In Taiziwan, Nanshan District, Shenzhen, the K11 ECOAST Haibin Cultural and Art Zone (hereinafter referred to as K11), which cost 10 billion yuan and took seven years, will be trial operation on April 28.

This project, which carries the high hopes of "New Landmark of Cultural Retail in the Greater Bay Area", attracted 300,000 passengers on the first day of its opening, and the average daily passenger flow during the May Day holiday exceeded 150,000, becoming a new hot spot for cultural and tourism in the Greater Bay Area.

Note: This K11 is a cooperation project between China Merchants Shekou and Hong Kong New World.

However, accompanied by high popularity, the concentrated outbreak of experience gap, investment controversy and operational flaws: chaotic traffic lines, brand "displacement", toilet ring size inconsistent, and hasty facilities have caused many netizens to complain, and the voices of "the greater the expectations, the greater the disappointment" are endless.

On May 10, a reporter from "Daily Economic News" conducted a real investigation into the project and learned that the problems of toilet ring size mismatch, navigation screen blanks, and sanitary dead corners that were previously criticized by netizens have basically been resolved, but core disputes such as insufficient business formats and lack of high-end brands are still to be solved.

A reporter from the Meike learned from the project-related person through a telephone interview that in the past week, after seeing netizens’ complaints, the project has been undergoing internal reviews and solving problems in a targeted manner. We didn't expect that the traffic of people would be so large during the May Day holiday, and there were indeed shortcomings in relevant personnel allocation, investment promotion progress, etc.

The person responded that K11 is not a simple commercial complex, but it adopts the art + business model as a whole. It will be gradually optimized through the strategy of "gathering popularity first and then adjusting business formats", and plans to launch the second phase in 2026. "In fact, before the project officially opened, we attracted tourists through various art exhibitions, and there will be similar art exhibitions in the next few months."

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Really explore the K11 project complaints mentioned by netizens frequently

During this May Day holiday, K11 became a check-in point for many netizens.

But at the same time, various complaints are constantly being made, including "the toilet ring does not match the toilet", "the shopping mall discount code displays garbled codes", "traffic jams and difficulty in parking".

Source: Screenshots of netizens on social platforms

At 1 pm on Saturday, May 10, there was a large flow of people at the entrance of K11 North Pavilion. There were also many tourists coming to take photos and check in at the corridor between the North Pavilion and the South Pavilion and the viewing platform.

Outward view of K11 North Pavilion 8th floor

A reporter from the China Business News observed that although some shops are still fenced, the overall operating order has become stable. The problems mentioned by netizens such as "the toilet ring does not match the toilet" and "the shopping mall discount code displays garbled codes" have been basically solved.

Data provided by the project party shows that during the trial operation of K11, the average daily passenger flow reached 100,000, and the peak at the weekend exceeded 150,000, far exceeding the original commercial body level in the area.

A consumer told the reporter of Meike on the spot: "The first time I came to visit, the overall business format of the project is quite large, but the floor height is a bit low, and I always wander around, which makes people feel a little depressed."

In addition, because he was not familiar with the structure of the shopping mall, the family kept visiting the Beiguan. After that, under the guidance of the reporter, they visited the Beiguan to the Nanguan.

A reporter from the China Business News learned that there are significant differences in the decoration styles of K11 South Pavilion and North Pavilion. Among them, the South Pavilion is mainly yellow, and its business formats include parent-child entertainment, outdoor leisure, trendy retail, etc.; the overall tone of the North Pavilion is a little darker, and its business formats include art exhibitions, special catering, air auditoriums, etc.

K11 South Pavilion decoration style

K11 North Pavilion decoration style

As noon approached, there were already long queues for some well-known chain restaurants such as Chef Fei, Green Tea, and Bawang Tea Ji.

In contrast, the overall traffic of other stores is not high, and many floors also make consumers sigh that "it is not that easy to visit" because there are stores on the decoration.

In addition to the traditional supermarkets, there is also a building on the outside of the northern and southern corridors of K11 that is specially designed to open various art exhibitions. Perhaps because of the charge, the tourists who came to visit various art exhibitions that day formed a sharp contrast with the high traffic of the mall.

Some tourists mentioned in an exchange with the reporter of the China Business News that "even if you don't shop, it's good to come to the beach to see exhibitions and take a walk." This compound model of "business + art + nature" has also become a major feature of the K11 project.

