The Next-Level DNA: Decoding the Six Pillars of Quality Revolution in China Merchants Commercial Management

On May 22, 2025, China Merchants Commercial Management (CMCM) unveiled its transformation achievements from the past two years and announced its future business development blueprint at the Shanghai Investment Promotion Conference.Looking back, under the guidance of the “X+ Commercial” strategy, CMCM has achieved remarkable results through cross-industry integration and innovative practices.In Q4 2023, Xiamen Haicang Garden City and Shanghai Caolu Garden City opened with overwhelming success. Both projects drew over 15 million visitors in their first year, activating strong consumption potential with their “first-store matrix” strategy, and significantly boosting the surrounding retail districts.In 2024, despite market headwinds, ten projects including Changsha Guanshaling Garden City, Shanghai Sea World, and Shanghai Media Harbor Garden Lane successfully opened, achieving an average opening occupancy rate of nearly 90%.At the same time, several existing projects underwent tenant restructuring and experiential upgrades, resulting in simultaneous growth in footfall and sales.Shanghai Senlan Garden City reported a 20% YoY increase in traffic, 15% YoY increase in sales, and a 77% YoY surge in high-net-worth memberships in 2024.Suzhou Kunshan Garden City welcomed 75 new brands in 2024, with 20 brands exceeding RMB 10 million in annual sales, and maintained an overall occupancy rate of 99%.Shenzhen Shekou Garden City reopened after a large-scale upgrade in 2024, attracting 72 new brands, including multiple first stores in Nanshan District and across China, driving an 81% YoY increase in traffic and a 50% YoY increase in sales.These practices not only broke through the boundaries of traditional retail, but also validated the forward-looking nature of CMCM’s strategy.

Building on the 2023 strategic milestones, the 2025 Investment Promotion Conference further upgraded its development roadmap, emphasizing multi-dimensional value reconstruction:Consumer Scenario Evolution.Local Culture Activation.Community Relationship Optimization.Urban Ecosystem Quantification.Together, these initiatives aim to amplify the multiplier effect of commerce and build a more vibrant retail ecosystem.So, how will CMCM push for the next level of transformation?In this article, we will break it down into three main pathways, linking them with upcoming commercial projects. By grounding its approach in practice, CMCM continues to validate consumer insights and capture the needs of urban new-generation shoppers, where quality content and mature operations remain the keys to attraction.In recent years, CMCM has precisely identified the core customer segments and innovatively crafted new shopping scenarios in its newly launched malls. This approach deeply aligns with the diversified and high-quality demands of its target audience, continuously strengthening its brand influence.Data shows that from the launch of Shenzhen Shekou Garden City in 2006 to the recent opening of Shanghai Caolu Garden City, the “Garden City” product line has consistently targeted three major consumer groups:Family households.Business white-collar professionals.Trend-savvy young consumers.These market insights provide a solid foundation for the precise positioning and scenario building of CMCM’s upcoming projects.

Shanghai Beicheng Garden City X: An All-Scenario Micro-Vacation Experience CenterAs Baoshan’s first large-scale TOD (Transit-Oriented Development) commercial complex, Shanghai Beicheng Garden City X spans 285,000 sqm, strategically located next to Luxiang Road and Panguang Road, with seamless connectivity to Metro Line 7, and linkage to Line 15 and the planned Baojia Line.Within a 5-kilometer radius, the project covers a population of 840,000 (deduplicated data), of which 650,000 are young families—notably, households with children aged 0–6 years (“Little Sun” families) account for a remarkable 43%. This core consumer group is further complemented by 266,000 high-quality office workers and 61,000 university students and Gen Z consumers, creating a dynamic mix of diversified demand.The project sits in the Gucun subdistrict, a key residential development hub in Baoshan and one of the closest large-scale residential clusters to downtown Shanghai. With continuous inflow of quality family households, the area promises sustained consumption vitality.Based on current and future customer profiles, the project adopts the new-generation MAX TOD MALL concept, aiming to establish a long-term competitive landmark in North Shanghai.

