山姆与盒马，谁才是下沉市场的“王”？

Core Viewpoint - The competition between Sam's Club and Hema is characterized by a dual strategy of "high-end confrontation + down-market harvesting," reshaping the retail landscape in China through innovative business models focused on consumer needs and behaviors [3][4]. Group 1: Down-Market as a New Battleground - The down-market refers to the market in third-tier cities, counties, and rural areas, which constitutes the largest part of China's consumer market. The "billion-county" phenomenon is expanding, indicating strong consumer demand for high-quality products [5][6]. - Sam's Club has successfully entered the down-market, with its first store in a county-level city achieving record sales on opening day, demonstrating the strong purchasing power of consumers in these areas [5]. - Hema has also made significant strides, with 30% of its new stores in 2024 located in third-tier and county-level cities, achieving impressive sales figures that surpass some first-tier city stores [6][8]. Group 2: Motivations for Down-Market Expansion - The retreat of traditional retailers has created a market vacuum that new giants like Hema and Sam's Club are eager to fill, as evidenced by the closure of over 200 stores by Yonghui Supermarket in 2024 [8]. - Consumer upgrading trends are evident in down-markets, with Hema's new store in Xuzhou achieving sales of 45 million yuan in its first month, challenging the notion that down-market consumers lack purchasing power [8]. - Both companies are driven by internal growth needs, with Hema finally achieving profitability in 2024 and Sam's Club aiming to maintain growth momentum after surpassing 100 billion yuan in sales [8][9]. Group 3: Similarities and Differences in Strategies - Both Sam's Club and Hema emphasize product quality, leveraging their respective supply chains to offer high-quality goods to consumers [12]. - Sam's Club relies on a strong global procurement network, while Hema focuses on local supply chains and digital operations to meet local market demands [9][10]. - Hema employs a multi-format strategy, with Hema Fresh targeting high-consumption groups and Hema NB discount stores catering to price-sensitive consumers [11][12]. Group 4: Insights for the Industry - Retailers should conduct thorough market research to accurately identify target consumer groups in down-markets, tailoring their offerings accordingly [14]. - Optimizing supply chains is crucial, with lessons to be learned from Hema's local supply chain strategies and Sam's global sourcing practices [14][15]. - Emphasizing digital operations can enhance inventory management and improve consumer experience, as demonstrated by Hema's success in this area [15].