Can I buy a shop by retail? Please tell me how risky it is. It is urgent.

Analysis of sub-zero leasing and retail property right operation mode

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June 65438, 2004+10/October 65438+May

Property-based commercial property refers to a building managed by a professional commercial management company, which sells property rights in pieces in order to withdraw funds, and the ownership and management rights can be separated and used for business activities such as commodity sales, leisure and entertainment. Mainly different from operating commercial properties that have not been sold in pieces. Its further subdivision is mainly based on its lease mode, which is divided into three ways: whole lease, zero lease and combination of whole lease.

Lease operation below zero and retail property rights are the practices of ordinary small and medium-sized developers to develop low-rise commercial buildings and commercial pedestrian streets. Generally, the business premises are divided into 10-50 square meters of independent small shops, which is convenient for selling property rights and does not affect the operation. Shops are owned or leased by the owners. Property rights and management rights are directly distributed to customers, and unsalable shops can be used as developers' own properties. This method is conducive to the rapid recovery of funds, and is not conducive to expanding the scale of enterprise assets and unifying business positioning. Due to the scattered property rights, it is difficult to unify management. If the floor is high, it is easy for the first floor to operate normally and the second floor to be deserted. If the floor is not high and the risk is relatively low, it is especially suitable for commercial pedestrian streets.

I. Case status

This model is adopted in Chengdu Roman Holiday Plaza. The project is located at the intersection of the south section of Chengdu First Ring Road and Gaoshengqiao East Road, with a population of nearly 500,000. The project includes more than 600 shops, 35,000 square meters of core shops, nearly 800 parking spaces, 80 mu of planned land, and a total construction area of nearly 654.38+10,000 square meters, including three squares, namely Central Square (3,000 square meters), Rome Square (4,000 square meters) and Obelisk Square (1.200 square meters), and nine squares.

The operation mode of Roman Holiday Plaza is "commercial pedestrian street+large supermarket". The famous large supermarket Trust-Mart flagship store and Haolaiwu building materials and furniture plaza are located on the second and third floors of the central plaza respectively, attracting popularity. The first floor of the central square is not for sale, and it is managed by the developer. The commercial pedestrian street has only 2-3 floors, all of which are divided into 20-30 square meters of unit shops, and the total price is low, which attracts many small and medium investors. The design of this project started at the end of 1999, and was used for completion acceptance on 200 1. The commercial pavement sold 30% on the first day of opening, and it was basically liquidated in about half a year. The project cycle is short and the developers get rich returns, which was once regarded as a classic success story of Chengdu commercial real estate.

After two years of operation, there was no hot scene at the opening. Trust-Mart flagship store and Haolaiwu building materials and furniture plaza are operating normally, and there are many people, but the first floor of the commercial plaza has been successfully invited for many times and has been vacant for many times in two years. Merchants on both sides of the commercial pedestrian street can't enjoy the huge flow of people with trust-mart flagship stores, and their business has been deserted for a long time. They have posted notices of "subletting" and "renting at low prices", and the rent is far from the ideal value of many small and medium-sized investors.

Roman Holiday Plaza belongs to a compound commercial street. The goods it deals in are uncertain, and the goods it deals in are not unified and coordinated. Developers' marketing promotion of the project can bring relatively little benefits to operators. Moreover, the planning and design of the complex commercial street is difficult. Improper operation by developers will lead to the failure of the project because investors, operators and consumers do not agree with the planning and design scheme of the project, and the competitiveness will also be reduced because of the high market cost of the project.

However, there are many successful cases in the commercial street model of zero-rent retail, mainly professional commercial street shops. Professional commercial streets often focus on a certain kind of goods, such as flowers, birds, fish and insects, lamps, building materials and auto parts. Professional commercial street has a relatively low market cost because of its single commodity, so it is not easy to affect the operation of the whole project because of the unreasonable planning and design of commercial street, and the possibility of successful operation is obviously higher than that of compound commercial street.

Second, the advantages and disadvantages analysis of the three parties

1, developer

Under the sub-zero lease operation and retail property right operation mode, developers are in a relatively favorable position, and can quickly complete sales and recover huge funds by virtue of the advantages of the project itself, without having to bear the return on leaseback for more than ten years, and can get away with it after the project is liquidated. The general psychology of developers is to sell commercial properties as soon as possible. As for the management of commercial properties after sale, some developers have not considered it at all, while others can do nothing, because after all the shops are sold, the ownership and management rights completely belong to the owners, and developers have no right to interfere. Because of this, developers lack overall control of the project, while retail investors have great business risks, similar to the situation of poor management in the later period of Roman Holiday Plaza: developers lose their brands, the quality of real estate declines, the rent is lower, investors cannot obtain high and stable rental income, and their investment is damaged. The reason for the problem lies in:

First, its own management rights are scattered, which is an inherent disadvantage of the operating model.

The second is the management orientation in the later period. Commerce and real estate development are two different industries. Developers know real estate development, not business. People who do business only know how to do business and don't know about real estate development, which leads to information asymmetry. Developers should not blindly build and develop, but should invite investment first, let business experts join in the early stage of development, and extensively participate in the design of positioning, streamline, layout and structure, so that the project is more likely to succeed.