In terms of spatial and experiential planning, the project introduces an innovative 3D experiential matrix:Three Aerial Journeys: Sky Show – Floating Box, Sky Walk – Time Halo, and Sky Adventure – Dinosaur Park to spark commercial imagination.Five Themed Eras: Future Era, Human Era, Dinosaur Era, Insect Era, Animal Era—immersive crossover spaces to enhance interactive experiences.Three Outdoor Activity Zones: Chill Urban Waterfront, Dynamic Cycling Trails, and Pet-Friendly Haven—meeting modern urban leisure and social needs.Three Indoor Fantasy Realms: Forest of Thousand Islands, Blooming Wonderland, and Stellar Sea—deepening immersive shopping and entertainment.For tenant mix and brand strategy, the project applies a “one theme per floor” vertical planning model, covering seven upgraded retail categories, while introducing four major anchor tenants to strengthen differentiation:Jurassic Dinosaur Park: A world-class IP attraction integrating rainforest landscapes, science education hubs, and rail-car interactions—creating a new rooftop sports & science landmark.Pet One-Stop Experience (L1–L3): An industry-first “human + animal + plant” dynamic symbiosis system, redefining commercial participation.Parent-Child Tech Entertainment Center: A “Family x Tech” flagship concept, integrating exploration installations and interactive platforms to create a new parent-child social hub.

Ice & Snow Fantasy World: A suburban urban ice-and-snow entertainment complex, offering four-season winter experiences.The project is scheduled to open in 2027.Nanjing Xuanwu Garden City: First-Store + TOD + Sustainability.As a key service industry project of Jiangsu Province in 2025 and the core commercial hub of China Merchants Jiangsu Headquarters, Nanjing Xuanwu Garden City covers 140,000 sqm and is a dual-metro TOD complex.Market research indicates that the project benefits from built-in foot traffic from CM residential communities (Zhenjing owners) and future metro commuters. The surrounding area encompasses 468 residential compounds, with a 15-minute drive radius covering 557,000 residents and 961,000 workers. Together, these form a stable, high-quality consumption ecosystem both internally and externally.

Based on Target Customer Groups, Introducing 115 First Stores.Anchored in its target demographics, the project has introduced 115 first stores, with first-store brands accounting for an impressive 46.5% of the total. These include Lightning (the first shopping mall store in East China), KASE (Jiangsu’s first store), COSYROOM (Jiangsu’s first store), XEXYMIX (Nanjing’s first store), ARIA (Nanjing’s first store), Beishu Fang (custom flagship store), Popular Book Bureau (theme-customized store focusing on animals), UGG, JOTT, JNBY, and more—forming a powerful brand magnet cluster.Leveraging ecological resources such as Dazhuangguan Road City Park and Hongshan Forest Zoo, the project pioneers Nanjing’s first cycling-friendly theme mall. It also collaborates with the local government to develop dedicated cycling routes and friendly rest stops. Additionally, an astronomy co-working space and observatory were designed to resonate with Purple Mountain Observatory, while mountain rocks and plants from Purple Mountain are brought indoors to create a nature-and-human symbiosis experience.

As an essential component of Hongshan New City’s “Magnificent World” international district, the project aligns with regional development strategies by integrating global resources. Through innovations in natural ecology + quality consumption + social experiences, it creates an urban lifestyle hub full of warmth, attitude, and vitality.With its brand portfolio continually expanding, the project is scheduled for trial opening on May 28, offering residents a higher-quality lifestyle experience. This milestone not only accelerates Hongshan New City’s transformation from a “potential zone” into a thriving commercial hub, but also unlocks consumption upgrade potential in Nanjing’s core districts, injecting strong momentum into the city’s internationalization journey.Anchoring Commercial Trends: Building a Waterfront Eco-Lifestyle Circle.With rising health awareness and the growing popularity of sustainability, consumers’ demands for commercial spaces are undergoing profound transformation.

