What international experience can be used for developing Outlets？(one)

The discount format is essentially a form of value consumption, that is, consumers pursue as high cost -effectiveness as much as possible.From the perspective of classification, including the following two categories:

The relationship between 1960-2020 US GDP growth rate and discount store

Source: China Department Store Business Association

Danjill’s revenue status in recent years

Source: Company Annual Report, China Department Store Business Association organized

In contrast to other business formats, Ole is a typical Bo Lai product. The name is the literal translation of Outlet. It is also a deep learning foreign model in terms of building planning, business models, and category organizations.Compared with the development history of Europe and the United States in 40-50 years, China Ole has only been in just over 20 years.Therefore, understanding the development experience of international advanced Ole is of great significance for promoting the healthy development of Ole industry in my country.In summary, there are mainly the following 5 aspects.

The generation and development of any retail format are the result of macroeconomic development, and it is a manifestation of economic laws.For example, department stores first originated in France around the 1850s. At that time, the emergence of the European Industrial Revolution greatly promoted production, the urban population increased, people’s lives were unprecedented, and quality consumption demand was rapidly improved. In this context, the department store industry was pursuing fashion in fashion.Romantic France produces.The supermarket originated in the United States in 1916. At that time, the daily consumer goods of the US market were extremely rich, which was more convenient and more direct to sell: opening the shelf, the customer’s optional, and the application.

Ola is the same.When the economy turns from rapid growth to mature or stable, a large amount of consumer demand has occurred.First, consumers, especially the middle class after economic development, have improved brand awareness and depend on major brands.This is Ola’s consumption characteristics: big brands, small prices.

Outlet originated in the United States in the 1970s.In the early days, Factory Outlets were formed in the form of factory, and the prototype of contemporary Ole formed in the middle and late 1980s.During the two decade of 1960-1970 and 1970-1980, the average annual compound growth rate of the American nominal GDP reached 7.1%and 10.3%, respectively. The employment rate increased significantly, the per capita income increased rapidly, and the number of middle class increased significantly.In 1983, the US economy ushered in the peak of growth, which was a lag lattice that lasted for 13 years.Against such a background, the Outlet format came into being and developed rapidly.

Olai, Japan, started in 1993. The first store was Lala, a Lalai in Fuji, Fuji, Saitama Prefecture.In July 2000, the largest Ole project in Japan -Yu Temple opened.There are currently 37 Ole, Japan, Mitsubishi Real Estate and Mitsui are the main operators.From a large economic background, Japan’s economic form at this time is similar to the situation in the 1980s, and the economy has shifted from rapid growth to stable or even declined.

1953-2002 Japanese GDP growth rate fluctuation curve

Data source: China Department Store Business Association organized according to public data

The Chinese economy took off in the early 1990s, and then slowed down. Due to the strong toughness and vitality of the Chinese economy, economic growth then reached a new apex.Therefore, China’s Ole format shows stronger vitality than Europe and the United States. From the perspective of scale, it greatly exceeds the markets such as Europe, America, Japan.In terms of development ecology, the industrial ecology composed of brand vendors, developers, investors and operators has basically formed.

my country’s GDP growth rate from 1992-2003

Data source: China Department Store Business Association organized according to public data

In addition to the high cost -effectiveness and strong operating level in Europe and the United States and Japan, with the high level of operation, the use of tourist shopping has become an important starting point for the growth of the project. Most of the Ole projects are built in a place where the surrounding tourism resources are abundant and the transportation is very convenient.The Ole project shared customers with tourist attractions, and customers from the city are also a journey of relaxation of physical and mental relaxation while shopping.Before the epidemic, Chinese tourists made great contributions to the sales of these Ole.

For example, the Los Angeles Platchs Premium Outlets (as shown below), Los Angeles, Los Angeles, which is known as the most beautiful scenery in the western United States, and Las Vegaspremium Outlets, Las Vegaspremium Outlets, perennial tourists.

Image source: deserthills premium outlets official website

Japanese Okinawa Outlets Shopping City Ashibinaa is located in the Holy Holy Land of Okinawa Island; the Ultra Hall Farm (as shown below), which opened in 2000, is located in the core area of ​​Tokyo, Mount Fuji and Hakone.The largest Ole project in Japan -Saitama Shengu Garden Ole, although only 2%of the proportion of luxury brands, the project proposes the concept of “regional symbiosis” and is effectively combined with the development of local agriculture and tourism. At the end of 2022, at the end of 2022After opening, it is expected to attract 6.5 million passengers each year.

