In the retail sector, commercial complexes and brand stores are symbiotic partnerships that require mutual support and shared growth. Yintai Group is committed to the business spirit of win-win collaboration and mutual benefit, and has embarked on a wide range of collaborations. To better assume its industry role and social responsibility, it decided on January 30, to waive all rental payments from its tenants during the period its shopping centers suspended business operations, significantly reducing the operating pressure of close to 10,000 large, medium-sized and small brand commercial tenants, and its business partners.
More importantly, Yintai Group was concerned about how it could rapidly increase footfall after the reopening so that the business operations of its tenants could quickly return to normal, and sales opportunities could be created in an adverse environment.
In early March, to help its tenants increase sales, Jinhua Dongyang Intime City launched a brand “assistance” program, which involved daily trending product activities. This multi-department effort chose to focus on featuring “trending products” to drive overall sales for the stores to help its tenants to gradually recover confidence. Currently, 30 stores have joined this activity, accounting for 18% of the total.
To encourage its tenants to live stream, Yintai in01 gave benefits to its shopping center tenants that live stream on Taobao such as review exemptions, deposit waivers and commission waivers. It also offered online training free of charge, priority assistance to excellent live streaming tenants, indexing from the shopping centers’ websites and other support.
In view of the decline in footfall, Yintai in88 organized two salons focused on dining and jewelry, and invited its tenants to come discuss how to respond to the impact of COVID-19.
In addition, all of Yintai Group’s shopping centers took the initiative to work together with numerous brands that were tenants to hold online live streaming activities, and “online cloud services”, among others, to break down fan barriers between brands, maximizing flow value to the greatest extent possible.
“Commercial tenants will prosper if the commercial complex prospers, and vice versa.” The saying “we’re all in this together” describes precisely this symbiotic relationship between commercial complexes and their tenants. As long as all enterprises in the retail industry chain can help and support each other, win-win collaboration can be achieved.