被曝多地关店？好特卖也“跑不动了”

Core Viewpoint - The discount retail brand "Haotemai" is facing challenges as it closes stores in major cities and slows down its expansion, with the company claiming that the overall closure rate remains below 5% and that the slowdown is a strategic choice rather than a halt in franchising [1][2]. Group 1: Store Operations and Growth - Haotemai has closed 25 stores and opened 49 in the last 90 days, indicating a stagnation in overall store growth, with 954 operational stores currently [3]. - The company aims to reach 960 stores by June 2024 and nearly 1,000 by July 2024, but some franchisees are struggling to recoup their investments, particularly in lower-tier markets [3][6]. - The company's revenue for 2023 was 3.64 billion, a 51.5% year-on-year increase, with a projected revenue of 4.85 billion for 2024, reflecting a slower growth rate of 33.4% [6]. Group 2: Business Model and Profitability - Haotemai operates on a "soft discount" model, selling near-expiry goods and excess inventory, which allows for higher profit margins of 25%-30% compared to 15% for "hard discount" models [4][6]. - The supply chain for Haotemai's products is heavily reliant on low-cost goods, with 60% of inventory being excess stock from brand owners and distributors [7]. Group 3: Supply Chain Challenges - The availability of excess inventory has decreased due to improved inventory management by brands and distributors post-pandemic, leading to increased competition in the soft discount sector [8][9]. - The entry of competitors like Hema and other e-commerce giants is further squeezing Haotemai's market share [9]. Group 4: Quality Control Issues - Haotemai has faced multiple quality control issues, including a recent incident involving expired products, raising concerns about the reliability of its supply chain [10][11]. - The company has been implicated in selling counterfeit goods, with significant amounts involved, and has not adequately addressed concerns regarding procurement and supplier vetting [12]. - Consumer complaints primarily focus on product quality, with numerous reports of expired items and counterfeit products being sold [12][13].