---
title: "Alibaba in Talks to Acquire Numerous Retail Enterprises, Including RT-Mart?"
description: "According to a retail industry veteran, dozens of traditional retail enterprises are in merger talks with Tmall, and most have also negotiated with JD.com. Following Sanjiang Shopping Club, many traditional retailers hope to ally with Alibaba to find the right path to future retail, including RT-Mart."
author: "电商媒体"
publisher: "New Distribution"
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published: "2017-02-16"
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# Alibaba in Talks to Acquire Numerous Retail Enterprises, Including RT-Mart?

> According to a retail industry veteran, dozens of traditional retail enterprises are in merger talks with Tmall, and most have also negotiated with JD.com. Following Sanjiang Shopping Club, many traditional retailers hope to ally with Alibaba to find the right path to future retail, including RT-Mart.

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Introduction: "Dozens of traditional retail enterprises are in merger talks with Tmall, and these companies have basically also had a round of talks with JD.com," said a retail industry veteran. Following Sanjiang Shopping Club, many traditional retail enterprises hope to ally with Alibaba to find the right path to future retail. Among them is RT-Mart.
In 2016, Jack Ma became a stimulant for the retail industry. Even a slight association could cause stock price fluctuations of suspected acquisition targets, driving up the entire "New Retail," "Jack Ma," and "Alibaba" concept sectors.
Since Sanjiang Shopping Club latched onto Alibaba, its stock has hit the daily limit for 14 consecutive trading days. In just a month and a half, the stock price rose from around 12 yuan per share, which had been maintained for a year, to a high of 54.96 yuan per share, an increase of about 4.5 times.
During the two-plus months of rumors about RT-Mart and Alibaba's secret talks, the stock price of Sun Art Retail experienced two rounds of surges, shifting from a 45-degree angle to a 60-degree angle in January, entering a rapid rise.
Is RT-Mart, which vowed to become the top tier in e-commerce, really going to fall into Alibaba's arms?
**The RT-Mart Puzzle**
RT-Mart's listed entity is actually Sun Art Retail, whose parent is the traditional retail giant Auchan.
Sun Art Retail is in close talks with Alibaba. Based on revelations from multiple retail industry insiders, Ebrun Power Network can basically confirm this fact, though the talks have clearly not yet reached a final intention.
According to Kantar data, as of December 2016, Sun Art Retail held a 7.8% share of the Chinese retail market, higher than second-place China Resources Vanguard's 6.2%, third-place Walmart's 5%, and more than double fourth-place Carrefour's share.
Sun Art Retail is also one of the few traditional retailers that has maintained positive growth most of the time. As of September 30, 2016, financial data showed that Sun Art Retail's revenue for the first three quarters was 77.319 billion yuan, an increase of 4.4%. During the period, it achieved a profit of 2.08 billion yuan, an increase of 2%.
At the same time, RT-Mart is also one of the few traditional retailers that maintains high-frequency store openings rather than crazy store closures. According to statistics from "Lianshang.com," by the end of 2016, RT-Mart opened 31 new stores in China throughout the year, bringing the total number of stores to 365. In 19 years, only the Weifang Weiyi Plaza store was closed due to property reasons.
But what is irreversible is that user consumption habits, which have been changed and reshaped by e-commerce, cannot be satisfied by RT-Mart stores.
Kantar Worldpanel data for the 12 weeks ending December 2016 showed that China's FMCG market grew 2.2% year-on-year in sales, while modern trade (hypermarkets, supermarkets, and convenience stores) only grew 0.5%, and e-commerce channels maintained a 50% year-on-year growth.
Among them, RT-Mart's penetration rate nationwide declined, with customer loss in provincial capitals and prefecture-level cities, which are RT-Mart's main battlefields.
As RT-Mart's e-commerce B2C platform Feiniu.com, which was a self-rescue measure, under the current background of the end of traffic dividends, the path of continuing to burn money to build scale has become extremely difficult and uncertain.
In the first half of last year, Feiniu.com also tried to seek external financing, contacting multiple investment institutions, planning to raise 500-700 million yuan to alleviate the financial report pressure brought by burning money to the listed company, but ultimately no one took over. The era when capital favored independent B2C platforms is long gone.
