The dispute between proprietary trading and joint operation continues. In the context of the Supply-side Structural Reform and the consumption system reform, combing with the pursuit of retailing innovation, it is necessary to conduct further theoretical discussions on this issue. Based on Marxian economics, this paper points out that the essential difference between proprietary trading and joint operation is whether commercial capital or industrial capital bears the circulation function. They can coexist. However, if the retailing industry relies heavily on one of these models, it needs to reflect on whether commercial capital and industrial capital have achieved an efficient division of labor. In the process of circulation system reform, joint operation has helped many retail enterprises to survive and promote the rapid expansion of domestic retailing sales in a specific historical period. But with joint operation expanding widely and going to extremes, a series of problems occur, stifling innovation. The digital economy provides a favorable opportunity for retailers to return to proprietary trading. Retail enterprises are supposed to take full advantage of new technology to get them out of the joint operation dependence as well as develop proprietary trading deeply and raise efficiency comprehensively.