Urban residents increasingly yearn to reconnect with nature, seeking escapes from concrete jungles back into authentic ecological environments. This consumer shift compels the retail industry to embrace eco-friendly architecture, green building practices, and sustainable design, making eco-conscious malls a new industry consensus.Shenzhen Prince Bay China Merchants Garden City: A Benchmark for Coastal Living.Shenzhen Prince Bay Garden City, a flagship project under China Merchants Shekou’s “Front Port – Central Zone – Back City” model, is also Shenzhen’s first cruise-integrated commercial complex. With a total GFA of 114,000 sqm, the project capitalizes on the strategic location of Prince Bay Cruise Homeport, transforming ecological value and leveraging cruise tourism to create high-end coastal retail innovation.On May 30, the project will debut its VILLA District with a grand opening. This area, covering 15,000 sqm across 8 standalone villas, is interconnected through art corridors that integrate the architecture seamlessly with the surrounding ocean, creating a garden-style coastal retail street.

Already, it has attracted multiple first stores in China or South China, including Biyin Lefen, Malbon, JCC International Contemporary Jewelry Art Center, Youyun Sichuan Cuisine, Zhiguan Pavilion, and Pinarello, shaping a premium lifestyle destination that blends fashion, art, gourmet dining, and sports.As a new commercial ecosystem, Shenzhen Prince Bay Garden City not only caters to modern consumers’ demand for quality lifestyle experiences but also realizes harmonious coexistence between people, architecture, and nature. Reportedly, the South District of the project will officially open by the end of this year, with the combined leasing rate of the South District and VILLA District already surpassing 60%.

Hangzhou North City Merchants Garden City: XOD Mixed-Use Complex.With a total GFA exceeding 240,000 sqm, Hangzhou North City Merchants Garden City stands as the core commercial hub of Linping District’s “Westward Excellence” strategy. Seamlessly connected to the under-construction Metro Line 15 Chonghang Street Station, the project benefits from well-established premium supporting facilities, continuously attracting clusters of high-caliber talent.Data shows that within a 5 km radius, the project will reach an estimated 620,000 consumers, including 410,000 young families with children (“Little Sun” households), over 110,000 elite white-collar professionals, and nearly 100,000 fashion-forward youth—making it one of Hangzhou’s most dynamic youth lifestyle circles. Despite strong demand, the area currently lacks a large-scale shopping center.Leveraging its TOD hub advantages and youthful customer base, Hangzhou North City Merchants Garden City is being designed as a super-compound XOD complex, integrating shopping mall + themed golden street + urban living room + cultural & sports center. Its ambition: to become the most attractive “heat field” (vibrant hotspot) in North Hangzhou.

In terms of spatial design, the project seamlessly connects indoor vibrant blocks with a sunken open-air plaza, creating fluid indoor-outdoor living scenes. It also interacts with nearby Wolongbang Park and natural river systems, further enriching the ecological experience. Notably, a cultural & sports center is embedded within the commercial space, shaping a “fashion consumption x sports wellness” ecosystem.To meet diverse needs, the project introduces IP-driven themed scenes such as Trendy Ark, Sea of Flowers Tribe, Layered Light Path, Mood Island, Freedom Valley, Canal Food Court, Heat Tree, and Song Dynasty Elegance Gathering.The Sea of Flowers Tribe, spanning over 2,000 sqm, provides a parent-child growth zone with interactive play, educational activities, and consistent social engagement.Mood Island, a 1,300 sqm outdoor atrium, functions as a hybrid social hub for commercial pop-ups and city-scale event planning.The project is set to open by the end of 2025, with leasing progress already surpassing 60%.Co-Creating Urban Value: Driving City-Level Growth.Culture is the soul of a city and the foundation of sustainable urban development. Commercial real estate has now evolved from mere spatial construction to urban value co-creation. By preserving urban memory and excavating local cultural heritage, projects like this align with the core demands of high-quality development, achieving a transformation from “space supply” to “value symbiosis”. This transition continuously injects commercial momentum into the upgrade of urban competitiveness.

