The case studies of US Retail REITS，revealed the secret of the value creation of Retail REITS. A wonderful business model and a fabulous financial model，paves the continuable growth way for the operator，and brings up the premium of scale effect. REITS itself is an innovation of financial model. It drives the asset augmentation. However，it’s not enough. The retail estate operator needs to combine the scale effect with a creative business model. Only the combination can contribute the added value.