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New business formats bring new opportunities, new demands lead to new quality!

As the main consumption force shifts to the post-90s and post-00s generation, the consumption habits are very different. The new "entertainment +" business format integrating sports, entertainment, adventure, catering, retail and other multi-functions has become the new favorite of shopping centers with its novel and interesting experience of full scene, immersion and interaction. Some shopping malls are also developing in the direction of "pan-entertainment complexes". Judging from the development of the commercial retail industry at this stage, indoor amusement, movie entertainment, indoor sports, and performance theater are the most popular in shopping malls. Although some of these formats have existed for a long time, in order to adapt to the segmented market, they are also undergoing innovative changes to avoid homogeneous competitions and stimulate consumption enthusiasm.

Some industry peers pointed out that when offline business can no longer rely on products to make consumers pay, physical businesses have to create content that can stimulate multiple senses and make customers "pay for happiness". Shopping malls can be used as places for novel experiences and creative inspirations in consumers' lives to attract and form long-term and stable purposeful consumption with a large radiation force. For example, the first JD mall in East China has been confirmed to introduce Nanjing Zhuoyuehui. In the future, with the business model of "new consumption of knowledge" supported by science and technology, we will build a full-scene, comprehensive and immersive experience-consuming theme shopping center with cutting-edge technology experience and smart life products as the core. In addition, the pet sector "it economy" has also become a new consumption force that cannot be ignored. It is estimated that by 2023, the scale of China's pet market will reach 592.8 billion yuan (93 billion USD). The newly opened Ruihong Tiandi Sun Palace in Shanghai last year created the first innovative Pet Social Zone of about 4,000 sq.m, introducing the first online celebrity pet store in China that integrates pet retail, sales and interactive experience. As an industry with its own traffic and popularity, the introduction of e-sports can attract younger customers and more people to stay longer in shopping malls. Jiangning Golden Eagle's X E-sports Hall has a professional 5V5 game battle stage, and the large screen can open the game live mode with one click, which has become a new landmark for e-sports fans in Nanjing.

The indoor sports format of shopping malls is also attracting the attention of consumers with larger venues, newer types, and more realistic scene experiences, assisting the shopping malls to "gain fans". In addition to the current popular snow sports, for example, Shenzhen Longgang Wanda Plaza is committed to creating an "urban micro-tourism destination", which features Batting Sound Indoor Baseball Stadium, VBOY Skateboard School, Gongfu Archery • CAFE, flowlife Tuoji Indoor Surf Hall, Banana Rock Climbing and other sports experience formats. In addition to focusing on children, the amusement business in shopping malls has also turned its focus to adult amusement and leisure. A large number of indoor parks built with the concept of "amusement +" are attracting consumers of all ages with novel, interesting and immersive experiences.

New business formats bring new opportunities, and new demands lead to new quality. Judging from the current development trend of entertainment formats, some shopping malls are developing towards a pan-entertainment complex centered on social interaction, integrating multiple experience formats. The innovation of entertainment scenarios will also become an important way for the sustainable development of shopping malls in the future.

※The article is published in the issue of Jul. & Aug. 2022 in GTI Magazine 

 
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