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Knight Frank 萊坊
SHANGHAI Retail
market report
Research
retail
商铺
Q4 2012
二零一二年第四季
研究报告
上海商铺报告
2
Q4 2012
shanghai retail Quarterly
In the fourth quarter, the
performance of Shanghai’s retail
market saw both positive and
negative factors. On the one hand,
consumers demonstrated strong
desire to spend during the holiday
season as all retail stores witnessed
year-on-year increases in sales
during the Golden Week holiday in
October. On the other hand, two more
traditional department stores, both
with long histories, shut down
because of strong competition from
online shopping platforms and
fast-fashion brands.
In 2012, the annual retail supply in
Shanghai reached 563,350 sq m,
down 14.5% compared to 2011. In the
fourth quarter, four new retail malls
with a total gross floor area (GFA) of
165,000 sq m opened.
Ground-floor rents in core retail areas
reached RMB54.7 per sq m per day,
an increase of 1.7% quarter on
quarter and 11.6% year on year. The
vacancy rate for shopping malls
remained at 8.4%, the same level as
the previous quarter.
In recent years, community shopping
malls have emerged in non-core
areas and have gained popularity
among consumers. In the fourth
quarter, several community shopping
malls exhibited increased rents.
The rise in online shopping and fast
fashion brands imposed pressure on
traditional department stores with
shrinking potential for growth. Many
department stores were considering
conducting adjustments or
repositioning to survive under the
fierce competition.
Outlook
We are optimistic about the Shanghai
retail real estate market in 2013 as a
number of mid to high-end shopping
malls are planned for opening in core
areas of the city and demand is set to
sustain. The most anticipated
projects include Kerry Properties’
Jing’an Kerry Centre Phase II (86,000
sq m) on Nanjing West Road, Sun
Hung Kai Properties’ International
apm (100,000 sq m), New World
Development’s K11 Art Mall on
Huaihai Middle Road (50,000 sq m).
In the Hongqiao CBD, LVMH Group’s
L'Avenue and Treasury China Trust’s
The HQ will provide retail GFAs of
49,000 sq m and 31,000 sq m
respectively. The expansion of luxury
brands has slowed but the focus
remained on core areas. Fast-fashion
groups such as Inditex will accelerate
the expansion of their major stores
as well as the groups' other brands,
such as Inditex Group's Massimo
Dutti, Bershka, Stradivarius and Pull
& Bear. Some fashion brands that
have yet to enter Shanghai are
currently seeking store locations, for
example British fast-fashion brand
Topshop will open its first China store
in Pudong Lujiazui in 2013.
As most new supply will be
concentrated in core retail areas such
as Huangpu and Jing’an districts in
2013, we expect prime retail rents will
continue their upward trend with a
year-on-year growth of about 10-12%
but the occupancy rate will drop
slightly. Supported by investors’
strong interest in commercial real
estate, retail prices are set to stay
firm. The retail market will also see
an increase in large-scale
transactions.
highlights
As most new supply will
be concentrated in core
retail areas in 2013, we
expect prime retail rents
will continue their upward
trend with a year-on-year
growth of about 10-12%
but the occupancy rate
will drop slightly.
3
KnightFrank.com.cn
In the fourth quarter, Shanghai’s retail
market performed both positively and
negatively. Consumers demonstrated
strong propensity to spend in the
holiday season. During the eight-day
Golden Week holiday, Shanghai
received 7.92 million tourists, an
increase of 21% compared to the
previous year and the 5,000 retail
stores in Shanghai achieved total
retail sales of RMB6.43 billion, a
year-on-year increase of 9.2%. The
retail market saw four new retail malls’
opening in the quarter, adding a total
of 165,000 sq m of space to the
market. In the fourth quarter, the
average ground-floor rent in core retail
areas was RMB54.7 per sq m per day
with a quarter-on-quarter increase of
1.7%. Shopping malls’ vacancy rate
remained at 8.4%, same as the
previous quarter. However, traditional
department stores did not fair as well
Consumers demonstrated
their strong desire to spend
during this holiday season.