Shanghai Sijing Merchants Garden City: Ancient Town + Songjiang Culture + TOD.Located directly above Metro Line 9 Sijing Station, Shanghai Sijing Merchants Garden City consists of three land parcels, with a commercial area of about 200,000 sqm. It represents Songjiang District’s first large-scale shopping center directly connected to a metro station, positioning it as a landmark TOD destination for the area.Shanghai Sijing Merchants Garden City: Reshaping Songjiang’s Commercial Landscape.Among the resident population in Sijing, the proportion of people under the age of 45 is the highest in all of Shanghai. According to Winshang Big Data, the project’s 5 km trade area covers over 500,000 people, of which more than 60% are “Little Sun” families aged 25–44.However, the current retail landscape around Sijing Metro Station only meets basic daily needs. Within a 5 km radius, there is no large-scale commercial complex, resulting in serious retail outflow from the area.Against this backdrop, the arrival of Shanghai Sijing Merchants Garden City is set to upgrade the regional consumption market and reshape the commercial pattern of Songjiang.

The project deeply explores the cultural DNA of Sijing Ancient Town’s “waterfront settlements” and innovatively adopts a “North Street + South Mall” spatial layout. Through architectural segmentation and open design, traditional water-town elements such as windows, tiles, rain, and bridges are reinterpreted in a contemporary way, creating a vibrant youth-driven destination where tradition meets modernity.On the south side, a two-story sky bridge will directly connect to Sijing Metro Station, forming a multi-layered circulation system to efficiently absorb TOD passenger flow.On the north side, giant pine installations, themed markets, and a 200-meter waterfront dining belt recreate the scale and charm of old water-town streets.On the west side, leveraging the Waipojing Road green corridor, the design introduces layered terraces, producing a “mountain and flowing water” three-dimensional landscape.The rooftop garden will host sports districts for running, rock climbing, skateboarding, and ball games, creating a social gathering hub.Inside, highlights include a giant floating garden, butterfly art installations, a fully transparent glass dome, suspended iridescent art panels, and a 17-meter crystalline light waterfall, together forming an indoor aesthetic spectacle. This multi-level spatial organization offers consumers a unique and immersive experience.

Ningbo Xiushui Street: Contemporary Revival of a Cultural Heritage District.With a total above-ground GFA of approximately 45,000 sqm, Ningbo Xiushui Street is positioned as the “New Showcase of Ancient Ningbo Charm”.The project preserves 12 city-level and 1 district-level cultural heritage sites, including the Osmanthus Hall, Wu Residence, Xu Residence, Sun Residence, and Lin Residence. During construction, an innovative “restoration as original + functional implantation” strategy was applied. By reusing Xiushui Street’s distinctive stone materials and waterside landscaping DNA, combined with modern craftsmanship, the project safeguards Ningbo’s “cultural memory.”In terms of spatial scenes:Along the main street, a creative cluster integrates living and experiential retail.Within the narrow alleys, theater-style spaces are designed to create an immersive “scenery at every step” strolling experience.Strategic Insights: Decoding the Core of China Merchants Commercial Management.Through a comprehensive analysis of the six upcoming projects, it becomes clear that China Merchants Commercial Management focuses its operational strategy on four core dimensions:Building a replicable operational system – leveraging the accumulated experience of opened projects to empower new developments.Balancing standardization with local differentiation – while standard operating models provide efficiency, integrating regional cultural and market characteristics creates unique competitive advantages.Driving consumer-centered innovation – continuously upgrading service content and experiences based on evolving customer demands.Focusing on long-term value creation – embedding cultural heritage and urban development into commercial planning, as seen in projects like Nanjing Xuanwu Merchants Garden City and Ningbo Xiushui Street, to demonstrate strong corporate social responsibility (CSR).