In the end, Sun Art Retail added 1 billion yuan in investment to maintain Feiniu.com's development for the next two years. At the same time, Sun Art Retail lowered Feiniu.com's annual growth target from the original 5-6 times to 3-4 times for the full year.
In e-commerce business, Sun Art Retail indeed appears to have more ambition than ability. Public information shows that Feiniu.com has received three rounds of investment from its parent company, totaling 2 billion yuan.
"In the past two years, mid-sized platform e-commerce has been very dangerous," said the founder of a small e-commerce platform giant. In the capital winter, business models that continue to burn large amounts of money without being able to stop losses in the short term may die at any time.
**Alibaba's Anxiety**
Alibaba, which everyone can only look up to, also has anxieties that are hard to explain to outsiders.
On the evening of January 24, 2017, Alibaba announced its Q4 2016 financial results. The group's quarterly revenue increased 54% year-on-year to 53.248 billion yuan. Core e-commerce revenue increased 45% year-on-year to 46.576 billion yuan. Benefiting from the positive earnings, Alibaba's stock price opened 4.8% higher.
Faced with such a strong report card, merchants playing on Alibaba's platform seem to have no choice but to silently calculate their contribution to Alibaba's financials. In fact, this beautiful report card reveals a dangerous data point that is easily overlooked.
Over the past year, Alibaba's net increase in active buyers has been rapidly declining.
Ebrun Power Network observed that in 2016, Alibaba's retail active user growth entered a rapid decline, with new users for the year falling below 10 million. Q3 added only 5 million, and Q4 only 4 million. Over the past three years, Alibaba's net increase in active buyers has seen a process of rapid growth followed by rapid decline. In Q3 2014, the quarterly increase of 28 million new buyers was the peak, after which the overall growth rate entered a downward channel.
After the rapid decrease in new users, Alibaba announced last quarter that it would no longer disclose GMV. With the entire network traffic entering a stock market, Alibaba, as the leader, had long seen this day coming.
Alibaba began early to lay out new businesses such as digital entertainment and Alibaba Cloud. In 2015, it successively invested in Beijing Enlight Media and acquired Youku. These two businesses are also currently Alibaba's fastest-growing new engines. In Q4 2016, cloud computing grew 115% year-on-year, and digital media and entertainment grew 273% year-on-year.
While seeking new momentum through alliances, Alibaba's retail business has also increased the platform's overall online marketing revenue by raising advertising prices and increasing advertising fee forms.
In the Q4 earnings analyst conference call, Alibaba stated that the growth of its China commerce retail business was mainly driven by online marketing service revenue, which increased 47% year-on-year, higher than the sales revenue growth of the retail business. In 2016, by providing consumers with content products such as live streaming, Taobao Headlines, and second-floor videos, Alibaba is doing its utmost to attract more and more brands and merchants to invest higher marketing expenditures on Alibaba's platform.
But can merchants' higher marketing investment on Alibaba's platform translate into sales growth of the same magnitude?
Ebrun Power Network learned from multiple top and mid-tier brands on Tmall that during Double 11 2016 and throughout the year, brands' sales investment on Alibaba's platform became increasingly expensive, but traffic did not increase year-on-year, and some even experienced severe traffic declines.
In 2016, the price of Tmall Interactive City during Double 11 tripled compared to last year, with a first-ring price of 6 million yuan, equivalent to a house in Beijing. However, participating merchants generally experienced traffic panic. On Double 11 day, a merchant ranked in the top five in a category said, "Traffic in the entire category declined by 20%, and compared to the same period last year, some time periods saw negative growth, with overall traffic being twice as bad as expected."
How will Alibaba's main retail business growth continue? What new categories can be expanded?
Cross-border imports had a brief boom, but under the unclear regulatory policies, there are no longer big expectations; fresh food, supermarkets, and other FMCG are high-frequency, low-ticket, low-margin, high-fulfillment-cost businesses. The Tmall Supermarket model, which has been competing with JD.com for a year, cannot keep up with the opponent's pace. JD.com's FMCG head, Feng Yi, even clearly stated that the FMCG battle would be ended within three years. For export business, Alibaba acquired Lazada and others to penetrate Southeast Asia.
