Sou Hu Cai Jing·2025-12-22 18:59Core Insights - The entry of Meituan into the offline fresh retail market marks a significant shift in the industry, indicating the arrival of heavyweight players and pushing the transformation of fresh supermarkets into a new phase [1][10] - Major players like Alibaba and JD.com are already focusing on the offline experience, leading to a multi-channel competition landscape [1] Company Developments - Meituan's first Xiaoxiang supermarket opened in Beijing on December 19, 2025, completing its "home delivery + in-store" multi-channel strategy after seven years in the fresh e-commerce sector [3] - The Xiaoxiang supermarket, which evolved from the "30-minute quick delivery supermarket" Meituan Maicai launched in 2019, has established nearly 1,000 front warehouses across 20 cities [3] - The opening of the first store is a key demonstration of Meituan's commitment to fresh retail, following the shutdown of certain operations to focus on Xiaoxiang supermarkets [3] Industry Trends - The "offline large experience store + N warehouses" model is being adopted to build multi-channel touchpoints and solidify market position, resembling the Sam's Club model [3] - The Xiaoxiang supermarket app serves as the core hub for multi-channel coordination, enabling seamless integration of store and warehouse resources for rapid fulfillment [3] - The retail industry is transitioning from a transaction-based society to an experience-based society, with a focus on enhancing customer experience in fresh retail [8][10] Competitive Advantages - The Xiaoxiang supermarket emphasizes three core competitive strengths: enhanced offline experience, quality differentiation from discount supermarkets, and a focus on proprietary brands [6] - The store features a diverse consumption space with fresh food counters and customized services, aiming to create a shopping experience similar to that of "Pang Dong Lai" [6] - The opening period includes high-cost performance products to achieve differentiated competition and improve gross margins [6]