肯德基们杀到家门口，塔斯汀三个月关了快400家店

Core Viewpoint - The article discusses the rapid expansion and challenges faced by Tasting (塔斯汀), a fast-food chain in China, highlighting its growth in store numbers and the competitive landscape it operates in [5][8]. Expansion and Store Growth - Tasting opened 2,450 new stores in 2024 and has already reached 2,323 stores in 2025, nearing last year's total of 10,549 stores, surpassing Starbucks and McDonald's in China [5][8]. - The company has seen significant store openings, with 5,850 new stores from 2022 to 2024, indicating aggressive expansion [10]. Capital Movements and IPO Preparations - In June 2023, Tasting underwent a significant equity change, with all shares acquired by Tasting (HK) Holdings Limited, suggesting preparations for an IPO [7][8]. - Tasting had previously announced plans to go public within five years, indicating a strategic move towards this goal [8]. Market Position and Competition - Tasting has successfully positioned itself in the market by offering cost-effective products, particularly in lower-tier cities, but is now expanding into first and second-tier cities [13][20]. - The competitive landscape is intensifying, with established brands like McDonald's and KFC also targeting lower-tier markets, which poses a direct threat to Tasting's core customer base [22][25]. Challenges in Operations and Management - Despite rapid expansion, Tasting has faced operational challenges, including a significant number of store closures, with 399 stores closed in the last 90 days while opening 1,049 new ones [8][36]. - The company has been criticized for food safety issues, with over 7,000 complaints related to product quality, which could undermine customer trust [28][29]. Financial Metrics and Profitability - Tasting's average gross margin per store is estimated to be between 50% and 55%, but the current market conditions may extend the payback period for franchisees [33][36]. - The increasing density of Tasting stores in urban areas may lead to cannibalization of sales, affecting franchisee profitability [36]. Strategic Focus Areas - Tasting is focusing on enhancing supply chain management and product quality to maintain its competitive edge against larger rivals [29][30]. - The company must navigate the challenges of price wars and operational efficiency to sustain its market position and profitability [36].