万店规模后 塔斯汀陷入高开高关困局

Core Insights - Tasting has surpassed 10,000 stores in China, achieving rapid growth but facing challenges with a high rate of store closures, indicating a "high open, high close" trend [1][5][9] - The brand's expansion strategy includes targeting lower-tier cities and experimenting with smaller store formats to penetrate first-tier markets [3][6] - Recent corporate changes, including a significant increase in registered capital and a shift in ownership, have led to speculation about a potential IPO, likely in Hong Kong [7][8] Expansion and Market Position - Tasting ranks third among Western fast-food brands in China, with 10,700 stores, surpassing McDonald's China, which took over 30 years to reach its scale [3][5] - The majority of Tasting's stores are located in lower-tier cities, with over 48% situated in residential areas, while only 7.5% are in first-tier cities [3][5] - The brand is also focusing on campus stores, which have grown from a few to over 500 in the past year [3] Operational Challenges - Tasting's rapid expansion has led to a significant number of closures, with 1,012 new openings and 755 closures in the last 90 days, raising concerns about operational stability [5][6] - Food safety issues have emerged, including incidents of customers finding raw meat in burgers, which have damaged the brand's reputation [6][9] - The company must address these food safety concerns and improve operational management to maintain consumer trust and brand integrity [6][9] Financial and Strategic Considerations - Recent changes in Tasting's corporate structure suggest preparations for an IPO, with a focus on enhancing brand reputation and ensuring sustainable profitability [7][8] - The capital market is increasingly valuing restaurant brands based on profitability rather than just store count, making it essential for Tasting to demonstrate the sustainability of its franchisee profitability [8][9] - To succeed in the competitive fast-food market, Tasting needs to convert its scale advantage into profitability by addressing food safety, optimizing its franchise model, and enhancing supply chain efficiency [9]