Beyond these four pillars, China Merchants Commercial Management shows a remarkable spirit of breakthrough innovation. While investing heavily in immersive experiential scenes, the company is also proactively reinventing its business model.For example, at Shanghai Beicheng Merchants Garden City X, the traditional anchor-store model was disrupted by introducing cross-boundary themed collaborations and four distinctive flagship anchors, thereby establishing a formidable and hard-to-replicate competitive moat. This forward-looking self-reinvention is key to maintaining its industry leadership.Dual Focus on Customer and Tenant Value: The LOVE Service System.A core initiative in recent years has been the LOVE specialty service system, the cornerstone of China Merchants Commercial Management’s operations. This framework aims to achieve a dual enhancement of customer experience and tenant value through systematic and humanized services.At Shanghai Sijing Merchants Garden City, three community co-creation zones were innovatively designed:Love For Kids Cultural Space – featuring a children’s museum and library, creating a flagship parent-child hub.Love For Pets Friendly Space – integrating indoor and outdoor pet-friendly experiences, making it the region’s first super pet experience center.New Night Market Food Space – combining daytime and nighttime markets, establishing a youth-driven social destination.At Nanjing Xuanwu Merchants Garden City, the cycling-friendly positioning extends into services such as a Cycling Energy Refill Program and Brand Co-creation Missions. High-net-worth members also gain access to professional astronomical equipment and star-gazing educational courses, delivering rare, exclusive experiences.

The LOVE system further expands through WeChat, Douyin, Xiaohongshu, and private digital communities, connecting online and offline experiences for 360° customer engagement. By leveraging big data-driven intelligent services, the system boosts operational efficiency while creating exclusive membership benefits and tenant collaboration opportunities for multi-dimensional value creation.Additional enhancements include mother-and-baby lounges, barrier-free facilities, and themed experiences such as IP exhibitions and seasonal festivals, all designed to strengthen scene-based attractiveness and foster customer loyalty.Continuous Self-Advancement for Better Urban Living.As one of China’s leading integrated developers and operators, China Merchants Shekou builds its business on three core competencies: development, asset operations, and property management. With these pillars, the company has established a full life-cycle urban development service system, continuously fulfilling its corporate mission as a “provider of better living experiences.”

As the commercial real estate investment, operations, and management platform under China Merchants Shekou, China Merchants Commercial Management (CMCM) focuses on projects such as commercial complexes and Grade-A office buildings. Over the past three years, CMCM has maintained a rapid annual growth rate of over 30%. By the end of 2024, CMCM had expanded its presence to more than 30 core cities including Shanghai and Shenzhen, managing over 80 commercial projects nationwide with a total GFA (gross floor area) exceeding 5 million square meters, as well as operating more than 40 office buildings covering 2 million square meters. Leveraging both group-wide resources and professional operational expertise, CMCM continues to deliver benchmark projects that enhance urban commercial vitality and drive industrial innovation.

CMCM has built a three-tier commercial product line system: Sea World – Garden City – Garden Lane, covering a full range of formats from large-scale waterfront urban complexes to community-level shopping centers, achieving differentiated and synergistic growth. At the same time, with a dual-wheel strategy of heavy and light asset models, the company continues to optimize its asset structure and enhance commercial value through refined operations.Flagship projects already in operation include Shenzhen Sea World, Shenzhen Shekou Garden City, Suzhou Kunshan Garden City, Chongqing Changjiahui Shopping Park, Xiamen Sea World, Shanghai Sea World, Shanghai Caolu Garden City, and Changsha Guanshaling Garden City. These key projects in major cities report an average occupancy rate of over 97%.In addition, by leveraging its mature commercial operation experience, CMCM actively expands its light asset model through brand output and third-party partnerships.

Current projects include Shanghai Media Port Garden Lane (Phase I opened), Shanghai Green Oasis Valley Garden Lane (North District opened), Ningbo Yinzhou Garden Lane, and Kunshan International Sparkling Garden Lane. With precise market insights and professional operations, CMCM provides full life-cycle services to third-party owners, achieving shared value creation.Under the “X+Commercial” strategy, CMCM continuously iterates its standardized product portfolio while customizing unique non-standard projects to nurture differentiated brand IPs. This enables the company to match diverse business district attributes and customer needs with precision. Such an innovation-driven approach of “product strength + content strength” not only redefines the value of commercial spaces but also strengthens the co-evolution between brand and city, providing the industry with a new benchmark for commercial development.