??business
商业版块
schumpeter熊彼特节目
the?warehouse?king库房之王
why?industrial?wasteland?is?the?new?battltground?for?property?giants？工业扔掉地为何会变成房地产巨子的新战场。in?the?late?1990s?hamid?moghadam,?an?iranian-born?property?developer,?made?a?$5m?bet?onwebvan,?an?american?online?grocer.?it?was?a?bust.?webvan?was?one?of?the?most?spectacularcasualties?of?the?dotcom?crash.?more?galling?still,?mr?moghadam?turned?down?the?opportunityto?invest?in?another?e-commerce?upstart?called?amazon,?thinking?its?focus?on?books?was?toonarrow?compared?with?groceries.?yet?some?people?can?win?even?by?losing.?sensing?a?potentialbounty?in?the?online?craze,?the?firm?he?cofounded,?amb,?sold?its?portfolio?of?shopping?centresand?bought?millions?of?square?feet?of?warehouse?space?on?the?tarmac?of?american?airportsinstead. “we?got?the?company?wrong,?but?we?got?the?big?trend?right,”?he?says.?two?decadeslater?the?company?he?heads,?prologis,?is?amazon’s?biggest?landlord.?mr?moghadam,?now?63,?stands?tall?over?the?world’s?warehouse?business.?
20世纪90年代末，出世于伊朗的房地产开发商哈米德·穆加达姆以500万美元的价格押注于美国的网上杂货零售商webvan。而这场赌注破产了。webvan是泡沫溃散中丢掉最沉重的公司之一。更令人动火的是，穆加达姆回绝了出资另外一家电子商务新贵amazon的机缘，他认为与杂货零售商比较，亚马逊对图书的重视相对狭隘。可是有些人可以反败为胜。他知道到了网络热潮中的潜在利益，所以他卖掉了自个创建的公司amb的购物中心组合，转而在美国机场的停机坪上收购了数百万平方英尺的库房空间。他说，“咱们出资错了公司，可是咱们精确地把捉住了大趋势，”20年后，他领导的公司prologis是亚马逊最大的业主。穆加达姆如今63岁了，他耸峙在全球仓储事务之上。
a?stanford?graduate?who?got?his?start?in?property?because?no?one?else?in?america?would?hirehim?during?the?iranian?revolution,mr?moghadam?has?made?a?career?of?bold?bets.?in?2011,?with?property?still?reeling?from?the?financial?crisis?of?2007-09,?he?led?a?bumper?deal?to?uniteamb?and?prologis,?a?bigger?rival,?with?a?combined?$46bn?of?owned?and?managed?assets.?sincethen?the?propertyinvestment?firm?has?expanded?globally.?it?has?assets?of?$125bn?and?floorspace?of?lbn?square?feet?(90?square?kilometres,?or?a?manhattan-and-a-half).?a?surge?of?e-commerce?during?the?covid-19?pandemic?has?helped?underpin?its?share?price;?its?marketvalue?of?$68bn?is?just?below?an?all-time?high.?yet?mr?moghadam?is?not?alone?in?realising?that?thehumble?shed?can?be?as?good?an?investment?in?the?e-commerce?era?as?shovels?were?duringthe?gold?rush.?blackstone,?the?world’s?largest?alternative-asset?manager,?invested?more?than$25bn?last?year?in?warehouses?in?america?and?europe.?it?calls?logistics?its?”highest-convictionglobal?investment?theme”.?a?battle?over?industrial?wasteland?is?underway.
穆加达姆作为一个斯坦福的结业生，因为在伊朗改造时刻，没有其他的美国人会招聘他，他就斗胆地赌了一把并初步了自个的房地发生计。在2011年，房地工业仍在2007-09年的金融危机的影响中挣扎，所以他主导了一场非常大的生意，他以自有资产和打点资产，算计460亿美元，将amb与更大的竞赛对手prologis联合了起来。从那时起，这家房地产出资公司就在全球扩展。它的资产为1250亿美元，建筑面积为10亿平方英尺（90平方公里，恰当于1.5个曼哈顿）。因为新冠肺炎疫情时刻电子商务激增，协助支撑了其股价；其市值680亿美元，略低于前史最高水平。可是并非只需穆加达姆一人知道到，在电子商务年代，粗陋的棚屋可以像淘金热时期的铁锹相同变成一项不错的出资。世界最大的特别资产打点机构黑石，上一年在美国和欧洲的库房出资跨越150亿美元。它将物流业称为“全球最具说服力的出资主题”。一场关于工业扔掉地的战争正在进行。
it?is?bard?to?imagine?stephen?schwamnan,?blackstone’s?highsociety?boss,?talking?aspassionately?about?the?nitty-gritty?of?logistics?as?mrmoghadam?(who?has?a?fraction?of?mr?schwarzman’swealth).?yet?a?contest?between?the?king?ofwarehouses?and?the?baron?of?private?equity?will?beworth?watching.?it?will?not?just?shape?the?future?of?e-commerce.?it?will?change?the?urban?landscape,?too.
