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Convenience Stores in 2024: Performance Diverges, Shift from Scale to Efficiency
Despite a challenging 2023, the convenience store industry continued to grow, with sample companies opening 13,148 new stores and closing 4,076, resulting in a net increase of 9,072 stores. Industry experts and executives highlight a shift from scale-focused expansion to operational efficiency and profitability, with a continued emphasis on product strength, operations, and organizational capabilities.
东方Melancholy Environment, 'Exciting' Discount Stores
Discount stores have become a highly watched retail format. The discount sector has been performing well recently, with rapid expansion and significant financing. Discount snack stores and outlet malls are also booming, driven by economic downturn and changing consumer preferences for value.
东方Convenience Stores 'Sink Further': He Who Wins the Central Plains Wins the World?
An investor focused on the retail sector noted that while retailers once favored first-tier cities and coastal areas, true competitiveness now lies in winning the Central Plains, especially the four populous provinces of Shandong, Shanxi, Henan, and Hebei. The reasons are simple: these provinces have huge consumption potential and a geographical advantage connecting north and south. The key is to continuously 'sink' and deeply penetrate these markets.
东方The Vanishing Wet Market
Wang Zengqi once said, "Wherever I go, I always visit the local wet market." He found joy in the lively atmosphere of fresh produce and bustling crowds. However, in recent years, wet markets have undergone dramatic changes: the rise of fresh food e-commerce and community group buying, coupled with repeated closures during the pandemic, have dealt a heavy blow to these traditional markets. In Nanjing, over 50% of wet markets have seen declining revenues year after year; in Beijing, only two large wet markets remain within the Third Ring Road; and in Guangzhou, about five wet markets disappear each year. The traditional wet market, once a symbol of urban life, is fading away, replaced by upgraded "smart" markets.
东方The Post-Pandemic Era of Discount Stores
Discount stores appear to be a 'low-price business,' but in reality they are 'low-price, high-quality'—beyond low product prices, their product quality and operating costs are not low. The pandemic since 2020 has made discount stores a new trend in the retail sector, but within just one to two years, a large portion of the first batch of startups entering the discount store space have already collapsed, such as the highly visible Boom Boom Mart, whose parent company declared bankruptcy in March last year; the soon-to-expire food discount chain 'Bengong Snack Innovation Studio' has faced a similar fate.
东方After the Pandemic: Should Retailers Be Aggressive or Conservative?
How to achieve 'good products at reasonable prices' is what enterprises need to adapt to in the changing competitive landscape. Under the drastic changes, the pandemic has hit the real economy hard, especially retail, forcing many to adjust or exit. Some, like Fresh Legend and Beijing Chaoshifa, have thrived by innovating, while others like Gome and Suning have struggled due to high debt and outdated models.
东方Physical Supermarkets Return to Livestream E-commerce
The pandemic has reshaped consumption and accelerated digital transformation in retail, with supermarkets like Beijing's Chaoshifa and Walmart China exploring livestream e-commerce. Chaoshifa's new 'Special Business Unit' has boosted average sales per session to over 200,000 yuan, while Walmart and Sam's Club use livestreams to enhance omnichannel experiences, though the impact on performance remains to be seen.
东方RT-Mart Enters Membership Store Business
The membership store sector is getting more crowded as RT-Mart's M Membership Store lands in Yangzhou, officially entering the fray. An M Membership Store representative told Spirit Animal that the new store will open in April next year, but member recruitment began on November 1 this year. "For now, we hope to build anticipation, and we strive not to disappoint," the representative said.
东方Three Years of the Pandemic: Changes in the Convenience Store Industry
The pandemic has changed consumer behavior and driven digital transformation across the retail industry, leading to changes in the convenience store sector. From 2017, convenience stores saw a resurgence with capital investment, but by 2020, the pandemic impacted all industries, altering consumption patterns and accelerating digitalization. Comparing before and after the pandemic, Chinese convenience stores have shown divergent paths based on localization strategies.
东方The Prepared Dishes Track: The Day Will Dawn, But Don't Disappear in the Middle of the Night
The prepared dishes track is hot, with many new players. How to avoid disappearing in the middle of the night is a question every entrepreneur must face. According to data from the Ministry of Commerce, sales of prepared dishes during the 2022 online New Year shopping festival grew 45.9% year-on-year, and the market is expected to exceed 3 trillion yuan by 2025.
东方