从KA模式到硬折扣，中国超市三十年逻辑变了

Core Viewpoint - The retail landscape in China is shifting from a focus on e-commerce to a resurgence of offline discount retail, driven by major internet companies like Alibaba, JD.com, and Meituan entering the market with hard discount models [1][10][14]. Group 1: Market Dynamics - The rapid growth of e-commerce has put significant pressure on offline retail, with online retail sales reaching 14.46 trillion yuan in 2025, accounting for 25.9% of total retail sales [2]. - As customer acquisition costs for online platforms rise, offline stores are becoming more attractive as cost-effective entry points for customer engagement [2][10]. - Traditional supermarkets are struggling, with 62 brands closing 3,037 stores in 2024, indicating a decline in the traditional supermarket model [3]. Group 2: Traditional Supermarket Challenges - The KA model, which has dominated traditional supermarkets, is failing as it relies on supplier fees rather than consumer preferences, leading to product homogenization and loss of consumer trust [5]. - Yonghui Supermarket reported a 22.21% decline in revenue for the first three quarters of 2025, with a net loss of 710 million yuan, highlighting the financial struggles of traditional retailers [4]. Group 3: Internet Giants' Strategies - Internet giants are leveraging their consumer-centric approaches to reshape retail, focusing on logistics and supply chain improvements to enhance customer experience [6][7]. - The rise of instant retail and community group buying during the pandemic has prompted these companies to adapt their strategies to meet consumer demands for fresh and timely products [7][9]. Group 4: Hard Discount Model - The hard discount model is emerging as a response to consumer price sensitivity, with 80% of online shoppers seeking the lowest prices [10]. - Companies are adopting direct sourcing from manufacturers to eliminate middlemen and reduce costs, with JD.com implementing a "base + production warehouse + omnichannel" model [11]. - Self-owned brands are being developed to enhance product offerings, with significant sales contributions from private labels in hard discount stores [12][13]. Group 5: Competitive Landscape - The competitive landscape is intensifying as multiple players enter the hard discount space, including traditional supermarkets like Wumart and specialized chains like Lele and Aoleqi [16]. - Despite the promising outlook for hard discount stores, challenges such as thin profit margins and the risk of homogenization in offerings remain significant [17].