In Hangzhou, a city brimming with wealthy people, why can't a local competitor comparable to "Deji" emerge?

Hangzhou, home to three shopping malls with annual sales exceeding 10 billion yuan, has yet to produce a dominant commercial "kingpin".

In 2025, Hangzhou MixC achieved sales of 13.5 billion yuan, Hangzhou Tower 12 billion yuan, and Hangzhou Hubin Yintai in77 approximately 11 billion yuan. These three powerhouses have been locked in a fierce competition for years, with slight adjustments in their rankings.

However, beneath the calm surface, there are undercurrents. On April 28th, after eight years of meticulous development and with a total investment exceeding 10 billion yuan, Hangzhou Plaza 66 quietly commenced its trial operation. Subsequently, Hangzhou SKP, Hangzhou IFC, Hangzhou K11 and other top - luxury projects will also enter the market in the next two to three years. Hangzhou's high - end commercial sector is transitioning from a "tripartite confrontation" to a "fierce battle among numerous contenders".

On the demand side, in 2025, the total retail sales of consumer goods in Hangzhou reached 949.9 billion yuan, just one step away from the "trillion - yuan consumption city". The per capita consumption expenditure of residents was 55,592 yuan, ranking first in the country. The consumption power of this city is still on the rise.

Amid the surging material desires, which will be the next "10 - billion - yuan mall" in Hangzhou?

01.

Competition among the Three 10 - Billion - Yuan Malls: Who Will Prevail?

Let's break down the four "combat capabilities" of sales, customer flow, brands, and business districts to see which of the three 10 - billion - yuan malls in Hangzhou has the strongest comprehensive strength.

  1. Performance Competition: Hangzhou MixC Overtakes Hangzhou Tower

Let's first look at the most straightforward sales performance. In the past three years, the performance rankings of the three 10 - billion - yuan malls in Hangzhou have changed significantly. The sales of Hangzhou Tower declined, while Hangzhou MixC overtook it for two consecutive years and leaped to the first place. Hangzhou Hubin Yintai in77 advanced steadily, with its sales increasing continuously.

Behind this is the reshaping of Hangzhou's high - end commercial landscape. Hangzhou MixC has risen to become Hangzhou's top luxury shopping destination. It is reported that its performance has increased by double - digits for six consecutive years, and more than half of its active members are under 35 years old. In contrast to Hangzhou Tower, which has a first - mover advantage and a large number of loyal "old - money" customers, Hangzhou MixC targets the young "new rich" in Hangzhou and surrounding cities. Different from the traditional luxury shopping malls, the label of Hangzhou MixC's counter - attack is trendy and young.

As the former "kingpin", Hangzhou Tower is not willing to lag behind and continues to evolve. From 2024 to 2025, it launched a "defense war for core brands". Six major luxury brands renewed their contracts, and it promoted the renovation, expansion, and upgrade of international top - luxury brands. In addition, it invested heavily in the "brand image improvement" transformation.

In the high - end luxury field with a strong moat, Hangzhou Tower has a top - luxury brand matrix, high - net - worth customer groups, and a membership system that have been accumulated over decades, stabilizing its ultra - high - end consumption base. Xu Lei, the chairman of Hangzhou Tower, once publicly stated that it aims to be the "Galeries Lafayette of China" and strive for an annual revenue of 14 billion yuan in 2026. Its ambition to turn the tables is evident.

  2. Traffic Competition: Hangzhou Hubin Yintai in77 Wins, but with "Sweet Troubles"

In terms of customer flow scale, according to Winshang Big Data, among the three 10 - billion - yuan malls in Hangzhou, Hangzhou Hubin Yintai in77 leads the way. Its average daily monthly customer flow is basically over 200,000 people, far exceeding that of Hangzhou MixC and Hangzhou Tower, ranking among the top in the country.

The three 10 - billion - yuan malls have long been ranked among the top 8 super - large projects in Hangzhou's "Popular Shopping Center Ranking", and Hangzhou Hubin Yintai in77 has always taken the lead.

