美国零售行业深度+公司覆盖报告：美国零售业态百花齐放，零售巨头逐步向全渠道迈进

Investment Rating - The report assigns a "Neutral" investment rating for the U.S. retail industry, marking its first coverage [1]. Core Insights - The U.S. retail industry has evolved through various stages, focusing on increasing product variety, convenience, quality, and cost-effectiveness [4][15]. - The current main retail formats include e-commerce, supermarkets, warehouse clubs, department stores, discount retailers, convenience stores, and specialty retailers [4][29]. - Key trends in the retail market include the integration of online and offline channels, the rise of private label brands, and the diversification of e-commerce models [4][3]. Summary by Sections 1. Historical Evolution of U.S. Retail - The evolution of U.S. retail can be divided into five stages, each characterized by changes in consumer needs and technological advancements [15]. - Before 1930, grocery stores dominated, with limited product variety and a focus on basic necessities [16]. - From 1930 to 1960, suburban supermarkets and specialty stores emerged, driven by urbanization and increased car ownership [17]. - The period from 1960 to 1990 saw the rise of department stores and warehouse clubs, fueled by rising GDP and a growing middle class [20]. - Between 1990 and 2000, discount retailing and convenience stores gained popularity due to rising income inequality and fast-paced urban lifestyles [26]. - Since 2000, e-commerce has become the dominant retail format, with a significant increase in online penetration from 0.92% in 2000 to 14.38% in 2022 [27]. 2. Current Main Retail Formats and Representative Companies - E-commerce, represented by Amazon, excels in product variety but faces challenges in delivery speed [29]. - Supermarkets, led by Walmart, maintain a balanced approach across multiple dimensions of retail [29]. - Warehouse clubs, exemplified by Costco, focus on speed, quality, and cost savings [29]. - Department stores, like Macy's, struggle under e-commerce pressure, losing their competitive edge in product variety [29]. - Discount retailers, represented by TJX, offer significant savings but may lack product variety [29]. - Convenience stores, such as Casey's, prioritize speed but may not compete well on variety and price [29]. - Specialty retailers, like Home Depot, provide a balanced offering with a focus on quality and customer service [29]. 3. Company-Specific Insights - Walmart is positioned as a leading omnichannel retailer, with over 80% of its revenue coming from the U.S. [4][26]. - Costco's membership model significantly contributes to its profitability, with membership fees accounting for over 70% of net profit [4][31]. - TJX has substantial growth potential in store openings, although it faces challenges in expanding its online presence [4][38]. - Home Depot is focusing on developing a B2B one-stop procurement platform to enhance its market position [4][47].