7月14日，还未到商场的营业时间，凯德MALL太阳宫店门口就已聚满人群。10点，商场的大门甫一打开，人流蜂拥而入，尽管其中许多老者是冲着华联超市的促销活动而来。凯德商用中国（6813.HK，下文简称凯德商用）总裁骆伟汉对目前的客流量感到满意。

July 14,，Not to store business hours，Cade MALL the sun has full house shop together crowd。10，The market responded with a door open，People flooded in，Although many of these old man is a blunt hualian supermarket sales promotion activity。Cade commercial China（6813. HK，Below hereinafter referred to as Kate commercial）President LuoWeiHan current passenger satisfaction。

　　2011年2月，凯德商用正式买入属于冠城大通(600067,股吧)（600067.SH）的冠城大厦裙楼商场部分。今年4月，凯德商用从保利地产(600048,股吧)（600048.SH）手中，收购了北京大兴区新源街地块的商业用地部分，建造购物中心。加之刚开业的太阳宫项目，凯德商用在北京的项目已增至9个。

February 2011，Cade commercial formal buy belongs to GuanCheng jpmorgan chase(600067,Shares it)（600067. The SH）GuanCheng building the skirt building mall part。In April this year，Cade poly real estate commercial from(600048,Shares it)（600048. The SH）hand，The acquisition of the Beijing daxing district new source of commercial land plot street part，Build shopping center。The sun has just opened and the project，Cade commercial in Beijing's project has been increased to nine。

　　购物中心是此轮商业地产热潮的焦点。但在骆伟汉看来，“或许建造一个商场很容易，但越往前走，会有越来越多的开发商发现，运营和管理一个购物中心很难。”

Shopping center is this round of commercial real estate boom focus。But in LuoWeiHan opinion，“Perhaps build a mall is very easy，But the more go on，There will be more and more developers found，Operation and management a shopping center is difficult。”

　　合作解困 Cooperation solution

　　今年2月24日，保利地产称将在北京大幅提升商业地产比重，住宅与商业投资之比为7：3。但仅过了2个月，保利北京就将“春天里”项目的商业部分出售。外界猜测，保利北京是因为资金压力而选择了出售。

February 24,，Poly real estate says will be in Beijing dramatically commercial real estate proportion，Residential and commercial investment ratio is 7：3。But after only two months，Poly Beijing will“In the spring”Business to sell part of the project。Outside guess，Poly Beijing because financial pressures and chose the sale。

　　“对于开发商来说，零售商业是最复杂且难度最高的业态。”仲量联行研究部主管覃晓梅对本报记者说。许多开发商有开发和管理写字楼的经验，亦有建造大型商业综合体的经验，但从未亲自运营过一个商场，不少企业是近一两年才组建商业地产团队。

“It for developers，Retail business is the most complex and difficulty of the highest format。”Lang lasalle research to our correspondent said the competent QinXiaoMei。Many developers have development and management office building of experience，Also has built a large commercial complex experience，But have never personally operation a mall，Many enterprises is nearly a year or two to form commercial real estate team。

　　远洋地产（3377.HK）和太古集团（1972.HK）在北京和成都合作开发三个大型商业地产项目，远洋倚重太古的，是后者丰富的商业运营经验。而远洋地产直到2010年年初，才成立了商业地产事业部。

Ocean real estate（3377. HK）And swire group（1972. HK）In Beijing, chengdu and cooperative development three large commercial real estate projects，Ocean, rely on the flat，Is the latter rich business operation experience。And until early 2010 ocean real estate，Just established commercial real estate business。

　　传统住宅开发商既缺少运营经验也缺少资源，因此寄望于通过合作来积累经验，培养自己的团队。首创置业（02868.HK）两年前开始打造以“芭蕾雨”命名的奥特莱斯产品模式，就是选择了合作。首创置业董事长刘晓光在接受本报记者采访时表示，中国还没有一个特别优秀的机构，掌握着世界上名牌的、低折扣的商品，“必须走合作之路，拓展商业资源。如果要保证奥特莱斯的纯正性，就必须寻找最好的国际合作方”。