As the "king of customer flow", Hangzhou Hubin Yintai in77 has unique regional advantages. It is adjacent to the West Lake, a "super traffic pool" with an annual reception of over 30 million people, and has a stable and huge base of global tourists. With its large scale and comprehensive business formats, "Visiting the West Lake means visiting in77" has become a consensus among tourists. In terms of customer group proportion, the proportion of non - local customers in Hangzhou Hubin Yintai in77 exceeds 40%, the highest among the three 10 - billion - yuan malls, reflecting the importance of non - local tourist traffic.

How can Hangzhou Hubin Yintai in77 convert the huge customer flow into "customer retention"?

On the one hand, it increases the number of high - level first - stores to meet the needs of local young people for following trends and tourists for trying new things. For example, in 2025, 56 high - quality first - stores were opened, including the Hangzhou flagship store of Gundam Base, the first Hangzhou store of domestic high - end luxury brand SMFK, the first Chinese specialty store of American outdoor backpack brand OSPREY, the first Hangzhou store of Sushiro, the first Zhejiang store of emis, the first Zhejiang store of VAUDE, the first Zhejiang store of HERMES beauty, and the first Zhejiang store of Hermès fragrance and cosmetics.

On the other hand, it turns large - scale events such as the Hubin International Beauty Festival and the International Fashion Show into IPs, and at the same time holds high - level IP first - exhibitions frequently to maintain high - profile topics, such as the first East China stop of the "Toy Story 5" theme event, the first global exhibition of the original paintings of Crayon Shin - chan's 35th anniversary, the first global exhibition of "Harry Potter: Return to Hogwarts", and the large - scale exhibition of "Intimate Audrey Hepburn" in Hangzhou.

Although it leads in customer flow, its sales are slightly inferior. The "sweet troubles" of Hangzhou Hubin Yintai in77 stem from its relatively low conversion rate and customer unit price, which is directly related to the project's positioning of "cultural tourism + trend", focusing on the breadth of traffic rather than the depth of the customer group. The lively atmosphere mainly composed of tourists is naturally misaligned with the quiet experience required for high - end consumption.

For Hangzhou Hubin Yintai in77, how to convert the super traffic brought by the West Lake into higher - value stays and repeat purchases is the key to its ranking improvement in the "10 - billion - yuan camp". Based on this, the project has continuously increased its high - end brand matrix in recent years.

At the end of 2025, the project completed the strategic adjustment and renovation of Area D, creating a "gathering place for high - end beauty and fragrance products". It introduced the first Zhejiang stores of Hermès beauty and BVLGARI perfume, strengthening the top - luxury beauty combination. At the same time, it strongly gathered first - tier brands such as clé de peau Beauté, HELENA RUBINSTEIN, SKINCEUTICALS, LA MER, LE LABO, and Aesop, forming a full - category matrix covering top - luxury beauty, high - end skin care, and perfume, and deeply optimizing the floor - efficiency structure and customer flow quality.

  3. Brand Competition: Different Emphases on Luxury Depth, Brand Breadth, and Traffic Thickness

■ Hangzhou Tower: The Deepest Moat for High - End Luxury

Hangzhou Tower has the most comprehensive high - end luxury brand matrix. In addition to the six luxury brands of Hermes, Chanel, LV, Dior, Gucci, and Prada, it also has more than 10 rare high - end jewelry brands such as Harry Winston, Graff, and BUCCELLATI, creating the "ceiling of jewelry". At the same time, it has gathered the exclusive salons of brands such as CHANEL, LOUIS VUITTON, DIOR, and FENDI, using extreme private enjoyment and exclusive services to accurately target the top - level core consumption power. This exclusive advantage of "having what others don't" makes it the preferred destination for luxury consumption of high - net - worth customer groups in Hangzhou.

While consolidating its basic market, the project increased the outdoor sports category in 2025, newly introducing the first East China store of Montane, the first direct - operated store of Salomon in Hangzhou, the first Zhejiang store of down jacket brand Gaofan, the first Hangzhou store of American male yoga brand Vuori, and the first Hangzhou store of Austrian sports brand HEAD. In 2026, it focused on top - luxury children's clothing and children's outdoor products, bringing 8 first Zhejiang stores such as FENDI Kids and Thom Browne Kids, as well as international high - end outdoor brands such as THE NORTH FACE KIDS and Reima, continuously strengthening the influence of retail categories.

