Tai Mei Ti A P P·2025-05-26 02:23Core Viewpoint - Meituan's overseas version of its supermarket, Keemart, has officially launched in Riyadh, Saudi Arabia, marking the company's entry into the grocery retail market outside of China [1][5]. Company Overview - Keemart is part of Meituan's self-operated retail business, which originated from "Meituan Grocery" and utilizes a front warehouse operation model to achieve rapid sorting and delivery of goods [4]. - The business is led by Liu Wei, who has prior experience in Meituan's various operational departments [4]. Market Entry and Strategy - Keemart's launch is supported by the success of Meituan's delivery platform, Keeta, which captured 10% of the Saudi food delivery market within four months of its launch [4]. - Meituan aims to leverage Keeta's delivery resources and user base to reduce customer acquisition costs and enhance user retention for Keemart [4][5]. - The company plans to allocate more resources to overseas markets by 2025, focusing on improving investment returns and operational efficiency [5]. Competitive Landscape - The grocery delivery market in Saudi Arabia is expected to grow at a compound annual growth rate (CAGR) of 18.2%, reaching $2.8 billion by 2028 [6]. - Keemart faces significant competition from local players such as Hunger Station and Jahez, which have established grocery delivery services and extensive user bases [6][11]. - Hunger Station launched its grocery retail service "H Market" in 2020 and has already processed over 10 million orders by June 2023 [6]. - Jahez, another major local player, operates in over 20 cities and has completed 20 million orders, indicating a highly competitive environment for Keemart [11]. Market Dynamics - The Middle East has a wealthy population of approximately 50 to 60 million, concentrated in the Gulf region, which necessitates diversification in service offerings for delivery platforms [12]. - The competitive landscape is characterized by overlapping services among various companies, making it challenging for new entrants like Keemart to establish a foothold [12].