消费参考丨王府井：客流增长，消费变低

Group 1 - Wangfujing's revenue for 2024 was 11.372 billion yuan, a year-on-year decline of 6.97%, and net profit attributable to shareholders was 269 million yuan, down 62.14% year-on-year [1] - In Q4 2024, Wangfujing's revenue was 2.872 billion yuan, a year-on-year decline of 2.92%, with a net loss of 158 million yuan compared to a net profit of 61 million yuan in the same period last year [1] - The decline in revenue is attributed to a significant decrease in consumer willingness to spend at Wangfujing [1] Group 2 - During the "May Day" holiday, Wangfujing reported a slight increase in overall sales scale and nearly 20% growth in customer traffic, with shopping center traffic growing over 35% [2] - Wangfujing is undergoing store adjustments, including the closure and renovation of its Xidan store and the closure of Wuhan and Chongqing department stores, which contributed to the losses in Q4 [2] - The company is expanding into the duty-free market, having won bids for Harbin and Mudanjiang airport projects and secured duty-free operating rights in Wuhan and Changsha [2] Group 3 - The changing market dynamics necessitate adjustments in Wangfujing's operational strategies, leading to new costs and risks [3] - To survive, Wangfujing has no choice but to adapt to these market changes [4]