■ Hangzhou MixC: The Highest Proportion of High - Level Brands

Hangzhou MixC has fewer high - end luxury brands than Hangzhou Tower, but it also has exclusive brands in Hangzhou such as BUCCELLATI and Roger Dubuis.

In terms of brand level, the proportion of high - level brands in Hangzhou MixC is significantly higher, among which the proportion of Class A brands exceeds half. Backed by the powerful brand resource library of the group, Hangzhou MixC has introduced many benchmark brands in various categories, forming a leading advantage in creating a high - quality lifestyle and continuously generating high performance.

Among the three 10 - billion - yuan malls in Hangzhou, Hangzhou MixC is the only project with a large - scale supermarket format. It introduced the high - end boutique supermarket Olé, filling the gap in the high - end daily consumption scenario of high - end luxury shopping malls. It also introduced new and trendy fashion brands such as the first Zhejiang store of Brooks, the first Hangzhou store of american vintage, and the first Hangzhou store of Songmont, and built a comprehensive brand matrix of fragrance and outdoor sports. It was also the first to introduce the first national store of JEMPER and the Japanese top - grade pearl jewelry brand Mikimoto.

Its catering combination is strong, accounting for more than 25%, the highest among the three. It has gathered many "beautiful food" restaurants with strong social attributes such as O'eat, Yeego, NEED Creative Korean Cuisine, and Hong 0871 Selected Yunnan Cuisine. In 2025, it newly introduced more than 20 first - stores of catering, including the first Zhejiang store of Blue Bottle Coffee, the first Zhejiang store of A'ma's Handmade, the first East China store of BebeDonut, the first Hangzhou store of Fengtian Xiaoguan, the first Hangzhou store of Haiding Yongshang, and the first Hangzhou store of Kokyo Sushi Bar, continuously leading the refined catering track, maintaining market freshness and topic - making ability, and providing a complete "shopping and dining" experience for high - end customer groups.

■ Hangzhou Hubin Yintai in77: "Kills" across All Categories and Customer Layers

The business format structure of Hangzhou Hubin Yintai in77 is the most comprehensive among the three, covering all categories and customer layers, and is divided into five areas: A, B, C, D, and E.

Area A, adjacent to the West Lake, gathers international brand flagship stores, including the Hermès flagship store, the LV flagship store, the second Crocs store in the Chinese mainland, the BALENCIAGA flagship store, the largest single - store GUCCI boutique in Hangzhou, and the largest lululemon store in China.

Area B is seamlessly connected to the Longxiangqiao Subway Station and is the "high - traffic area" of the project, focusing on the vanguard and trendy experience. Its second basement floor is a Z - generation theme block, gathering more than 20 second - dimension stores and is the most representative second - dimension cultural landmark in Hangzhou.

Area C gathers fast - fashion and trendy brands, Area D focuses on high - end cosmetics, and Area E aims to create a young and trendy nightlife landmark, with nightclubs and trendy bars as the core engines, and is equipped with internet - famous restaurants and snacks.

It is also reported that Area F of the project will officially open in October this year, positioning itself as a "laboratory for the lifestyle solutions of urban new - generation people", focusing on the in - depth needs of the new middle - class customer group.

Hangzhou Hubin Yintai in77 consolidates its trendy position with an annual brand adjustment rate of 30%. The number of its first - stores has always ranked first in the city, and more than 60% of them are first - stores at the provincial level or above. It is not only a showcase for international brands but also a testing ground for emerging trendy brands.

Although the business formats of the above three overlap to some extent, they present a staggered competition, jointly forming a complete picture of Hangzhou's high - end commercial sector.

Hangzhou Tower builds a moat with "depth of high - end luxury", using scarce brands and top - notch services to lock in the top - level customer group.

Hangzhou MixC establishes a barrier with "breadth of quality", leading the middle - class consumption with refined catering and lifestyle.

Hangzhou Hubin Yintai in77 opens up a situation with "thickness of traffic", using the mixed - ecology of all customer layers and all categories to convert the huge customer flow of the West Lake into real sales contributions.

  4. Business District Competition: Each Has Its Own Location and Advantages

The three 10 - billion - yuan malls in Hangzhou are located in three mature municipal business districts: Wulin Business District, Hubin Business District, and Qianjiang New City Business District. Their ecological patterns and development potentials are different, directly determining the