During eight-day Golden
Week holiday, Shanghai
received 7.92 million
tourists, an increase of 21%
compared to the previous
year.
in the fourth quarter. Under increasing
pressure from online retail rivals, two
more department stores, namely
Spring Department Store on Sichuan
North Road and Novel Department
Store on Huaihai Middle Road, were
forced to close. Traditional department
stores have reached a bottleneck
point in their growth. With the rapid
growth of online retailing and the
ambitious expansion of fast-fashion
brands, small and medium-sized
department stores have shrinking
growth potential. On 11 November
2012 (the “Singles Day” in China), one
of China’s e-commerce giants TMALL
(tmall.com) achieved a sales volume
of RMB19.1 billion, four times higher
than the annual retail sales of Nextage
Department Store, one of the best
performing department stores in
Shanghai.
Market overview
Shanghai Retail Sales of Consumer Goods, 2000-2012
0
2
4
6
8
10
12
14
16
18
20
0
100
200
300
400
500
600
700
800
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
% RMB billion
Source: Shanghai Statistics Bureau/Knight Frank
Retail Sales of Consumer Goods (LHS) Growth Rate (RHS)
4
Q4 2012
shanghai retail Quarterly
In 2012, the annual retail
supply in Shanghai reached
563,350 sq m, down 14.5%
compared to 2011.
renovation. This retail mall was the
fourth new mall opened in the Sichuan
North Road retail area, following Cloud
Nine Hongkou Mall, Laox Life Plaza
and Citic Shenhong Plaza, with a retail
GFA of 27,900 sq m from basement
two to level three. On 28 December,
River Mall Phase One officially opened
in Pudong. Based on the former Expo
Axis, this shopping mall was jointly
redeveloped by Expo Shanghai Group
and Brilliance Group. Phase One is
positioned as a food & beverage mall,
with major tenants including Wang
Ding Teppanyaki & Japanese
Restaurant, BullFighter Steak House,
Sichuan Folk, Musk Cat Coffee, Xian Yu
Xian and Inlead KTV. The entire
development of 330,000 sq m is to
fully open in 2013.
Despite the overseas economic
malaise and China’s slowing economic
growth, retailers’ confidence in the
market remained and they continued
to open new stores in Shanghai. The
world’s first Yves Saint Laurent Paris
boutique of 300 sq m was launched in
Reel Department Store in the quarter.
Similarly, following the opening of its
first boutique in China at the
Peninsula hotel in Beijing in early
2012, Italian luxury fashion brand.
Roberto Cavalli opened its second
store in Mainland China in Plaza 66 on
Nanjing West Road. The boutique had
a store area of 140 sq m selling
women’s wear. In the same month,
Belgian bags and luggage brand
Hedgren opened its first flagship store
in China on Huaihai Road, one of the
major retail areas in Shanghai.
Specialised supermarkets had also
In 2012 the annual retail supply in
Shanghai reached 563,350 sq m,
down 14.5% compared to 2011. In the
fourth quarter, four new retail malls,
with a total GFA of 165,000 sq m,
opened. The four malls were
Takashimaya and Gloria Department
Store in Changning District, One Prime
in Hongkou District and The River Mall
Phase One in Pudong. New supply in
quarter four increased 41% compared
with the previous quarter. However,
these new malls were relatively small
with average mall size less than
100,000 sq m, thus the annual new
supply decreased by 44% compared
with the previous year. The first
Takashimaya Department Store in
Shanghai launched in the Changning
Gubei Area on 19 December. Located
in Gubei International Fortune Centre
Phase II, Takashimaya had a total
retail GFA of 62,000 sq m from
basement to level seven. Takashimaya
was one of the largest high-end
department stores in Japan with 180
years of history, targeting mid to
high-income consumers from
Shanghai and the Yangtze River Delta
Region. Gloria Department Store was
located in Multimedia Plaza in the
Zhangshan Park retail area and has a
retail GFA of 25,000 sq m from
basement to level four, targeting at
the mid-end market. One Prime, AM
alpha GmbH’s first project in China,
opened on 9 November.