Image source: Royal Hall Field Outlet official website

The integration of European Outlets and tourism is more in -depth. Most of them are built near the tourist resort. For example, Value Retail’s 9 largest shopping villages and McAnthurglen in Europe can make full use of the beautiful natural landscape of the project and will shopping.Combined with leisure sightseeing.

In the Chinese market, the Ole project also attaches great importance to tourists.The construction of the Beijing deputy center Ole, which is under construction, is only separated from Universal Studios.

Although some Ole projects do not have well -known tourism resources, they have proposed the concepts of combination of cultural and business travel, micro -vacation and other concepts. By creating a comfortable shopping environment and diversified consumption experience, consumers have a sense of leisure vacation.

For three years, the formats of retail are affected to varying degrees, but the Ole format is the best performance. Many projects have grown against the trend in 2020 and 2021.Although the overall adjustment in 2022, the performance is also significantly better than other formats.This is derived from Ole’s anti -cyclicality. When the economic and retail market declines, it can maintain relatively stable.

2020-2022 The growth of major retail formats

Data source: China Department Store Business Association organized according to public data

The reason for anti -periodicity is the support of the consumer group.In general, the middle class is the basis of Ole development. They have higher income and pay more attention to brands and quality. The larger the size of the middle class, the more promising the development of Ole.In particular, consumers’ pursuit of famous product consumption, during economic growth, low -level consumer groups moved up and consumed in Ole.When the economy declined, some high -level consumer groups moved down and consumed in Ole.At the same time, the consumption of Ole generally has strong purposes. The cost of Ole products is relatively high and Ole has a wealth of brand combinations. These also make this format’s strong gathering capabilities.

Since the emergence of Ole in the 1970s, the economy is ups and downs, and the retail industry has also continued to have a case of acquisition and mergers and bankruptcy reorganization. However, Ole has maintained growth and stable development.Japan’s Oleng started in early 2090. It was the period when economists described the “lost 30 years” described by the economist, but Ole still had a stable position in the retail market with high cost performance.

The operation of large commercial operations requires mature and sound ecosystems. Among them, commercial operators, real estate developers, capital investors, and brand companies are the core components of the ecology.This ecology has gradually evolved with the deepening of economic development and the deepening of consumer acceptance.

The first stage of Ola in the United States was the direct sales stage of the factory in the 1970s. During this period, it was mainly the participation of brand vendors.Factory Outlet.In the late 1980s, in order to facilitate customers, the manufacturers concentrated on opening a direct selling store to form an Outlet Center, and the prototype of Outlet was born.Ola’s professional operator appeared in the late 1990s, leading the operation of Outlets.After 2000, investors, real estate developers, and large Outlet operators formed a trinity of commercial groups. The power of capital played a greater role, including the issuance of REITs to achieve the activation and circulation of commercial real estate.In this process, large groups have gradually formed, such as large groups formed by mergers and acquisitions, such as Simon Real Estate occupy about 70%of the Ultra -Outlets business in the United States.In the European and Japanese markets, the degree of centralization is higher.

Part of the development characteristics of some retail real estate REITs in the United States

Data source: China Merchants Securities

The first Ole, China’s Ole, was initiated by commercial operators with brand resources and achieved great success.Later, large -scale commercial groups (such as Bailian, Wangfujing), professional Ole operators, and commercial real estate developers have entered, and then combined with capital to form an industrial ecosystem.Rudo Ship REITs landed on the Singapore Exchange in 2018, when the amount raised was about 2 billion yuan.Recently, with the release of commercial real estate REITs, more and more projects will be helped by capital.

Ola’s in the United States in the 1970s, the fundamental motivation is that the brand faces inventory pressure and adopts digestive inventory.From the current market, this motivation not only exists, but also enhances.Because the market expands, the number of well -known brands is increasing, and the output of goods has also increased significantly. Although enterprises generally use digitalization and other means for production management, due to the uncertainty caused by market fluctuations, the production expectations of enterprises and the production expectations of enterprises and the production expectations of enterprisesThe actual sales cannot always be completely consistent, and most of the cases are excessive production. As a result, the problem of slowing the inventory weekly turnover and the slow cash back payment have become an inevitable choice.

The figure below shows the changes in the number of days of inventory weeks of Prada and Salvatore Ferragamo from 2012 to 2019, and both show a significant increase.For three years, the number of turns of luxury goods will inevitably increase due to closing stores and restricted travel.

2012-2019 Prada and Salvatore Ferragamo

The inventory weeks change days change

Data source: Rui Yide

In recent years, with the development of China’s economy, internationally renowned brands have entered the domestic market. At the same time, Guo Chao domestic goods have also emerged rapidly. They face the problems of inventory and turnover to varying degrees, which provides a commodity foundation for the development of Ole.

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