Core Viewpoint - Mannings, a Hong Kong retail brand, has announced its exit from the mainland China market, following SaSa's similar decision, highlighting the struggles of Hong Kong retail giants in adapting to changing market conditions [1][10][24]. Group 1: Company Exit and Market Conditions - Mannings will close all its offline stores and online operations in mainland China, with the last offline store closing on January 15, 2026, and online services ceasing earlier on December 28, 2025 [4][19]. - The number of Mannings stores has drastically decreased from over 200 at its peak to only 13 currently operational, primarily located in Guangzhou, Shenzhen, Dongguan, Foshan, and Jiangmen [7][21]. - The closure reflects broader challenges faced by Hong Kong retail brands, including SaSa and Watsons, which are also experiencing declining performance and store numbers [1][10][24]. Group 2: Sales and Consumer Behavior - As Mannings prepares to close, stores are offering significant discounts, but many top brand products have already been removed from shelves due to reduced inventory [5][20]. - Customers are actively purchasing remaining products, although the store staff indicate that large brands are no longer being restocked as the closure approaches [5][20]. Group 3: Competitive Landscape and Strategic Challenges - Mannings attempted to differentiate itself with a focus on "pharmaceutical cosmetics" and health products, but failed to establish a competitive advantage compared to Watsons [6][21]. - The lack of transparency in Mannings' financial reporting has made it difficult for external observers to assess its performance in the mainland market, indicating long-term underperformance [6][21]. - The shift to cross-border e-commerce is fraught with challenges, as local competition is fierce, and Mannings will need to invest significantly to build consumer trust in this new model [9][23]. Group 4: Broader Industry Trends - The exit of Mannings and SaSa from the mainland market is seen as a reflection of the changing retail environment, where traditional business models struggle against e-commerce and rising operational costs [14][28]. - Watsons, despite being the largest player in the mainland market, is also facing declining profits and store closures, indicating a broader trend of difficulties within the sector [12][26].
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