One Prime, previously known as
Tianchen Rose Plaza, was located on
Sichuan North Road. Tianchen Rose
Plaza was acquired by AM alpha in
early 2010 and reopened as One
Prime, a mid-end shopping mall, after
Supply and Demand
5
KnightFrank.com.cn
Prime retail rents continued to grow in
the fourth quarter of 2012. Ground-floor
retail rents in core areas achieved
RMB54.7 per sq m per day, a
quarter-on-quarter increase of 1.7% and
a year-on-year increase of 11.6%.
Boosted by the concentration of luxury
shopping malls, Nanjing West Road and
Xujiahui were the most expensive areas
in terms of rents. Currently, some retail
units in Plaza 66, Citic Square, Westgate
Mall on Nanjing West Road and Grand
Gateway 66 in Xujiahui recorded
ground-floor rents of near RMB80.0 per
sq m per day.
Recently, community
shopping malls emerged
as a new and popular retail
format in non-core retail
areas. In the fourth quarter,
driven by a reliable
consumer base and a
diverse trade mix, retail
rents in many community
shopping malls increased.
Shanghai retail rent in core areas (2006Q1 to 2012Q4)
Recently, community shopping malls
emerged as a new and popular retail
format in non-core retail areas. In the
fourth quarter, driven by a reliable
consumer base and a diverse trade
mix, retail rents in many community
shopping malls increased. The
ground-floor rent of Kerry Parkside
increased 20% quarter on quarter to
RMB18.0 per sq m per day, while such
rents for Life Hub@Daning in Zhabei
and Life Hub@Jinqiao in Pudong grew
11.0% and 4.0% to RMB26.0 per sq m
per day and RMB20.0 per sq m per day
respectively.
been expanding in Shanghai. In
December, French sporting goods
chain store Decathlon opened four
stores in Jiading, Caoyang, Dahua and
Dalian Road respectively. The number
of Decathlon stores in Shanghai
totaled 14,
the highest number among all
Mainland cities. The stores moved
closer to core areas but the space
requirement declined from 5,000-8,000
sq m to 3,000-5,000 sq m.
Source: Knight Frank Research
Rent
20
25
30
35
40
45
50
55
60
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2006 2007 2008 2009 2010 2011 2012
RMB/sqm
net/day
6
Q4 2012
shanghai retail Quarterly
In 2012, due to the fast growth of
online shopping platforms and
fast-fashion brand expansion,
traditional department stores entered
a bottleneck period with shrinking
potential for growth. Shanghai
witnessed the closure of three
department stores during 2012. In
April, inappropriate positioning and
limited scale forced No 1 Department
Store on Huaihai Middle Road to shut
down after 19 years’ of operation and
to rent out the space to BMW 4S shop.
In August, Shanghai Spring
Department Store on Sichuan North
Road closed due to persistent weak
performance. Spring Department Store
had a history of 16 years with a retail
GFA of 8,000 sq m. Before the closure
of Spring Department Store, several
department stores on Sichuan North
Road already closed due to the same
reason. Er Bai Yong Xin is another
department store to close soon.
Situated in the Huaihai Middle Road
retail area as the first state-owned
department store on Huaihai Road, Er
Bai Yong Xin was jointly invested by
No 2 Department Store and Hong Kong
Novel Department Store Co Ltd. After
the closure of Er Bai Yong Xin, Uniqlo
will take over the space to open its
largest flagship store in China.
Even for market
outperformers such as
Nextage, Pacific and
Parkson, retail sales growth
in 2012 slowed down or
became negative, making
future development
difficult.
Most department stores that shut
down their businesses had common
problems, including a small scale
(GFA less than 10,000 sq m), unclear
positioning and limited product
variety. Currently, the retail GFA of
successful department stores is more
than 20,000 sq m. The recently
launched Takashimaya has a size of
over 60,000 sq m. The small scale led
to problems such as poor trade mix
and limited shopping options.
Compared to other retail formats like
shopping malls, department stores
are not competitive in terms of pricing,
services and facilities. Competition
from online retailers is another key
reason affecting the performance of
traditional department stores.