But under the traffic ceiling, Alibaba's existing retail playbook is unlikely to have miraculous effects, and the road to overseas markets is long.
Alibaba urgently needs a breakthrough and transformation of its existing business model.
**Worst of Times, Best of Times**
The internet demographic dividend has completely bid farewell to the optimal market, and disruptive technological innovation is brewing. In the stock retail market, traditional retailers, after panicking to learn e-commerce and paying tuition, have begun to correctly recognize that e-commerce technology is an advanced productive force, but due to their own genes and time windows, they cannot fully acquire this skill.
Sun Art Retail is a pioneer among traditional enterprises resolutely transforming to e-commerce, directly led by Chairman Huang Mingduan, with the goal of achieving 50 billion in 5-7 years, burning 3-4 billion, and becoming one of the top three in e-commerce.
As of the first half of the year, Feiniu.com had over 15.3 million registered members, with over 3.2 million active members in the half year. For reference, industry data shows that Alibaba's mobile monthly active users on its China retail platform were 493 million as of the end of 2016, JD.com's annual active users were approximately 198.7 million, and Vipshop announced 23 million active customers in Q2 2016.
To enter the mainstream e-commerce tier, Feiniu.com still needs several years and a lot of money to burn on users.
But the e-commerce era has long changed, and traffic is outrageously expensive. Alibaba also urgently needs to explore offline markets and find new increments.
According to MIIT statistics, as of the end of October 2016, China's mobile internet users totaled 1.077 billion, with new users in single digits. According to Ebrun Power Network's tracking, e-commerce giants like JD.com and Alibaba used every possible means for traffic in 2016. JD.com fully promoted the Kepler Project, establishing strategic cooperation with numerous mobile traffic entrances such as Toutiao and Meiyou, providing e-commerce goods, delivery, and operational capabilities for traffic channels.
On one hand, through content products like live streaming, headlines, and short videos, they attract traffic, activate user retention, and seize user time. On the other hand, Alibaba is also integrating its entertainment entrances such as Youku and UC traffic. Alibaba's pre-Double 11 fashion gala launched a live-streaming "watch and buy" format, although the effect was very poor.
In such a competitive stock market, both online and offline have their own advantages and disadvantages in reaching and satisfying users. Pure online is not a universal substitute for offline, and the old offline methods can no longer meet the needs of users whose consumption cognition has been upgraded by the internet.
Alibaba and traditional retailers can finally sit down and talk.
They admit that neither can sustain high growth with only online or offline capabilities alone, running toward future retail. Marriage, grafting, and extending each other's capability quadrants become the smartest choice.
Alibaba proposed the New Retail concept, no longer insisting on transforming offline, but rather "jointly reconstructing traditional business formats with offline retailers and innovating user consumption experiences."
Traditional retailers also no longer insist on doing e-commerce themselves, becoming entities that can challenge Alibaba.
**The Trouble of Being Well-Matched**
RT-Mart and Alibaba are undoubtedly the two most well-matched representative forces in their respective camps.
As of February 13, Beijing time, Alibaba's closing price on the last trading day was $102.36 per share, with a market value of $222.5 billion and a P/E ratio of 33.64. In 2016, Alibaba's total revenue was 143.848 billion yuan, with a net profit of 36.688 billion yuan.
Sun Art Retail's current stock price is 7.99 per share, with a market value of 76.222 billion and a P/E ratio of 26.14. In 2015, Sun Art Retail's sales were 96.414 billion yuan, with a net profit of 2.443 billion yuan. Sun Art Retail's shareholder, French Auchan, ranked 144th in the Fortune Global 500 in 2016, with annual revenue of $60.158 billion, a year-on-year growth rate of -15.2%, and a profit of $574 million, a year-on-year growth rate of -24.5%.
**Shareholding structure in Sun Art Retail's IPO prospectus**
**(Caption: Major shareholders' shareholdings in Sun Art Retail's 2016 interim report)**
They are all big players. How much money would Alibaba need to prepare to take a stake in RT-Mart?
