万宁内地退场，屈臣氏还在“死磕”

Core Viewpoint - Mannings, a Hong Kong retail brand, is exiting the mainland China market, closing all offline stores and its online platform, shifting focus to cross-border e-commerce [1][2][9]. Group 1: Company Overview - Mannings entered the mainland China market in 2004 and peaked with over 200 stores across 33 cities by 2011 [2][3]. - The brand is part of DFI Group, which has been divesting non-profitable assets, including its stake in Yonghui Supermarket and other businesses in Malaysia and Singapore [2][9]. Group 2: Strategic Shift - The closure of Mannings' mainland operations is seen as a continuation of DFI Group's strategy to focus on core markets and shed unprofitable assets [2][9]. - The last operating day for Mannings' offline stores is set for January 15, 2026, while its online platform will cease operations on December 28, 2025 [1][2]. Group 3: Market Conditions - The retail environment in mainland China has shifted towards online shopping, with traditional stores struggling to compete [6][12]. - Mannings has faced challenges such as insufficient supply chain negotiation power, low consumer conversion rates, and a lack of competitive pricing [12][13]. Group 4: Industry Context - Mannings' exit reflects broader trends among Hong Kong retail brands in mainland China, with other companies like Sasa also withdrawing from the market [9][10]. - The retail landscape has evolved towards digital integration and consumer demand for innovative shopping experiences, which traditional brands have struggled to adapt to [13][14].