遭强制清退后，曾估值200亿的新零售巨头求变

Core Viewpoint - The retail brand KKV is facing significant challenges due to a dispute with Shenzhen's Zhuoyue Center over unpaid performance rent and poor business performance, leading to the termination of their lease agreement [1][4]. Group 1: Company Overview - KKV, launched in 2019, was once a leading example in the new retail sector, known for its large store format and diverse product offerings, quickly capturing prime shopping center locations [1][2]. - At its peak, KKV had nearly 800 stores nationwide, with KKV accounting for over 50% of the total store count within its parent company, KK Group, which was valued at 20 billion RMB after its Series F financing in 2021 [2][11]. - The company reported a cumulative loss of 7.636 billion RMB from 2020 to 2022, but achieved a net profit of 209 million RMB in the first ten months of 2023, with KKV contributing over 75% to this profit [2][3]. Group 2: Business Challenges - KKV has been closing stores in major markets due to poor performance, with over 10 locations shut down in 2025 alone, as consumer preferences shift towards high cost-performance and practical value rather than just aesthetic appeal [1][3][12]. - The dispute with Zhuoyue Center centers on rental agreements, with KKV claiming it has paid all base rents while the center argues KKV failed to meet performance rent obligations [4][7]. - KKV's sales per square meter are reportedly less than one-tenth of competitors like Pop Mart, leading to concerns about its ability to generate sufficient revenue to justify its prime retail space [7][12]. Group 3: Market Dynamics - The retail landscape is shifting from a focus on attracting foot traffic through visually appealing stores to prioritizing profitability and operational efficiency, impacting KKV's business model [5][13]. - KKV's reliance on third-party sourcing has made it difficult to compete on price with direct-to-consumer brands, resulting in lower repeat purchase rates and increased vulnerability to market fluctuations [10][12]. - Competitors like Miniso and other emerging brands are focusing on cost efficiency and product differentiation, which poses a threat to KKV's market position as it struggles to adapt to changing consumer expectations [15][16]. Group 4: Strategic Adjustments - KKV is shifting its strategy by reducing franchise operations and focusing on self-operated stores to enhance efficiency, while also exploring expansion into lower-tier cities and Southeast Asian markets [13][15]. - The company is increasing the proportion of self-branded and co-branded products in its offerings to strengthen its supply chain control and competitive edge [13][15].