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The Vanishing 'Carrefour's
Although store closures have been the main theme for traditional supermarkets in China in recent years, Carrefour China has been hit even harder. According to Suning.com's announcement on May 31 regarding its response to the 2023 annual report inquiry letter, as of the end of May this year, only four Carrefour China stores remained operational. Once a glorious leader and 'godfather' of local retail, it has now become a cautionary tale. Just four years ago, Carrefour China still had 228 stores, but that number has drastically declined.
戈多Over 150 Stores Closed in Q1: Where Is the Traditional Supermarket Industry Headed?
Recently, the retail industry has been most concerned and discussed about Fudi Supermarket, which closed all its stores overnight. The author learned that Fudi's first store opened in Xiantao, Hubei in early 1993, and by 2012 it had over 550 stores with sales revenue exceeding 7 billion yuan. However, it has been declining since then, and this year it closed all its stores. This reflects the broader challenges facing traditional supermarkets, which are struggling due to various factors including changing consumer habits and competition from e-commerce.
戈多Deconstructing Costco: The Barriers That Local Companies Find Hard to Replicate
Xiaomi CEO Lei Jun once said that among the three companies that have profoundly influenced Xiaomi, Costco is one; Pinduoduo CEO Huang Zheng also stated that Pinduoduo will become a combination of Costco and Disney in the future. Ye Guofu, founder of Miniso, has repeatedly praised Costco, and after the Shanghai store opened in 2019, he posted late at night saying that Costco understands the essence of human nature and has grasped the essence of retail. The late investment guru Charlie Munger once said, "This is an example of having the right management system, the right personnel selection, the right moral standards, the right diligence, and so on. This is quite rare. If you have been associated with such a business once or twice in your life, then you are a very lucky person."
戈多Three Thoughts Behind Costco's 3 Billion Yuan Annual Sales from Two Stores
On June 14, the China Chain Store & Franchise Association released the 2022 China Chain Top 100 list, with Costco making its debut. The list showed that Costco had 2 stores in China in 2022, ranking 98th, with total revenue of 3 billion yuan, averaging 1.5 billion yuan per store and daily sales exceeding 4 million yuan per store. Costco, founded in 1983 in Seattle, Washington, is the world's second-largest retailer after Walmart, with 849 stores globally and over 300,000 employees.
戈多Metro, the Pioneer of Warehouse Stores, Undergoes Two Transformations in China
Although Metro was the first foreign supermarket to enter China, it remains relatively unfamiliar to ordinary consumers compared to other foreign supermarkets like Carrefour, Walmart, and Costco. This is mainly due to its historical focus on B2B rather than B2C. Now, after being acquired by Wumart and undergoing major strategic adjustments, Metro seems to have found a new direction, opening 24 membership stores in less than two years. However, the competition in the warehouse membership store sector remains fierce.
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