便利店“翻牌”新趋势，罗森、库迪发力下沉市场

Core Insights - The rise of "Luo Sen Small Stations" and "Kudi Coffee Convenience Stores" signifies a shift in the convenience store industry, moving from traditional franchise fees to supply chain profitability and targeting lower-tier markets [1][8] Group 1: Business Model Transformation - Luo Sen's franchise conditions are attractive, with a minimum investment of 40,000 yuan, including a 10,000 yuan franchise fee, a 20,000 yuan deposit, and a 10,000 yuan renovation fee [2] - Kudi offers a "0 franchise fee" model but requires a 50,000 yuan deposit and a tiered service fee based on gross profit, ranging from 5% to 25% [4][5] Group 2: Product and Supply Chain Strategy - Luo Sen Small Stations maintain a product structure similar to traditional Luo Sen stores, focusing on high-margin Japanese fresh food products and standardized operational processes [4] - Kudi mandates that all stores procure core products through its supply chain, emphasizing profits from equipment, raw materials, and logistics [7] Group 3: Market Dynamics and Growth - The convenience store market in China is experiencing steady growth, with total sales reaching 424.8 billion yuan in 2024, a 10.8% year-on-year increase [8] - The number of convenience stores in third and fourth-tier cities is growing significantly, with a 19% increase compared to a mere 4.2% in first-tier cities [8][9] Group 4: Competitive Landscape - Traditional self-built store models face high costs and long cycles in lower-tier markets, while family-run stores benefit from low rent and high flexibility [10][12] - The integration of brand convenience stores with family-run shops is seen as a way to leverage supply chain capabilities and enhance market penetration [12] Group 5: Challenges and Risks - The franchise model poses risks such as quality control and brand loyalty, as franchisees may source products from cheaper channels, affecting brand reputation [16] - The long-term bargaining power of family-run stores remains uncertain, despite short-term benefits from brand affiliation and supply chain support [16] Group 6: Future Outlook - Luo Sen and Kudi aim to expand their store counts significantly, with Luo Sen targeting 10,000 stores and Kudi aiming for 50,000, viewing the franchise model as a core strategy [17] - The competition will increasingly focus on data-driven operational capabilities, with the ability to convert numerous family-run stores into digital nodes being crucial for capturing the lower-tier market [17]