Since 2017, the “New Retail” concept has garnered significant traction in China and transformed from a buzz phrase to a key business focus that widely embraced by retailers, department stores and shopping centre landlords. To respond to the new needs in the new era, retailers have strived to reconstruct the value for “customers, merchandise, and physical settings” powered by Internet technology and data. Many physical retailers have adapted to the concept by reinventing and transforming their business models and formats. They have set their goals to deploy O2O strategies, coupled with the use of big data and other innovative technologies, to achieve in-depth O2O integration of physical stores, logistics system, supplier systems, merchandise system, and payment tools to improve operational efficiency and deliver a better shopping experience for consumers. Shopping mall operators have also endeavored to redefine the relationship between landlords, tenants and customers in the shopping space; and rethink how they conceive and operate their properties. Increasing numbers of mall operators have already begun to evolve and optimize the composition of the core business elements namely properties, tenants and customers. This article identifies the new developments and key trends of shopping centres, in particular their active exploration of new development concepts and illustrates with examples and cases.