很难愿望黑石集团的高层老板斯蒂芬·施瓦姆南会和穆加达姆先生（他具有的财富是施瓦姆南先生的一小有些）相同，在谈论起物流的本质时，非常激动。可是，库房之王和私家股本巨子之间的竞赛将值得重视。它不只将描写电子商务的将来。它也将改动城市景象。
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to?see?why,?cycle,?as?schumpeter?did?last?weekend,?up?london’s?lea?valley,?an?idyll?of?canalboats?and?riverside?vegetable?gardens?running?from?the?graffiti-covered?east?end?to?thecapital’s?north.?stop?at?the?ravenside?retail?park,?a?place?of?shuttered?stores?like?mothercare,?awell-known?british?brand,?and?maplin,?an?electronics?retailer.?it?is?destined?to?become?groundzero?for?the?retail?apocalypse.?in?january?prologis?spent?￡51n?($68m)?acquiring?the?site,?justbefore?covid-19?accelerated?the?agony?of?its?remaining?tenants.?in?a?few?years,?once?they,?ortheir?leases,?expire,?prologis?hopes?to?turn?the?area?into?a?multistorey?warehouse?for?e-commerce?firms?like?amazon.?that?is?part?of?a?global?pattern.?in?america?such?logisticshubs?are?rising?from?the?rubble?of?dead?shopping?malls.
为了弄清缘由，像熊彼特上星期末那样，骑自行车沿着伦敦利阿谷向上行进，从涂鸦掩盖的东端到首都北部，是一片运河船舶和河畔蔬菜园的田园风光。在ravenside零售园停下来，这儿有许多关闭的店肆比方英国出名品牌mothercare以及电子产品零售商maplin。它注定会变成零售业末日的起点。本年一月，就在新冠疫情加剧了剩下的租借店肆的苦楚之前，prologis斥资5100万英镑（合6800万美元）收购了这个当地。几年后，一旦他们或他们的租约到期，prologis期望把这个区域变成像亚马逊这样的电子商务公司的多层库房。这是全球格局的一有些。在美国，这样的物流中心正从扔掉的购物中心废墟中鼓起。
it?is?easy?to?dismiss?the?warehouse?business.?as?one?industry?boss?puts?it,?investors?used?tothink?of?it?as?”four?walls?and?a?roof?that?you?hope?doesn’t?leak”-in?other?words,?highlycommoditised.?yet?mr?moghadam?says?it?is?enthralling.?the?first?task,?he?says,?is?to?decide?onwhich?end?of?the?supply?chain?to?be.?he?settled?on?mass?consumer?markets?around?the?worldrather?than?serving?producers,?because,?as?he?puts?it, “consumers?do?not?move,?factories?do.”?as?a?result,?his?warehouses?sit?close?to?huge?urban?areas?where?land?is?scarce.?it?also?requirespatience.?in?america?it?has?taken?decades?for?e-commerce?to?eke?out?a?double-digit?share?ofretail?spending.?lockdowns?have?turbocharged?the?shift.?before?the?pandemic?about?a?fifth?ofprologis’s?ware
house?construction?was?for?e-commerce,?and?the?rest?for?other?forms?oflogistics.?the?e-commerce?share?is?now?as?high?as?40%,?mr?moghadam?says.
我们很简略会不思考打开库房事务。正如一位作业老总所言，出资者曩昔认为这是?亩虑胶鸵桓瞿闫谕换崧┧姆慷ァ薄痪浠8担叨炔坊？墒牵录哟锬繁昝鳎夥苛钊巳肷瘛Ｋ担谝幌钍姑侨ゾ裨裎└吹哪囊欢诵堋Ｋ谌蚬婺Ｄ谑髁⒘巳褐诨ǚ焉坛。皇俏霾绦埽蛭缢担盎ǚ颜卟换嵋贫こЩ帷币蚨目夥烤臀挥谠谕恋叵∪钡拇蟪鞘辛诮Ｕ庖残枰托浴Ｔ诿拦缱由涛窕思甘晔笨滩旁诹闶劭е姓加辛轿皇谋壤?关闭办法这种变换加速。在疫情之前，prologis将自个大约五分之一的库房缔造用于电子商务，其他用于其他方法的物流。穆加达姆标明，当前电子商务的比例高达40%。????