商贸零售行业消费品牌研究专题之十一：零售解法，回归商品和服务本质

Investment Rating - The report maintains a positive outlook on the retail industry, indicating a "Buy" rating for companies that adapt to changing consumer preferences and enhance their product and service offerings [2]. Core Insights - The retail industry is transitioning into a "buyer’s market," where traditional retail models are being challenged by new entrants like Sam's Club and Pinduoduo, which focus on high-quality products and unique shopping experiences [5][9]. - Companies are encouraged to shift their focus from price-based competition to enhancing product quality and customer experience, which is seen as a critical path for future growth in the retail sector [3][10]. Summary by Sections 1. Offline Retail Transformation - Offline retail is undergoing significant changes, with companies like Yonghui Supermarket adopting successful models from competitors like Pinduoduo to enhance their store formats and product offerings [31][36]. - Yonghui has initiated a store renovation program, with plans to increase the number of renovated stores to approximately 40-50 by the upcoming Spring Festival [31][36]. 2. Changes in Retail Business Models - The report highlights a shift in retail business models, emphasizing the need to return to the essence of products and services to meet diverse consumer demands [3][10]. - The rise of e-commerce and new retail formats has led to a decline in traditional retail growth, with offline retail sales growth lagging behind online channels [71]. 3. Yonghui's Operational Challenges and Opportunities - Yonghui Supermarket has faced declining revenues and profits due to various operational challenges, but recent store renovations are expected to drive long-term growth [4][9]. - The company is exploring partnerships with leading brands to enhance its product offerings and improve supply chain efficiency [4]. 4. Investment Recommendations - The report suggests focusing on supermarket sectors that enhance supply chain and product quality, such as Yonghui Supermarket and Jiajiayue, as well as innovative retail groups like Miniso [5][9]. - It emphasizes the importance of creating unique shopping experiences and leveraging IP assets to attract consumers [5][9]. 5. Market Dynamics and Consumer Behavior - The report notes that consumer preferences are shifting towards high-quality products and differentiated shopping experiences, which traditional retailers must adapt to in order to remain competitive [10][76]. - The emphasis on emotional value and unique product offerings is becoming increasingly important in attracting consumers [11][86].