Chongqing - "In the landscape of Chinese-style business competition, we need to identify opportunities for incremental growth within existing markets and focus on prioritizing areas for expansion," said Zheng Ping, Executive Director of the China Urban Renewal Forum and Senior Vice President of GoHigh Fund, during the inaugural Southwest China Non-Standard Commerce Forum held in Chongqing on October 18.
Non-standard business, which emphasizes individuality and differentiated business models, is an emerging concept that has gained traction in recent years.
At the forum, Zheng shared insights into Southwest China's non-standard commercial sector trends. She analyzed the distinct characteristics, regional features, and innovative models unique to the region's commercial landscape, offering a deep dive into the future of business.
Zheng highlighted that, aside from top-tier urban commercial districts that integrate cultural tourism, the strength of many business districts has diminished, and projects are undergoing significant transformation.
Two main factors contribute to this shift. First, China's highly developed online consumption infrastructure, where nearly 30% of all online shopping is conducted, has reduced the demand for physical retail spaces. Second, the rapid pace of development, coupled with a lack of diversity in brands and consumer habits, has led to a significant degree of homogeneity in offline retail offerings.
Zheng pointed out that while China's urbanization and modernization are progressing at an impressive pace, the variety and richness of domestic brands still lag behind those found in more developed nations.
At the same time, non-standard businesses are experiencing growth. Zheng noted that service-oriented consumption models, emphasizing unique themes and social interactions, are becoming increasingly prominent.
Currently, small-scale centralized commercial models are mainly concentrated at the regional and city levels. The former tends to integrate with local care markets, while the latter can be linked with cultural tourism.
The 2024 Yuzhong District non-standard business opportunities list was unveiled during the forum. It features 20 key projects across three major categories: historical streets, urban parks, and unique architectural landmarks.
As a major commercial hub in Chongqing, Yuzhong District has fostered a fertile ground for developing new business and consumer experiences. In the future, the district aims to integrate local and contemporary cultures further, creating high-quality, non-standard business opportunities and contributing to the growth of Chongqing as an international consumption center.
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