Statistics showed that on 11 November
2012 (the “Singles Day” of China), one
of the E-commerce giants TMALL
(tmall.com) achieved a sales volume
of RMB19.1 billion, four times higher
than the annual retail sale of Nextage
Department Store. Therefore, even for
market outperformers such as
Nextage, Pacific and Parkson, retail
sales growth in 2012 slowed down or
became negative, implying difficult
future development.
MARKET ACTIVITIES
investment
7
KnightFrank.com.cn
The capital market remained active
and witnessed one significant retail
deal in the fourth quarter. In late
November 2012, Gaw Capital sold 353
Plaza in Shanghai for RMB2.4 billion
to a joint venture established by
Macquarie Group (MQG:ASX) and The
Abu Dhabi Investment Authority of the
United Arab Emirates. Located at the
eastern section of Nanjing Pedestrian
Street, 353 Plaza had a total area of
40,000 sq m and was
previously known as “East Ocean
Mall”. Gaw Capital acquired “East
Ocean Mall” from a Wenzhou
businessman at a price of RMB900
billion in 2006. Then Gaw Capital
invested RMB400 million in the mall’s
renovation. In 2008, the mall
reopened as “353 Plaza” and was
repositioned as a mid-end shopping
centre.
Selected retail leasing transactions, Q4 2012
District Building Floor Trade Area
(sq m)
Rent
(RMB/sq m/day)
Huangpu Lippo Plaza Level 1 Accessories 60 65.0
Jing’an Citic
Square Level 2 Apparel 130 50.0
Jing’an Mall 818 Basement 1 F&B 350 8.1
Changning The HQ Basement 1 Supermarket 400 15.0
Changning M-Town Level 1 F&B 178 10.0
Source: Knight Frank Research
Selected retail sales transactions, Q4 2012
District Building Floor Area (sq m) Total price
(RMB million)
Price
(RMB/sq m)
Yangpu The Wujiaofengda
Building Level 1 71 5.2 73,811
Putuo Union Tower Level 1 415 55.0 132,544
Putuo No.989 Xikang
Road Level 1 98 10.5 107,412
Changni
ng
Gubei International
Garden Level 1 328 27.0 82,432
Zhabei Chamtime