According to Ebrun Power Network, Sun Art Retail's 2016 interim report shows that its latest shareholding structure is basically the same as at the time of listing (Jixin's controlling stake in Sun Art Retail slightly decreased from 51.94% to 51.0009%). The two major shareholders remain French Auchan and Taiwan's Ruentex. The Ruentex group directly and indirectly holds approximately 41.18% of Sun Art Retail, Auchan indirectly holds approximately 26.01%, and no longer directly holds shares in Sun Art Retail. Together, they hold approximately 67.19% of Sun Art Retail.
Compared to the time of listing, Auchan's stake in Sun Art Retail has decreased, but it remains the second-largest shareholder, with a market value of approximately HK$19.825 billion.
Ebrun Power Network observed that in the past year, Alibaba has had 8 capital activities in the retail sector, with the basic approach being to become a major shareholder with significant say. Alibaba invested 2.15 billion yuan in Sanjiang Shopping Club to become its second-largest shareholder. The highest bid was 28.233 billion yuan to enter Suning Commerce Group, holding 19.99% and becoming its second-largest shareholder. Alibaba seems to prefer being the second-largest shareholder.
Currently, Sun Art Retail's market value is HK$76.222 billion. For Alibaba to gain the status of second-largest shareholder, it would need at least approximately HK$20 billion. In terms of funds, Alibaba is not short of money.
Alibaba's Q4 2016 financial report shows that the group had free cash flow of $4.9 billion, cash and cash equivalents of 4.5 billion yuan, and short-term investments of 134 billion yuan.
The question is: one is hot and glorious, intending to win over the old forces and completely take control; the other is tough and deeply rooted, resolutely seeking change and embracing the future. Such a new leader and old cadre are destined to have difficult negotiations, and finding a balance of interests will be extremely difficult.
RT-Mart and Auchan have both been deeply involved in retail for decades, each with multiple e-commerce layouts, and neither is likely to simply cash out and leave. When the two brands, Auchan and RT-Mart, merged and listed, the two major shareholders experienced difficult negotiations and interest division. After listing, Auchan and RT-Mart were operated by two independent teams. Auchan's side had Mercier as CEO and executive director, while RT-Mart's side had Huang Mingduan as executive director and chairman of RT-Mart China.
But the two brands, Auchan and RT-Mart, have complex relationships in specific businesses such as joint product procurement and joint marketing. Alibaba needs to seek common ground while reserving differences with two strong major shareholders and clearly divide interests. Auchan is a family-backed enterprise that does not advocate listing, making this not only a technical issue but also an art of negotiation.
With so many willing to marry Alibaba, does Alibaba still have the patience for a long-distance relationship with RT-Mart?
A reference point: when Alibaba entered Suning Commerce Group at 15.23 yuan per share, Suning subscribed for no more than 27.8 million newly issued shares of Alibaba with 14 billion yuan, and the two held shares in each other.
Therefore, Ebrun's insider speculates that if Alibaba and RT-Mart eventually reach an agreement, it is likely to adopt the Alibaba+Suning or Walmart+JD.com model, holding shares in each other, forming a community of interests, and sharing benefits.
**Who Is the Next Target?**
In Alibaba's New Retail layout, deeply holding offline retail store resources is an important step.
From Alibaba's previous investments, mergers, and business layouts, Alibaba prefers traditional retail enterprises with regional density and a certain e-commerce foundation. Suning, Intime, and Sanjiang Shopping Club are all pioneers that embraced e-commerce first, having fully conducted a wave of e-commerce themselves, and their understanding of e-commerce and basic e-commerce operational capabilities are already in line with mainstream e-commerce.
Such enterprises can reach consensus with Alibaba on value and direction. When Alibaba imports massive internet user traffic, they also have the ability to receive and convert traffic.
For example, the latest investment, Sanjiang Shopping Club, is the largest supermarket chain in Zhejiang Province, with over 160 stores, mainly covering Ningbo city and its suburbs, as well as Hangzhou, Jinhua, Taizhou, Zhoushan, and other cities. Its e-commerce channel includes a self-operated B2C website, Sanjiang Shopping, and it has joined JD Daojia.
