中国商业进入存量精耕时代

DoNews
Dec 30, 2025

2023–2025年,中国商业从增量扩张转向存量优化,人均商业面积超合理阈值,一线城市如上海(2.2㎡/人)、深圳(2.4㎡/人)、成都(2.0㎡/人)均超过国际标准1.2–1.5㎡/人。全国新开业商业项目由2019年的约800个降至2025年预估的400–450个,年复合增长率超12%的供给增速远高于消费增速,导致结构性饱和。资本逻辑由“开发增值”转向“运营增值”,受“三道红线”政策延伸影响,...

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