Corporate Avenue Level 1 61 6.6 108,194
Zhabei Suhe Creek Level 1 195 27.0 138,393
Source: Knight Frank Research / Shanghai Real Estate Trading Centre
INVESTMENT
8
Q4 2012
shanghai retail Quarterly
第四季度，上海零售市场的表现喜忧参
半。一方面，消费者节日购买意愿强烈，
各零售企业在“十一”长假促销期间的
营业收入都录得同比增长；另一方面，
又有两间具较长历史的百货公司在电商
和快时尚品牌的冲击下宣告歇业，退出
零售市场。
二零一二年全年上海商场面积净增
563,350平方米，与二零一一年相比，新
增供应下降约百分之14.5。第四季度新开
四座商场，分别是壹丰广场、高岛屋、
光一百货和世博源购物中心一期，为市
场增加了约165,000平方米的商业零售
面积。
核心商圈首层店铺平均租金约为每天每
平方米人民币 54.7 元，环比增长百分之
1.7，同比增长百分之 11.6；购物中心空
置率为百分之 8.4，与上季度基本持平。
近年来，社区型购物中心作为新生业态
在非核心商圈纷纷出现，深受消费者欢
迎。第四季度，数家社区型购物中心录
得租金增长。
由于受到电商和快时尚品牌的双重冲击，
传统百货的发展遭遇瓶颈，发展空间正
在逐步缩小，很多尚在经营的百货公司
开始考虑调整和转型，以期在激烈的竞
争中继续生存。
未来展望
我们对于二零一三年的上海零售市场预
期仍然持乐观态度,需求稳定，核心商圈
将有多个中高档购物中心开业，值得期
待的项目包括位于南京西路商圈的静安
嘉里中心二期，由嘉里建设开发，商场
面积 86,000 平方米；位于淮海中路商圈
的 International apm 和 K11 Art Mall，分
别由新鸿基地产和新世界开发，商场面
积分别为 100,000平方米和50,000平方
米；位于虹桥商圈的尚嘉中心和虹桥城，
分别由法国路威酩轩集团和华瑞中国地
产信托开发，商场面积分别为 49,000
平方米和 31,000 平方米。零售商方面，
奢侈品牌的开店速度放缓，仍然希望在
核心区域寻找店面；快时尚服饰集团如
Inditex 将加速主品牌及其姐妹品牌的扩
张速度，例如 Inditex旗下的麦西姆杜特、
巴适卡、Stradivarius 和普安倍尔，那些
尚未进入中国的快时尚品牌也积极在市
内寻找合适店面，例如英国快时尚品牌
TOPSHOP在中国的首家分店将选址浦东
陆家嘴，并于二零一三年开业。
考虑到二零一三年的新供应量将集中在
核心商圈，我们预计平均零售租金将再
增长百分之 10-12，出租率略有下降,而
投资者对于商业物业的强烈兴趣将使零
售商铺的价格保持稳定。由于零售物业
将受到大型机构买家的关注，因此市场
上大体量的成交将会增多。
焦点 考虑到二零一三年的新供应量
将集中在核心商圈，我们预计
平均零售租金将再增长百分之
10-12，出租率略有下降。
二零一二年第四季度
上海商铺 季刊
9
KnightFrank.com.cn
第四季度，上海零售市场喜忧参半，一方
面，中秋国庆市场消费市场繁荣活跃，购
买踊跃。今年国庆长假八天上海接待观光
游客约 792 万人次，比二零一一年“十一”
黄金周约增百分之 21；全市 5,000 多家网
点在八天节日内共实现营业收入人民币
64.30 亿元，同比增长百分之 9.2。供应
市场也表现活跃，第四季度有四座新商场
开业，分别是位于虹口区的壹丰广场，位
于长宁区的高岛屋和光一百货以及位于
浦东的世博源购物中心一期，共为市场新
增零售面积约 165,000 平方米。第四季度
核心商圈首层店铺平均租金约为每平方
米每天人民币 54.7 元，环比增长百分之
1.7；购物中心空置率为百分之 8.4，与上
个季度基本持平。
中秋国庆市场消费市场繁荣活
跃，购买踊跃。今年国庆长假
八天上海接待观光游客约792
万人次，比二零一一年“十一”
黄金周约增百分之21。
而在另一方面，传统百货面临来自电商的
挑战，第四季度又有两家百货店相继停止
营业，分别是四川北路上的春天百货和淮
海中路上的永新百货。目前，百货公司的
发展进入瓶颈期。在电子商务高速发展、
快时尚品牌快速开店的双重冲击之下，中
小型百货公司的市场空间正在逐渐缩小。
二零一二年“双十一”（“中国单身节”）
中国最大的购物网站之一天猫
(tmall.com)的总销售额为人民币191亿
