万宁撤出内地：一场长达二十年的“水土不服”

Core Viewpoint - Mannings, a well-known health and beauty retail chain in Hong Kong, announced the closure of all its offline stores in mainland China by January 15, 2026, marking the end of its retail story in the region after over 20 years of operation [1][4] Group 1: Company Strategy and Market Position - Mannings' conservative and slow strategic approach has led to its disadvantage in market scale, making it difficult to transition from a regional brand to a national brand, with only about 100 stores remaining in mainland China by 2025 [2] - The brand's entry into mainland China in 2004 was significantly delayed compared to competitors like Watsons, which entered in 1989, resulting in missed opportunities during a booming retail period [1][2] - Mannings' ambitious goal of adding 300 stores within three years, announced in 2014, ultimately failed, leading to a lack of scale and brand presence in the market [1][2] Group 2: Market Challenges and Competition - The rise of online channels has significantly diverted foot traffic from Mannings' physical stores, while new beauty retail formats have attracted younger consumers with unique experiences and product selections [3] - Mannings has struggled to replicate its successful business model from Hong Kong in mainland China due to regulatory constraints and a lack of a clear market positioning, resulting in a blurred brand image [2][3] - The company's attempts to innovate through digital marketing and new store formats have not yielded significant results, failing to reverse the declining trend in its mainland operations [3][4] Group 3: Financial Performance and Strategic Decisions - Mannings has consistently operated at a loss in mainland China, relying on financial support from its parent company, DFI Retail Group, which has shifted focus towards its Hong Kong and Macau operations [4] - The decision to exit the mainland market aligns with DFI's broader strategic adjustments, as the health and beauty segment's growth is primarily driven by the Hong Kong market, marginalizing mainland operations [4] - The closure of Mannings' mainland stores is indicative of a broader trend in the retail industry, signaling the end of an era for traditional beauty retail models that depend solely on physical presence and product display [4]