晚点独家丨美团优选退出亏损省份，小象超市成为新希望

Core Viewpoint - The community group buying model is declining, while the instant retail market is emerging as a new battleground for competition [2][8]. Group 1: Community Group Buying Market - The leading player, Duoduo Maicai, has an annual transaction volume of 200 billion yuan, but its growth is nearing a ceiling and it remains at a break-even point [2][6]. - Meituan Youxuan, the second player, has an annual transaction volume slightly over 100 billion yuan and is still incurring losses of about 5 billion yuan in 2024, leading to a significant reduction in its operational areas [2][6]. - Meituan Youxuan will only retain operations in Guangdong and Zhejiang provinces, which are its most profitable regions, while closing down in other areas where it had previously expanded [6][8]. Group 2: Meituan's Strategic Adjustments - Following the adjustments, Meituan Youxuan's employees will be reassigned to other Meituan businesses, such as Xiaoxiang Supermarket and Meituan Kuailu, to support their expansion [3][4]. - Xiaoxiang Supermarket is actively exploring new business models, including reopening offline community stores and adopting discount strategies similar to competitors [3][4]. - Meituan's management views Xiaoxiang Supermarket as a more viable business model moving forward, shifting focus from Meituan Youxuan to Xiaoxiang Supermarket [11][12]. Group 3: Competitive Landscape - The exit of Meituan Youxuan from unprofitable regions provides Duoduo Maicai with an opportunity to increase its market share and profitability in those areas [8][9]. - Both companies have recognized the low cost-effectiveness of community group buying, leading to a brutal zero-sum game as they compete for limited market growth [8][9]. - The community group buying battle, which has lasted nearly five years and involved investments exceeding 100 billion yuan, is now considered concluded with Meituan's strategic retreat [8][12]. Group 4: Xiaoxiang Supermarket's Growth - Xiaoxiang Supermarket has been rapidly expanding, opening hundreds of front warehouses annually and aiming to enter more first- and second-tier cities [10][12]. - The supermarket has improved its operational efficiency and product offerings, surpassing competitors in various dimensions such as product variety, pricing, and delivery speed [11][12]. - The competitive landscape is intensifying, with major players like JD and Alibaba consolidating their resources, prompting Meituan to continue adjusting its strategies in the instant retail sector [12].