It is understood that Sanjiang Shopping Club previously invested 200 million yuan to establish a fresh food distribution center, with supporting cold chain vehicles for centralized distribution worth about 14 million yuan. Currently, Sanjiang Shopping Club's e-commerce business supports store pickup and home delivery, with same-day delivery logistics.
After Alibaba took over, Taobao Convenience Store officially opened in Ningbo, directly cooperating with Sanjiang Shopping Club to provide "1-hour delivery." Last month, Hema Fresh's first store in Ningbo opened, expanding outside the province for the first time. There is widespread speculation in the industry that the new company Ningbo Zetai, formed after Alibaba invested in Sanjiang Shopping Club, is the operating entity of Hema Fresh's Ningbo store.
In comparison, Sun Art Retail is a target that fits Alibaba's standards very well.
According to Ebrun Power Network, Sun Art Retail not only ranks first in market share in retail but also began investing heavily in e-commerce early on. As of the end of June last year, Sun Art Retail had 421 stores, of which 68.6% were leased and 30.9% were self-owned properties. Its B2C platform Feiniu.com already has tens of millions of active users and has also entered e-commerce platforms such as Pinduoduo, Baidu Takeout, and Meituan, and has formed strategic cooperation with Gome Online in traffic and supply chain.
**(Caption: Sun Art Retail has four e-commerce brands: Feiniu.com, Putian.com, Xiaohehe, and Auchan Wine Cellar)**
Auchan Wine Cellar and Putian.com are two independent B2C websites operated by Auchan under Sun Art Retail. Putian.com mainly provides fresh and mid-to-high-end food to foreign workers in China, maintaining a 50% annual growth rate. Auchan Wine Cellar is a wine e-commerce B2C based on Auchan's original wine supply chain.
On the RT-Mart side, in addition to Feiniu.com, it has also invested in Shanghai Diqi Network, which specializes in exploring O2O business, mainly operating two mobile products, Xiaohehe and Fadaojia, providing O2O services for campuses and communities. Sun Art Retail's 2016 interim report shows that 35 RT-Mart stores have participated in O2O projects, covering 23 provinces outside East China.
In terms of capabilities, Sun Art Retail has a variety of composite e-commerce capabilities.
Most notably, unlike Sanjiang Shopping Club, Sun Art Retail's stores are relatively dispersed, with the highest concentration in East China. The advantage is that RT-Mart's stores are mainly in third- and fourth-tier cities, with only 26% in first- and second-tier cities, 45% in third-tier prefecture-level cities, 22% in fourth-tier county-level cities, and 7% in fifth-tier townships. This is highly attractive to Alibaba's goal of penetrating third-, fourth-, fifth-tier, and rural markets.
It is understood that as of the end of June 2016, RT-Mart had 346 stores, including 126 in East China and 73 in South China; Auchan had 75 stores, with 47 in East China and fewer than 10 in other regions.
Secondly, RT-Mart's 2B supply chain O2O is very distinctive in the retail field. According to Ebrun Power Network, RT-Mart's previous store delivery model was basically one provincial regional warehouse per province, not only shipping to Feiniu.com users but also providing 2B supply chain distribution to convenience stores and mom-and-pop shops in the region. One store can cover 20 convenience stores within a 10-kilometer radius.
This logic, if operated under Alibaba's leadership, with traffic entrances as an integration tool, and if forming collective direct procurement, scaled efficiency will form a true competitive advantage in the FMCG field.
An insider at RT-Mart revealed that this year, RT-Mart's core strategy is New Retail. In April, RT-Mart will launch a 1-hour express delivery service within a 3-kilometer radius of its stores nationwide. Considering that Alibaba and Sanjiang jointly launched the Taobao Convenience Store 1-hour express delivery service in Ningbo, it seems that the rumors about Alibaba and RT-Mart are about to come to light.
**The True Face of New Retail**
Alibaba proposed New Retail, and RT-Mart and others echoed that they want to do New Retail. But what exactly is New Retail?
Ebrun Power Network observed that Alibaba's New Retail currently has two main practice paths: FMCG dominated by fresh food and supermarkets, and department stores dominated by apparel.
