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Looking into 2020, trade frictions and the novel coronavirus pneumonia will leave lingering downward pressure on the economy within the short term. This, however, will not alter the trend of stability and long-term positive development for the Chinese economy. Residents income will grow further, boosting consumption capacity and willingness to spend as consumption structure continues to upgrade. According to industry think tanks, in 2019, the global luxury market was worth about US$381.7 billion; China’s global luxury consumption, in particular, reached US$152.7 billion, with total domestic luxury consumption increased to US$47.5 billion at a growth increase of 24%. With the influence of consumption upgrade and deepening brand awareness, the outlets industry featuring famous products and discounts still boasts considerable growth potential./p>

At the same time, the commercial application of 5G network enables more efficient online-offline interaction, and generates more brand-new consumption application scenarios. Additionally, new technology and digitization will continue to empower retail and break its geographical boundaries further. The nature of shopping has gradually evolved into “consumer + entertainment + socializing”, imposing higher requirements on digital operation and consumer insight capabilities for the whole retail industry. In particular, flexible organizational structure and decision-making mechanism as well as a favorable internal innovation and learning environment are particularly essential to the strategic process of digital upgrading.

The Group will remain attentive to the development and consumer trends of the outlets industry under the impact of structural differentiation of the consumption market and new technology. By way of strategic cooperation with Alibaba Cloud, we will strengthen the statistical analysis and application capabilities for outlets business scenarios, upgrade our digital operation and management system; and build a management team for commercial property assets, gradually convert corporate assets operation from heavy to light asset, and explore diversified realization of asset management. In addition, we will continue to iterate and upgrade our innovative marketing and unified marketing activities, forge a unique label characteristic of Capital Outlets for stronger consumer awareness and brand influence, with precision marketing in place to achieve higher income, lower expenditure and maximum value for our shareholders!

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