis Vuitton）去年推出的“The Louis”这一船形主题展览及店铺——该展览吸引了大量顾客前来参观。
Swire is also gaining traction with new formats. Retail sales at the company's flagship Shanghai mall jumped 82% during the first half of the year, partly thanks to "The Louis," a ship-shaped exhibition and shop launched by Louis Vuitton last year that drew crowds to the area.
在附近，Swire集团正与当地政府合作开发名为“张园”的购物及餐饮区，该区域将保留传统的砖结构建筑；运动服装品牌Alo也计划在该区域开设门店。
Nearby, Swire is developing Zhangyuan, a shopping and dining area featuring traditional brick buildings, with the local district government. Athletic apparel maker Alo is among the brands slated to open shops there.
根据相关资料，CR Land集团（旗下拥有MixC品牌）在深圳市场占据主导地位，计划今年新开4家购物中心，2027年再开8家。广州的首家MixC购物中心将于本周三在荔湾区正式开业，正值国庆长假期间（10月7日前）。
CR Land, which operates malls under the MixC brand and has a stronghold in Shenzhen, plans to launch four new malls this year and eight in 2027, according to presentation materials. The first MixC in Guangzhou will officially open in the western Liwan district on Wednesday, ahead of the weeklong National Day break that runs through Oct. 7.
分析人士指出，经过数十年的快速增长后，中国的购物中心市场正面临整合趋势，这导致了部分企业的兴衰。大学咨询公司（Daxue Consulting）的首席执行官Matthieu David-Experton在上个月的报告中表示：去年中国平均每天有1家新的购物中心开业，但这一数字较前一年下降了24%，达到了13年来的最低水平。
After decades of rapid growth, analysts say China's shopping mall landscape is facing consolidation, creating winners and losers. An average of one mall opened every day in China last year, but that was down 24% from a year earlier and the lowest figure in 13 years, Matthieu David-Experton, CEO of Daxue Consulting, wrote in a report last month.
2025年6月，路人在上海的这家路易威登船形主题店内拍照；该店铺被认为为Swire集团的购物中心带来了大量客流。
Passersby take photos of the ship-shaped Louis Vuitton store in Shanghai in June 2025. The store is credited with helping to bring foot traffic to Swire's mall.
专注于家具销售的Red Star Macalline集团将其门店数量从去年的311家减少到了283家；总部位于北京的王府井集团去年关闭了部分门店，同时也在北京环球影城附近开设了新的购物中心。
Red Star Macalline Group, a shopping mall operator focused on furniture, reduced its number of locations to 283 as of June, from 311 a year earlier. Beijing-based Wangfujing Group closed several outlets last year while opening some new ones, including an outlet mall near the Universal Studios theme park in Beijing.
那些能够吸引顾客光顾的购物中心，有望从线下购物的复兴中受益。根据 David-Experton 的数据，实体商品在线销售占总零售额的比例从 2023 年的 27.6% 下降到了去年的 26.1%。他指出：“推动电子商务早期繁荣的各种促销手段，已经失去了吸引力——因为消费者已经习惯了全年低廉的价格。”电子商务巨头京东（JD.com）一直在全国范围内扩大其实体购物中心的业务规模；截至 6 月，京东已在全国范围内运营了 30 家购物中心，其中包括香港的分店。
Malls that are able to attract foot traffic stand to benefit from a shift back to offline shopping. The share of online sales of physical goods in total retail sales fell from 27.6% in 2023 to 26.1% last year, according to David-Experton. He observed that "the promotional mechanics that powered e-commerce's earlier surge ... have lost their pull as consumers adapted to year-round low prices." E-commerce giant JD.com has been expanding its footprint of physical malls across the country, operating 30 as of June, including in Hong Kong.
晨星（Morningstar）的分析师 Jeff Zhang 表示，对于购物中心运营商来说，多元化经营至关重要——因为消费者需求的变化可能非常迅速。例如，像 Laopu Gold 这样的黄金首饰零售商（这类店铺在中国的高端购物中心中很常见）今年的发展速度已经放缓。
Jeff Zhang, an analyst at Morningstar, said diversification is key for mall operators as consumer trends can change quickly. For example, gold jewelry retailers like Laopu Gold, a fixture at high-end malls in China, have faced slowing growth this year.
“最理想的做法可能是进一步实现业务多元化，”他说，“他们仍然有办法来维持自身零售业务的相对稳定性。”
"The most optimal way may be to further diversify," he said. "They still have levers to pull to maintain the relative stability" of their retail sales.