Core Insights - Oriental Selection is planning to open its first flagship store in Beijing, with a recruitment drive for store managers offering salaries between 15,000 to 30,000 yuan, prioritizing candidates with experience in "restaurant + retail" management [1][3] - The flagship store will cover approximately 400 square meters and will offer a variety of products including fresh food, snacks, daily necessities, and a dining area for light meals and coffee [1] - The company aims to leverage offline retail as a new growth avenue, especially after facing challenges in its online business due to the departure of key personnel and declining sales [1][10] Recruitment and Management - The store manager position requires over five years of experience in the retail industry, with a preference for candidates who have managed teams of more than 15 people and have experience in convenience store chains like Convenience Bee, 7-Eleven, and Lawson [3] - The company has recently expanded its business scope to include restaurant management, delivery services, and catering, indicating a strategic shift towards integrating dining services into its retail model [3] Business Model and Strategy - The flagship store is expected to serve as a link between online and offline operations, integrating live streaming, delivery, and in-store experiences [5] - The company previously attempted a "one-hour delivery" service in collaboration with JD.com but faced challenges, leading to the discontinuation of that initiative [6] - Oriental Selection is also exploring the use of smart retail cabinets to increase product exposure and enhance customer engagement [6] Market Context and Competition - The offline retail market is becoming increasingly competitive, with other live-streaming companies like San Zhi Yang and Jiao Ge Peng You also expanding into physical stores [8][9] - The flagship store's location in Beijing's Zhongguancun area places it in direct competition with established brands like Fudi, Hema, and Sam's Club, which will challenge Oriental Selection's product selection and differentiation strategies [9] Financial Performance and Challenges - The company has experienced a significant decline in sales, with GMV dropping from 14.3 billion yuan to 8.7 billion yuan year-over-year, and a notable decrease in orders through its primary sales channels [10][11] - The departure of key figures has negatively impacted the company's brand and market presence, necessitating a strategic pivot to regain consumer trust and market share [10][11] Product Diversification - Oriental Selection is shifting its product mix to include higher-margin items such as smart home products and apparel, moving away from a heavy reliance on low-margin fresh food [11] - The company has launched over 700 self-operated products, expanding its offerings to include health and wellness items, pet food, and clothing [11] Customer Engagement and App Development - The company is focusing on enhancing its app, with the GMV from the app increasing from 8.4% to 15.7% of total sales, and the number of paid members growing significantly [11]
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