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The project responded that "it has been reviewing and solving problems"

On the afternoon of May 10, in response to some netizens' complaints and controversies about K11, project-related persons responded to the reporter of the Economic News via phone.

The person admitted that the 300,000-daily passenger flow during the May Day holiday far exceeded expectations, exposing the problem of insufficient preparations. As mentioned earlier, in the past week, after seeing netizens’ complaints, the project has been undergoing internal reviews and solving problems in a targeted manner.

"The actual passenger volume during the May Day period is far exceeding expectations, resulting in a sharp increase in the pressure on cleaning, security, and facilities operation and maintenance." She further explained that after the May Day period, the project party established a special rectification group to inspect the mall every day, and rectify problems immediately after finding them. Today, the shopping mall environment has been significantly improved, and daily operations have become normal and comfortable.

In addition to the continuous optimization of hardware facilities, the project party is also constantly adjusting its business strategies. In view of the challenges of the current business environment, the project adopts the strategy of "first have aura and then a shopping mall" to gather popularity through early cultural and artistic activities, so as to attract more brands to settle in. After the area is relatively mature, high-end brands will be gradually introduced.

Source: K11 ECOAST Project Official Microelectronics

"We observed that the high traffic of catering brands such as Chef Fei during the May Day period proves that popularity has a basis for commercial transformation." The person revealed that some leading brands have expressed their intention to settle in, so we hope to first build up the traffic through various operations, and then consider investment promotion at the same time.

"This is actually a positive cycle. In the current market environment, brands are actually weighing the trade-offs of all parties, and they will be relatively more cautious."

In addition, in response to the issues of "high too low" and "flavor too strong" feedback from some tourists, the above-mentioned person responded: "There is actually no way to judge some consumers' subjective views, and not everyone will have similar feelings."

Regarding the parking problems that occurred during the May Day holiday, the person said that it was mainly because the parking lot was not fully opened at that time and the surrounding municipal roads had not yet been handed over. In the future, we will cooperate with surrounding commercial, office buildings, apartment buildings, etc. to open more parking spaces, and take advantage of the "May Day" experience to prepare for the operation of holidays in advance to ensure that we can carry large passenger flow smoothly.

"In fact, the project positioning has never been a shopping mall in the traditional sense, but a complex that integrates culture and art, including commercial bodies, parks, cultural and art centers, etc., and is committed to building a cultural and artistic area." The above-mentioned person added.

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“It is a process of continuous adjustment and optimization”

A reporter from the China Business News noticed that New World has currently opened 7 K11 projects in Shanghai, Wuhan Hankou, Wuhan Optical Valley, Shenyang, Ningbo, Guangzhou and Shenzhen, mainland China.

According to the data disclosed in the 2024/2025 interim report of New World Development, the total construction area of ​​the Qianhai Taizi Bay project is 228,500 square meters, covering a variety of business formats such as cultural space, office buildings, and commercial formats. In addition, Guangzhou’s second K11 project in Wanbo, Chimelong, Guangzhou will open in the third quarter of this year.

Source: New World Development 2024/2025 Interim Report

"With the completion and opening of property investment projects across the country, it will help increase the proportion of the Group's recurring rental income, effectively drive the Group's performance to steadily improve, and provide sufficient cash flow." New World Development mentioned in its financial report.

On the afternoon of May 10, Song Ding, director of the China Urban Expert Network Research Institute, said in an interview with the WeChat account of "Daily Economic News" that the method of gathering popularity first and then supplementing business formats is a strategy that most supermarkets may adopt in the current market. Currently, there are enough commercial projects in Shenzhen, and there are only a few important luxury brand stores in large commercial entities, so it is difficult to settle in in batches. Relatively speaking, one of the bolder aspects of the Prince Bay K11 project is that it adopts a "business + art" model, breaking out of the traditional business logic of the past, which is also a direction that companies are currently insisting on.

In Song Ding's view, Shenzhen does not lack high-end shopping malls, but it lacks commercial space with truly cultural connotations. K11 needs to find a balance between artistic expression and consumption convenience.

"The development space of shopping malls in the future will definitely continue to cater to changes on the demand side, such as the "post-00s" and "post-10s". They may prefer experiential, sensible, and interactive spaces. How to keep this generation accepting it in space operation requires a process of continuous adjustment and optimization." Song Ding said.

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