Traditional residential developer lack both operation experience a lack of resources，So the hope is that the through the cooperation to gain experience，Cultivate your own team。First home buyers（02868. HK）Started two years ago to build“Ballet rain”AoTeLaiSi named after the product model，To choose the cooperation。First buyers LiuXiaoGuang chairman in accepting our newspaper reporter to interview said，China is not a particularly good institutions，The world famous brand of the master、Low discount of commodities，“Must go cooperation way，Expand business resources。If you want to ensure the integrity of the AoTeLaiSi sex，It must find the best international partners”。

　　阳光新业的商业模式之一就是与国内外知名品牌形成长期战略合作关系。公司副总裁李睿告诉记者，对新的品牌要有所筛选，一要看这些品牌原来所在国家或者城市的销售情况，二要看这些品牌的价格带和顾客群是否适应购物中心的定位，三还要关注这些品牌在经营期间的租售比和坪效。“为增加项目品牌资源的特有性，我们也开始设立零售平台，代理个别尚未进入中国的海外品牌，并结合自身项目做推广，形成差异化经营。总体来说，差异化经营占比至少为20%。”

Sunshine is one of the researchers business model of domestic and international well-known brand form long-term strategic cooperation relationship。The vice President LiRui told reporters，For new brand is screening，Want to see the brand originally's country or city's sales，Second, we need to look at the price of these brands with customers and whether to get used to shopping center position，Three but about the brand in the management of the rental period than and ping effect。“To increase the project brand resources of the special sex，We began to set up retail platform，Agency had not entered the China's overseas individual brand，And with your own project do promotion，Form the differential operation。overall，Differential operation accounts for at least 20% than。”

　　行业里的中小型公司，也选择了合作的方式。例如，位于北京南五环附近的鸿坤理想城引入了正大集团。

The industry is small and medium-sized companies，Also choose the cooperation way。For example，Located at Beijing south near the rings of hongkun ideal city introduced zhengda group。

艰难的运营？ Difficult operation？

　　凯德MALL·太阳宫店被定位为社区型商业，其中餐饮业态将占40%。骆伟汉告诉记者，凯德商用是做了充分的市场调研后才决定如此设计的。长期以来，太阳宫商圈内餐饮设施较少，无集中的餐饮区，且大多数餐厅规模较小。

Cade MALL · sun palace shop by location for the business community，Which food will be 40% formats。LuoWeiHan told reporters，Cade commercial is made full market research before he decided to so of the design。long，The sun palace in commercial circle less food &beverage facilities，No focus on dining area，And most of the restaurant on a smaller scale。

　　所谓运营经验是无数个细节的组成。从前期零售商业的定位、购物中心的设计，到中期的招商，再到后期的运营，为商家和消费者提供服务，环环相扣。“有时候仅仅是厕所够不够干净，空调温度是否合适，这样的细节决定了顾客会不会流失。”骆伟汉说。

The so-called operation experience is the composition of countless details。From the earlier the positioning of the retail business、Shopping center design，To the medium-term investment promotion，And then to the operations of late，For businesses and consumers to provide services，Linked together。“Sometimes is just the toilet clean enough，Air conditioning temperature is appropriate，Details of the way the customer will not lose decision。”LuoWeiHan said。

　　运营经验需要时间的积累。据龙湖北京公司总经理宋海林透露，龙湖商业公司有份名为《购物中心建造标准》的内部文件，是龙湖经过无数商场考察分析后总结出的打造综合体的各种参数，包括商场各部位、各种业态对于风控系统、温度、湿度、灯光、升降梯等细节的不同参数要求。龙湖自行开发了《龙湖商业运营管理系统》，可实时监控旗下所有项目每家租户当日营业额、租金情况、人流量等指标，关注商户经营情况，并及时给予帮助。

Operation experience need time accumulation。According to Beijing company general manager SongHaiLin lake said，Commercial companies have a dragon lake called《Shopping center built the standard》Internal documents，After numerous lake is the author analyzes the market after the making of the summed up the various parameters of the complex，Including the store's part、Various formats for the wind control system、temperature、humidity、light、Lifts the details different parameters requirements。Longhu developed《Business operation management system dragon lake》，Can real-time monitoring, all project each tenant turnover on that day、Rental situation、Stream of index，Attention merchant operating condition，And in time to help。