For FMCG categories, Alibaba is pursuing both home delivery and store visits. The representative of one school, Hema Fresh, directly opens stores with internet thinking, targeting internet users, accepting only Alipay settlement, with natural interoperability between online and offline members, and a self-developed store picking and delivery system to achieve the most efficient 30-minute home delivery in the surrounding area.
**(Users in areas covered by Taobao Convenience Store will automatically see the Taobao Convenience Store entrance on the Taobao homepage; users outside the coverage area will not see the entrance.)**
The other school is the Sanjiang Shopping Club + Taobao Convenience Store model, which deeply integrates an internet-based home delivery system with Sanjiang Shopping Club's offline stores to achieve diversified services for users at home and in stores. It is understood that recently, Hangzhou's Ye's Brothers Fruit Industry also launched a physical store for "Ye's Brothers Tmall Flagship Store." A fruit industry insider revealed that the new stores opened by Ye's Brothers are related to Alibaba.
From investing in Yiguo, a pure e-commerce company, and Shanguogou, an O2O-integrated e-commerce, to investing in Sanjiang Shopping Club and Hema Fresh, Alibaba's layout in the FMCG field is becoming increasingly clear: through capital, it achieves deep online and offline membership and payment integration, providing store services for internet users on Alibaba's platform, rather than pursuing the internetization of offline users by penetrating offline users. Because almost all users have become internet users.
In department stores, Alibaba's Miao Street has retreated, and its former head, Guo Dalu, retired last year, with some Miao Street business merged into Alibaba's merchant business unit. From the latest privatization of Intime, Alibaba's move in department stores is no longer to help offline department stores become internet-based, but to help internet brands expand offline channels, upgrading to achieve omnichannel layout for brands and meet the needs of internet users.
It is understood that in February 2016, Tmall established a New Retail business, connecting online and offline, establishing a New Retail brand pool (Taobao brands), from which offline retailers select partner brands to create physical stores with cross-category + content-rich + composite displays, achieving real-time same style and price online and offline, weekly updates of 100 styles, and 24-hour non-stop online and offline shopping experiences.
In September last year, the first store of the New Retail model cooperated by Alibaba and Suxing Life opened in Chengdu. This collection store has 59 internet brands, including Dongfang Jijian, Inman, Yaoguai de Koudui, Aka, etc., covering apparel, shoes and bags, home furnishings, smart home, digital technology, and other categories.
With the New Retail concept, Alibaba is both spending money and contributing traffic. What is it after?
Imagine: when Alibaba uses traffic and money to acquire offline store resources one by one, and has the largest online retail channel, as a true boss controlling the largest omnichannel in history, all brands will revolve around Alibaba. Alibaba also has content and entertainment entrances like Youku and UC, export platforms like 1688, restaurant service entrances like Koubei, and logistics integrators like Cainiao. In the future, users' 360-degree consumption data will be in Alibaba's hands, and the circulation data of all social goods will be deposited in the Alibaba system.
With this data, a future retail scenario of "what you see is what you get" seems no longer unimaginable.
"For example, if you are in Beijing, before the plane takes off, you can place an order on JD.com to buy a bottle of perfume. When you fly to Shanghai and go shopping with friends, we can use artificial intelligence technology to calculate the best time and point to deliver the perfume via an unmanned vehicle. Maybe you are having tea with friends, and the unmanned vehicle quietly comes to you and gives you the perfume, without even needing to pay."
This is a description of future retail by Liu Qiangdong in a recent media interview. No need to leave any address, buy and receive on demand, within reach.
Such an ultimate experience is based on real-time acquisition of users' full-view data and the most efficient layout of the retail supply chain. Order when boarding the plane, deliver when landing, a 2-hour flight requires a matching supply chain that can deliver within 2 hours.
Traditional retail cannot achieve this without big data accumulation and genes, and e-commerce cannot achieve it without panoramic data and diversified offline supply chain layouts.
If Alibaba has all of this, marketing pricing power, payment channel fees, cloud computing service fees, data report sales, C2B reverse customization...
Liu Qiangdong's ultimate retail dream would be preempted by Jack Ma.
**This article is reproduced from the public account Ebrun Power Network (id: iebrun), and is an original article by Ebrun Power Network. If you need to reprint this article, please contact the original public account. New Distribution is authorized to reprint.**
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