The phrase "release economy" has been gaining traction in recent years, highlighting how businesses and communities are adapting to ever-changing consumer needs while also unlocking new avenues for consumptionAs people’s material living standards continue to rise, they are now seeking out more profound spiritual, cultural, and emotional valuesThis shift means that innovation in consumer experiences and upgrading product quality are now emerging trends recognized across industries.

Since the beginning of 2024, Shenzhen has witnessed a robust surge in diverse consumer experiences, demonstrated by the numerous first stores, premieres, and exhibitions that have popped up across the cityFrom brand launches to live performances, and from cutting-edge technologies and products to modern commercial complexes, Shenzhen's burgeoning "release economy" is rapidly becoming a catalyst for regional consumption and catering to increasingly diverse consumer demands.

Drawing Consumers with Premier Launches

Take, for instance, the Wanxiang Shijia located in the Luohu District of Shenzhen

Within its IKEA design ordering center, a steady throng of customers is a testament to its successStore manager Zhao Shuguang eagerly explains IKEA's whole-house design services and the ordering procedure for home products to curious shoppers"This is IKEA’s first design center in mainland China and its first urban format store worldwide to include dining servicesSince its opening in late May 2024, we’ve seen double-digit monthly customer growth," Zhao reveals.

Moreover, throughout 2024, Wanxiang Shijia has introduced an array of first shops, including international culinary experiences from various global cuisines, achieving a 120.7% increase in customer traffic compared to the previous year by November 30, 2024. This is just one example of how new and unique offerings are revving up traffic and increasing sales.

Additionally, exhibitions have been making their way to Shenzhen

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For instance, on December 24, 2024, the immersive experience "The Missing Pharaoh – Exploration of the Pyramid of Khufu" made its grand debut in South ChinaVisitors can engage in a 45-minutes virtual reality experience that allows them to closely explore the internal structure of the Pyramid of Khufu, while also gaining insights into its rich cultural and historical backgroundSun Qingjie, the head of marketing at Boxin Universe, explains that together with the exhibition, Boyin Universe’s immersive exploration center has also opened, leveraging VR technology to offer consumers a novel and engaging digital cultural experience.

New Consumption Trends Fueling Local Growth

Shenzhen's "premier launches" have clearly become the secret sauce for boosting local consumption fluxOne case is the Shenzhen Dayun Tiandi, the city's first open commercial street designed under the concept of a "breathable" space, which opened its doors on July 28, 2024. With nearly 200 brands on board, over 60% of which are first stores or custom concept shops, this commercial complex garnered more than 4 million visitors in its first month and continues to achieve an average monthly turnover exceeding 100 million yuan.

In Bao'an District, the Binhai Arts Center, recognized as one of Shenzhen's premier venues, has hosted 12 initial performances in 2024, attracting over 70,000 audience members and generating ticket sales exceeding 50 million yuan

Meanwhile, in Pingshan District, the newly opened Gucunhu Huasheng Space officially welcomed visitors on August 7, 2024, showcasing eight outstanding performances and achieving a full house every timeIt also features activities such as the Longma Society’s 15th-anniversary exhibition and the "Characters from the Dream of the Red Chamber" oil painting exhibit, attracting more than 50,000 visitors and spurring over 20 million yuan in local spending.

According to data from the business information platform Ying Shang Wang, the third quarter of 2024 saw the launch of 165 first stores in Shenzhen, marking a 13% year-on-year increase and setting a new single-quarter recordBy the end of September 2024, the city had a cumulative total of 336 new first stores, reflecting a 26% increase compared to the previous yearNotably, in the past three years, Shenzhen's total for newly opened first stores has exceeded 1,000.

Experiential Retail to Engage Modern Consumers

As businesses look to attract customers, first stores are becoming essential in diversifying retail offerings

Huang Zhifeng, the general manager of the Ping An Financial Center shopping mall in Shenzhen, noted that since upgrading the mall on June 30, 2023, 74 stores have undergone remodelingIn 2024, the mall attracted 40 various first stores, including high-impact athletic brands to cater to consumer demand for active and leisurely lifestylesAdditionally, social culinary venues have been introduced, featuring popular Korean restaurants and tea shops, effectively creating new high-quality consumer experiences.

As Huang articulates, "Today's consumers crave fresh and unique experiencesFirst stores can satisfy this need for novelty and activate new consumer potential." Consequently, the mall has seen significant growth in its monthly retail sales and foot traffic thanks to these new offeringsThe vision is to continually expand on the establishment of first stores.

This emphasis on newness has morphed a series of newly opened commercial spaces into trendy spots for social media recognition

For example, if one were to view Shenzhen Dayun Tiandi from above, they would see a vibrant center that fuses shopping streets with ecological lake views and parks, alongside professional sports venues in a multifaceted cultural and commercial complex.

Gong Hang, the manager of Shenzhen Dayun Tiandi, adds that as living standards improve, society has moved toward a pursuit of greater spiritual and cultural values"We focus on four dimensions: humanity, technology, space, and ecology," he explains, valuing the surrounding resources at the Dayun Center and merging cultural and entertainment events with shopping environments to craft a comfortable, neighbor-friendly atmosphere.

Investing in Quality Leads to Loyalty

Shenzhen Mixc City, which opened in 2024, stands out as one of the city's most iconic commercial developments"From the beginning, more than a third of the brands introduced were making their debut in China and Shenzhen," says Wen Jun, the center’s leasing director

With a strong focus on young consumers, Mixc City has launched three themed spaces recentlyBy 2024, the center had brought in 62 first stores, which accounted for 67% of the total new openings throughout the year.

Continuous high-quality introductions have injected vitality into Shenzhen Mixc CityOver the past 20 years, its cumulative sales have increased by a staggering factor of over 50.69, with an average annual growth rate of 13.2%. To sustain this innovative momentum, starting from late 2023, Mixc City has launched China’s first “immediate tax refund” service for departing visitors, with approximately 50 brands already enrolled in the program.

Winning a variety of outstanding performances has transformed the Binhai Arts Center into a premier destination for major domestic and international productions, becoming a cultural landmark in Shenzhen"By hosting high-quality premieres and thematic seasons", Li Xi, deputy director of the performance center at Binhai Arts Center shares