On June 4, the results of the 2025 central government financial support for the implementation of urban renewal actions were announced, with Beijing and 19 other cities on the list. This list, jointly released by the Ministry of Finance and the Ministry of Housing and Urban-Rural Development, marks the acceleration of a new round of urban renewal. Not long ago, the General Office of the CPC Central Committee and the General Office of the State Council issued the Opinions on Continuously Advancing Urban Renewal Actions, outlining a roadmap for this initiative. It proposes that by 2030, the living environment will be significantly improved, the economic landscape will be more diverse, cultural heritage will be effectively protected, urban characteristics will be more prominent, and cities will become spaces for a high-quality life for the people.
Courtyard-style block design, rich historical architecture, and a diverse mix of businesses come together to create a unique blend of tradition and modernity in the “Siheyuan Commercial District.”
Located in Xicheng District of Beijing, Zhonghai Daji Alley recently opened to the public, drawing in 200,000 visitors on its first day.
New commercial landmarks are not only urban icons-they are engines of economic growth. From traditional courtyard homes to old factory buildings, from first flagship stores in Shikumen alleys to revitalized Baroque-style blocks, these trendy destinations connect a city’s past and future through innovative spatial designs and diverse consumer experiences. In balancing heritage and innovation, they sketch a new blueprint for urban commerce and unleash fresh momentum for city development.
Leading the debut economy and creating commercial landmarks
With stores like the Asia-first EviDenS de Beauté Castle and CELINE’s summer roaming pop-up, Zhangyuan in Shanghai’s Jing’an District-a Shikumen complex with over 140 years of history-has undergone a remarkable transformation. Post-renovation, it has attracted more than 30 domestic and international brands to launch their first stores there. On average, Zhangyuan hosts 1.5 global product debuts each week and sees a daily footfall of around 30,000 visitors.
On March 16, 2025, visitors tour the Jing’an First-Launch Brand Pavilion. On that day, the pavilion debuted at Zhangyuan in Shanghai. (Photo by Liu Ying, Xinhua News Agency)
From century-old Shikumen to launchpads for new products, Shanghai is redefining consumer trends through the rise of the “debut economy.”
“Shanghai has become a major hub for first launches, debuts, exhibitions, and flagship stores by domestic and international brands. The scale of the debut economy is large, and its growth is rapid,” said Liu Min, Deputy Director of the Shanghai Municipal Commission of Commerce. In the first five months of this year alone, Shanghai added 365 new first stores.
In Beijing, over half of the more than 150 specialty brands that first settled in Zhonghai Daji Alley are debut or customized stores, creating a unique commercial appeal. Haidian Joy City has brought in over 280 brands, with nearly 30% being first stores. In Chengdu, 148 first stores opened in the first quarter alone, alongside more than 50 debut exhibitions, shows, and product launches. In Guiyang, seven new commercial complexes and specialty streets-such as the New Yin 1950 Discovery Cultural and Creative District completed in 2024-have introduced 248 first stores.
From the China debut of international brands to innovative first launches by local names, from visiting the very first store to attending a premiere show-the debut economy concentrates resources, fuels innovation, and draws crowds, boosting the creation of commercial landmarks.
Located in Chengdu’s Xinnan Tiandi business district, JD MALL’s first store in Sichuan has hosted multiple new product launches and events like a vibrant music festival and a pet-themed party. “First stores and first launches have significantly boosted foot traffic and sales,” said Chi Xiao, store manager of JD MALL Chengdu Xinnan Center. “During the May Day holiday, daily visitors exceeded 20,000.”
Today, many emerging commercial landmarks are restructuring the urban retail landscape through a “first-store matrix,” successfully breaking out of traditional models with “first sight, first purchase, first experience,” continuously enhancing the city’s development capacity.
Innovative consumer experiences driving consumption upgrades
Red bricks reflect old alleys, while neon lights dance with new trends.
In Guiyang’s Yunyan District, the former Guizhou Xinhua Printing Factory-now called New Yin 1950-has become a trendy hotspot, attracting an average of 5,000 visitors per day.
A street corner of "New Yin 1950". (Photo provided by interviewee)
Outside a milk tea shop, many young people leisurely sip their drinks at outdoor tables. “There’s a cultural vibe and a sense of everyday life here. Every visit feels relaxing and pleasant,” said Ms. Lu, a local resident. Since she works nearby, she often meets colleagues and friends here for tea and chats.