元，与上海营业额最高的百货——第一八
佰伴相比，一天销售额几乎为其全年营业
额的4倍。
上海社会消费品零售总额，二零零零年至二零一二年
0
2
4
6
8
10
12
14
16
18
20
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
% 亿人民币
数据来源：上海统计局 / 莱坊研究部
社会消费品零售总额（左轴） 增长率（右轴）
市场概览
10
二零一二年第四季度
上海商铺 季刊
二零一二年全年上海商场面积净增
563,350平方米，与二零一一年相比，新
增供应下降约百分之14.5。第四季度，上
海有四座商场共165,000平方米零售面积
新开业，新开业的商场包括位于长宁区的
高岛屋百货和光一百货，位于虹口区的壹
丰广场和位于浦东的世博源购物中心。第
四季度商场新供应虽然较上季度增加百
分之41，但由于四季度开业的商场体量普
遍都较小，单体面积均未超过10万平方
米，因此新增供应较二零一一年同期减少
百分之44。上海第一间高岛屋百货于十二
月十九日在长宁古北区域开业，高岛屋坐
落于上海古北国际财富中心二期，从地下
一层到地上七层，建筑面积62,000平方
米。高岛屋是日本最大的高端百货公司之
一，具有180多年历史，高岛屋上海店的
目标消费群体将锁定上海及长三角地区
的中高收入人群。光一百货是第四季度长
宁区全面开始营业的另一家日系百货，位
于中山公园商圈的多媒体广场，总建筑面
积约25,000平方米，包括地下一层至地上
四层，定位中档。在虹口区，作为德国AM
alpha在中国的首个投资项目，壹丰广场
于十一月九日正式开业。壹丰广场位于四
川北路，前身为“天宸玫瑰广场”，于二
零一零年年初被AM alpha集团整体收购，
经过改造升级，以中档购物中心的定位重
新亮相。该商场总营业面积27,900平方
米，从地下两层至地上三层，成为继凯德
龙之梦、乐购仕和中信泰富申虹广场之后
在四川北路商圈上新开的第四家商场。十
二月二十八日，世博源购物中心一期在浦
东正式开业，这一购物中心在原世博轴基
二零一二年全年，上海商场面
积净增563,350平方米，与二零
一一年相比，新增供应下降约
百分之14.5。
础上改建而成，由上海世博发展集团与百
联集团共同打造。一期主要定位为餐饮娱
乐，入住商户包括王鼎、斗牛士、巴国布
衣、麝香猫咖啡、鲜芋仙及银乐迪量贩
KTV。整体项目共33万平方米，将于二零
一三年全面开业。
尽管海外经济低迷，中国经济增长增速放
缓，但零售商对于上海零售市场仍然具备
信心，开店热情不减。全球首间圣朗
洛·巴黎（Saint Laurent Paris）专门店选
址上海开幕，店面位于南京西路芮欧百
货，面积约300平方米。十二月，意大利
奢侈时装品牌Roberto Cavalli继二零一二
年北京半岛酒店开设第一家店后，在上海
恒隆广场开设第二家分店，面积约140平
方米，专营女装；来自比利时的箱包品牌
海格林（Hedgren）亦在中国的首家旗舰
店选址上海主要商圈之一——淮海路开
业。此外，专业卖场也加快了在上海的开
拓步伐。十二月份，来自法国的体育用品
连锁集团迪卡侬在上海的四家商场——
嘉定商场、曹杨商场、大华商场以及大连
路商场同时开业。至此，迪卡侬在上海的
商场总数达到十四家，在中国所有的城市
中，上海数量排名第一。从新开的几家迪
卡侬门店来看，迪卡侬的选址比之前更加
靠近中心区域，需求面积有所减少，从
5,000-8,000 平 方 米 缩 减 到 现 在 的
3,000-5,000平方米。
供应与需求
11
KnightFrank.com.cn
二零一二年第四季度，上海优质商铺租金
继续上涨。上海主要商圈商铺首层平均租
金录得每天每平方米人民币54.7元，环比
增长百分之1.7，同比增长百分之11.6。由
于拥有上海最贵的几家购物中心，南京西
路商圈和徐家汇商圈的租金稳居上海优
质商铺租金之首。目前，南京西路上的恒
隆广场、中信泰富广场、梅龙镇广场以及
徐家汇的港汇广场内的一些店铺，它们的
首层租金均已接近每天每平方米人民币
80元。
近年来，社区型购物中心作为
新生业态在非核心商圈纷纷出
现，深受消费者欢迎。第四季
度，凭借稳固的消费群体和丰
富的业态组合，数家社区型购
物中心录得租金增长。
上海主要商圈首层租金，二零零六年第一季度至二零一二年第四季度
近年来，社区型购物中心作为新生业态在
非核心商圈纷纷出现，深受消费者欢迎。
第四季度，凭借稳固的消费群体和丰富的
