Walmart(US:WMT) 东京烘焙职业人·2025-09-18 08:30Core Viewpoint - Walmart's community store strategy is entering a phase of scale implementation, focusing on a refined retail model that emphasizes high-quality, cost-effective products to meet community needs [4][9][31]. Group 1: Community Store Development - Walmart has opened its fourth community store in Shenzhen, maintaining a focus on a small, high-quality, and community-oriented retail model [5][8]. - The community store strategy is part of Walmart's broader exploration of retail formats, marking its third attempt since 2009 [7][29]. - The new stores feature around 2,000 selected products, including a strong emphasis on its private label "沃集鲜" at a price point of 9.9 yuan [11][12][17]. Group 2: Product Strategy - The "沃集鲜" private label includes several hundred products, focusing on high quality and value, which has become a highlight of the community stores [12][13]. - Walmart's product development principles for "沃集鲜" include clean ingredients, collaboration with leading brands, and efficiency improvements to ensure competitive pricing [13][14][18]. - The community stores aim to provide a simplified shopping experience with a limited number of SKUs, enhancing customer satisfaction [15][24]. Group 3: Competitive Landscape - The retail landscape is increasingly competitive, with players like 奥乐齐 and 盒马 focusing on extreme cost-effectiveness and streamlined product offerings [21][23]. - Walmart's community stores are characterized as a hard discount model, with a focus on cost control and supply chain efficiency [24][26]. - The comparison between Walmart and 奥乐齐 highlights Walmart's broader SKU range and community focus, while 奥乐齐 emphasizes a more selective approach [27][29]. Group 4: Strategic Challenges - Despite the potential of the community store model, challenges remain, including competition in the front warehouse space and the risk of internal competition with existing stores [31]. - Walmart's previous attempts at community stores faced operational challenges, raising concerns about management and positioning in the current market [29][31].