Third, the developer's mentality and concept: for developers, there must be a sense of social responsibility. If the developer makes a lot of money today and leaves, the investors will be trapped tomorrow, which will have a very bad influence on the brand of the developer. The operation of commercial pedestrian street is mainly composed of three links: development, sales and operation. In the first two links, developers should pay attention to investment efficiency and pursue profit maximization, but they should not blindly raise the price of shops and occupy all profit space. In the hands of many investors, there is not enough profit space and value-added space. In order to achieve the lowest return on investment, investors' rent is high, business households are unable to rent it or the operating cost is high, which leads to the failure of later operation.

2. Investors

The retail zero-rent operation mode is deeply loved by investors because of its real acquisition and control of physical products. Compared with the entrusted operation contract to be signed by investors from 10 to 15, it can better meet investors' demand for property control.

The retail zero-rent operation mode is not as stable as the retail whole-rent mode agreed in the contract for more than ten years, and the independent shops with property rights in commercial streets are more uncertain and dynamic, which tests the investors' eyes.

The value of shops is largely determined by people's flow and consumption, and many factors, such as people's flow, culture, history, regional environmental planning, scale, architectural characteristics, investment restrictions, commodity grades, fashion trends in the whole commercial retail market and so on, affect the value of shops. It is risky to make a hasty decision without analyzing these factors or considering only a few aspects. For example, the compound commercial pedestrian street. The distribution of function formats in each block is different. Some can only do catering, while others can only open boutiques. Brand customers in various industries will have their own highest rent standards when choosing store locations. The rent for general catering is low, while that for boutiques and branded clothing stores is high. Investors should invest in shops, analyze what they can and can't do, then analyze the rent range among the selected tenants, then understand the surrounding shops, and then get the most feasible rent assessment, and then calculate the return on investment. We can't believe the lie that developers often return more than 15%.

3. Operators

For professional commercial streets, because of the single characteristics of their commodities, the aggregation effect of consumer groups has been formed. The flow of people may not be as good as that of compound commercial streets with large supermarkets as their core stores, but the flow of people is high in gold and the per capita consumption is generally higher than that of compound commercial streets. Moreover, it can effectively enjoy logistics, information and resources, and the operating cost is relatively low. It is not easy to affect the operation of the whole project because of the unreasonable planning and design of commercial streets, and the risk of operating businesses is low.

However, the problems that the operators of the complex commercial street need to consider are much more complicated. How to make full use of the flow of people in the core main stores and make the target consumer groups coincide with them is the key. If the core head office is a large supermarket and its effective consumer groups are ordinary residents around it, it is not suitable for operating high-end boutiques or high-end restaurants. If the core head office is a large department store, the situation is just the opposite.

Third, the comprehensive analysis of retail zero rent model

The retail zero-rent operation mode has a strong and long-term vitality, and is also favored by the majority of small and medium-sized developers and professional investors. For developers, the financial pressure is small, the operation cycle is short, the short-term return is high, and the long-term hidden dangers are relatively inconspicuous. For professional investors, this kind of single-family store with complete property rights has clear property rights, enjoys complete control over the property, can be rented and operated by itself, and is easy to realize. Because of its low floor or open commercial street, its long-term risk is lower than that of closed management shops.

However, the smooth sale of property rights does not mean the success of the overall operation of the project. In the long run, the key to the success of commercial property lies in management, and all the previous work is the foreshadowing of this link. The biggest disadvantage of zero-rent retail shops lies in their operation, which is analyzed as follows:

1. The management rights of various shops are completely dispersed, which is difficult for developers or management companies to control. The overall business positioning and grade are mainly adjusted by business operators themselves, and even investors are in a passive position, which is very risky. Imagine: after every single-family shop is rented by every investor, even the minimum opening and closing time cannot be unified. How can we establish a unified image of commercial property? The division of property rights and management rights leads to unclear business positioning and chaotic business pattern, which leads to the failure to protect the interests of business operators, the returns of investors and the brands of developers and business management companies.

2. If the compound commercial street is indoor, the pool area is often close to 50%, and the return on investment is relatively low. And because there is no overall business planning, the flow of people is small, and the business risks of shops above the second floor are extremely high.

3. If the commercial street in the courtyard is open-air and greatly influenced by seasons and weather, it may attract more people only when it is warm and sunny in spring and autumn, and the nine-month hot summer and cold winter rainy season keeps guests away, which has a great negative impact on passenger flow.

Four. conclusion

Therefore, although the shops with zero-rent retail property rights conform to the investment development trend of the majority of small and medium-sized investors in the external environment, they can also bring large short-term benefits to developers and relatively small long-term risks. However, its adaptability is narrow, and it is mainly applicable to professional commercial streets, not to compound commercial streets, and not to shopping malls with higher floors.

Because the products operated by professional commercial streets are unitary, they generally do not lead to unclear business positioning and chaotic business pattern, and the risks of investors and business operators are relatively low, which is more suitable for the operation of this model.