国君社服|流通体系视角下的零售业态比较

Investment Rating - Recommended: Focus on retail types with high matching efficiency, channel brand recognition, and the ability to aggregate orders efficiently to achieve SKU scale effects [1] Core Views - The retail industry is evolving towards a model where demand creation and fulfillment are key, with a focus on matching efficiency and SKU scale effects [1] - The Chinese retail market is highly competitive, with a focus on capturing consumer wallet share and leveraging public supply chains and fulfillment systems [2] - The success of retail models in China will depend on the ability to adapt to local market conditions and maintain a long-term operational focus [3] Industry Analysis Retail Models and Efficiency - Retail models can be categorized into demand creation and demand fulfillment types, with the former focusing on matching efficiency and the latter on order aggregation and SKU scale effects [1] - The evolution of retail models is moving from single-store to single-customer unit economics, with a focus on reducing complexity to achieve growth [1] Competitive Landscape in China - The Chinese retail market is characterized by intense competition for consumer wallet share, with a focus on category dominance and scene-based fulfillment [2] - Online platforms are dominating in category share, while offline category killers are emerging, leading to a trend towards scale and low-price competition [2] Localization and Long-term Focus - The success of retail models in China will depend on the ability to adapt to local market conditions and maintain a long-term operational focus [3] - Traditional supermarkets face challenges due to complex interests and high operational costs, while internet companies struggle with unclear positioning and strategy [3] Future Trends - The future of retail in China will likely see the emergence of various discount retail formats, with different categories and target audiences, similar to Costco [3] - The combination of successful retail elements and adaptation to local conditions will be key to the success of future retail models in China [3]