Peng Jun, a native of Guiyang and participant in the project’s construction, expressed a strong sense of pride. In his view, compared to typical commercial streets, this district retains the red brick walls, gabled roofs, and vintage printing machines of the old factory. Workshops and warehouses have been transformed into art galleries and cultural markets, with trendy lifestyle brands, specialty coffee shops, and international cuisine. This blend of industrial relics and contemporary flair creates a consumption scene where the “old” and “new” empower each other.
By West Lake in Hangzhou, the Hubin business district has turned commercial space into a “tech testbed.” Consumers engage online with the “Bin Dimension” virtual try-on, digital Citywalk, and AR interactions. Offline, the “Xizi Gallery Bridge” sky theater combines live performance with virtual imagery to bring classic IPs-like the Legend of the White Snake, Su Dongpo, and Nezha-to life, enhancing the shopping experience for locals and tourists.
Thanks to its unique cultural atmosphere, trendy youth-oriented businesses, and spaces dedicated to intangible cultural heritage, Zhonghai Daji Alley recorded RMB 12 million in sales and over 500,000 visitors during the Dragon Boat Festival holiday.
Professor Xu Guangjian of Renmin University’s School of Public Administration noted that in recent years, newly emerging commercial landmarks across China have become vital tools for optimizing consumption supply and driving upgrades. By combining innovative business models with culture, commerce, and leisure, they meet consumers' diverse needs.
Empowering Urban Renewal and Promoting the Integration of People, City, and Industry
The siheyuan (courtyard house) is a carrier of old Beijing’s urban memory. The Daji Alley area has well preserved historical architecture from the Ming and Qing dynasties to modern times-particularly its fishbone-shaped alley layout and courtyard structure-making it one of the key areas in Xuan’nan that embodies guild halls, famous figures, and commercial culture.
Zhonghai Daji Alley, located in Xicheng District of Beijing, recently opened and has become a popular check-in spot. (Photo by Ji Ning, Xinhua News Agency)
“Based on its rich historical and cultural heritage, the Daji Alley project under CSCEC has adopted a dual-track renewal and preservation model that combines traditional craftsmanship with modern technology,” said Zhang Xin, head of Beijing Zhonghai Xincheng Real Estate Co., Ltd. Craftsmen used old bricks and tiles to restore the siheyuan courtyard houses, achieving a “repair-as-original” effect, while the underground space was developed into a commercial complex.
What’s especially impressive is that, through a series of clever spatial reconfigurations, the project not only realized commercial value but also managed to “squeeze out” 12,000 square meters of public green space, complete with sports facilities like basketball courts. This not only enhances the area’s environmental quality but also provides local residents with a valuable public gathering space.
Sun Cheng, Dean of the School of Architecture and Design at Harbin Institute of Technology, said the essence of urban renewal is to breathe new life into old spaces. When historical symbols encounter modern industries, and cultural textures are woven into contemporary life, commercial landmarks become bridges connecting different times and spaces.
In Shanghai, the Panlong Tiandi commercial district-reborn from an urban village-infuses historical heritage and new functions into the spatial fabric of an ancient town. In Harbin, the Zhonghua Baroque Historic and Cultural District in Daowai, once a “living fossil” of Northeast commerce, continues to evolve with innovation.
Whether it’s a minimalist creative bookstore or a themed exhibition curated by Gen Z, whether it’s traditional crosstalk in a teahouse or stand-up comedy in a small theater, more and more young people are introducing new business models. These century-old commercial streets, through the clash of old and new, are gaining unique consumer appeal. During this year’s May Day holiday, the Zhonghua Baroque District received 640,000 visitors-up 150% compared to the same period last year.
“New commercial landmarks are becoming key leverage points for the integration of people, cities, and industries,” said Dai Bin, President of the China Tourism Academy. “In these dynamic new consumer scenes, the momentum for urban development is surging stronger than ever.”
Source from : Yang Siqi, Ji Ning, Zhou Rui, Pan Dexin, Xinhua News Agency, June. 12th, 2025, https://www.news.cn/fortune/20250612/b5a2c7831f894a8aae399de38f214fbd/c.html
Translated By Jingyuan Zhang
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