　　李睿表示，现阶段商业项目的经营同质化现象非常严重，部分项目以极低的租金，甚至延长免租期来恶意竞争零售商户。但吸引商户进入后的运营管理却很糟糕，引发了诸多社会问题。谈及对品牌进驻的后期管理，李睿介绍，阳光新业一般先帮助品牌分析问题出在哪里，是因为营销策略还是货品的问题，或者是店面的管理团队不到位等等。然后，再给他们提供解决建议，及时调整。如果这些努力都做了，还是不行，双方再作出最终选择。

LiRui said，At present the business of the project management homogeneityphenomenon very serious，Part of the project in a low rents，Even extend rent-free period to malicious competition retail stores。But attract businesses into the operation management after was awful，Caused many social problems。It comes to the late in brand management，LiRui introduced，The researchers first commonly help brand analysis the problem，Because marketing strategy or goods，Or is the store management team does not reach the designated position, and so on。And then，Then give them to solve it，Adjust in time。If these efforts are made，Or no，Both sides again make final choice。

　　尽管国内部分地区已呈现出购物中心泡沫化的苗头，如成都有上百个购物中心在建。凯德商用在成都亦有5个项目，但骆伟汉并不十分担心。凯德商用通常年租金回报率在5%至9%左右。部分项目年租金回报率超过10%。今年一季度，凯德商用在中国的购物中心净物业收入增长15.7%，租户销售额增长了13.0%。

Although domestic partial areas has presented the shopping center of turning into a bubble-and appearance，If there are more than shopping center of chengdu under construction。Cade commercial in chengdu also have 5 projects，But LuoWeiHan is not very worried。Cade commercial offices usually 5% to 9% in return。Part of the project compared more than 10% returns。In the first quarter of this year，Cade shopping center of commercial in China net property income growth of 15.7%，The tenant sales rose 13.0%。

　　阳光新业7月13日发布公告称，2012年 1-6月净利润将比去年同期增加659%-1039%，盈利4151万元-6227万元。

The sun on July 13, researchers say by way of a public announcement，2012 June-1 net profit will increase 659% more than the same period last year-1039%，A profit of 41.51 million yuan-62.27 million yuan。

　　中国零售市场巨大的增长潜力，是所有人都能看得到的未来。2011年，凯德商用提出在3至5年内，在中国建100个购物中心的目标。阳光新业最近也动作频频，显示出即将加速扩张的迹象。

China's retail market huge potential for growth，Is everyone can see future。2011 years，Cade commercial put forward in 3 to 5 years，In China's building a shopping center 100 goal。The sun also recently researchers action again and again，Show signs of expansion is accelerating。

　　但对于许多正在转型的国内开发商来说，挑战才刚刚开始。由富力自己管理运营的北京富力广场，曾遭遇商户频繁更迭。开业四年，仍难达到满租状态，部分商铺长期处于空置状态。和新光天地仅有一路之隔的北京金地中心写字楼部分底商，亦存在相似问题。

But for many is a transformation of the domestic for developers，Challenge is just beginning。FuLi himself by management and operation of the Beijing FuLi square，Was devastated by merchants change frequently。Opened four years，Still hard to reach full rent state，Part of the shops in the long run, the vacancy state。And shin heaven and earth all the way across Beijing only gold center part base business office，There is also similar problems。

　　覃晓梅认为，未来商业地产或面临更加激烈的竞争，或有一批商业地产“死掉”。李睿观点与此相近。他说，商业地产投资高潮过后，必将迎来一波并购潮，这也是行业健康发展必经的一道坎。

QinXiaoMei think，The future commercial real estate or face more intense competition，Or have a batch of commercial real estate“die”。LiRui viewpoint and the close。He said，Commercial real estate investment after the climax，Will usher in a wave of mergers and acquisitions tide，This is also the healthy development of industry of shaping a line。