业态组合，数家社区型购物中心录得租金
增长。浦东嘉里城的首层租金环比增长百
分之20.0至每天每平方米人民币18.0元；
闸北区的大宁国际商业广场和浦东的金
桥国际商业广场首层租金环比分别上涨
百分11.0和百分之4.0至每天每平方米26
元和每天每平方米20元。
租金
20
25
30
35
40
45
50
55
60
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2006 2007 2008 2009 2010 2011 2012
人民币/平方米净
面积/天
数据来源：莱坊研究部
12
二零一二年第四季度
上海商铺 季刊
二零一二年，由于受到电商和快时尚
品牌的双重冲击，传统百货的发展遭
遇瓶颈，生存空间正在逐步缩小，去
年上海共有三家百货宣告歇业。四月
份，受制于定位、体量等原因，第一
百货淮海店在经营了 19 年后将店面整
体出租，由宝马接手开设 4S 店。八月
份，由于长期商业低迷，位于四川北
路的上海春天百货宣告停业，春天百
货有着 16 年历史，经营面积约 8,000
平方米，其实在春天百货关闭之前，
四川北路上已经有多家百货商场由于
营业状况欠佳而退出市场。二百永新
是即将关闭的另一家百货公司，同样
位于淮海中路的主要商圈，曾经是淮
海路上的第一家国营百货——第二百
货，后与香港永新百货有限公司合资，
改建为二百永新。二百永新关闭后，
取而代之的是优衣库全球旗舰店，这
家新店将成为优衣库中国最大的旗舰
店。
甚至对于那些目前经营状况相
对较好的百货公司例如第一八
佰伴、太平洋百货或百盛来讲，
二零一二年的销售业绩也在电
商的冲击下出现放缓或是下滑
的趋势，未来发展的形势颇为
严峻。
纵观这些已关闭的百货店，普遍存在
着体量小（体量不足 1 万平方米）、定
位不明确、商品品种单一等问题。目
前市场上比较成功的几家百货公司体
量均在 20,000 平方米以上，最近新开
的高岛屋的建筑面积超过 60,000 平
方米。体量过小直接引致的问题是经
营业态单一，商品可选择范围小，而
百货店在商品价格以及服务设施上相
较于其他商业形态例如购物中心也并
无优势可言。电商的冲击无疑也是影
响传统百货业绩的重要原因之一，数
字表明，二零一二年购物网站天猫
(tmall.com) 在“双十一”（中国的单
身节）当天的销售额已相当于第一八
佰伴全年销售额的四倍。所以，甚至
对于那些目前经营状况相对较好的百
货公司例如第一八佰伴、太平洋百货
或百盛来讲，二零一二年的销售业绩
也在电商的冲击下出现放缓或是下滑
的趋势，未来发展的形势颇为严峻。
市场动向
13
KnightFrank.com.cn
第四季度资本市场保持活跃，录得一
宗重要商铺整购交易。二零一二年十
一月下旬，基汇资本以人民币 24 亿元
将持有的上海 353 广场售予麦格理集
团（MQG:ASX）与阿联酋阿布扎比投
资局的合资公司。353 广场位于南京路
步行街东段，总面积为40,000平方米，
前身为“东海商都”。二零零六年，基
汇资本以人民币 9 亿元的价格从温州
商人手中接过“东海商都”，斥资人民
币 4 亿元巨资进行重新装修，将该商场
重新定位为中端购物中心，改名为“353
广场”，于二零零八年开业。
上海主要商铺租赁成交，二零一二年第四季度
区域 项目 楼层 业态 面积
（平方米）
租金
(人民币/平方米/天)
黄浦 力宝广场 一层 饰品 60 65.0
静安 中信泰富广场 二层 服饰 130 50.0
静安 818 广场 地下一层 餐饮 350 8.1
长宁 虹桥上海城 地下一层 超市 400 15.0
长宁 新淮海坊 一层 餐饮 178 10.0
数据来源：莱坊研究部
上海主要商铺买卖成交，二零一二年第四季度
区域 项目 楼层 面积
（平方米）
总价
(人民币百万元)
成交价格
(人民币/平方米)
杨浦 五角丰达商务广场 一层 71 5.2 73,811
普陀 汇融大厦 一层 415 55.0 132,544
普陀 西康锦城 一层 98 10.5 107,412
长宁 古北国际花园 一层 328 27.0 82,4322
闸北 长泰企业天地广场 一层 61 6.6 108,194
闸北 苏河湾华侨城中心 一层 195 27.0 138,393
数据来源：莱坊研究部/ 上海房地产交易中心
投资
14
二零一二年第四季度
上海商铺 季刊
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