周大福6个月减少611家零售点

Core Viewpoint - The article discusses the shift of leading gold brands towards e-commerce channels in response to declining terminal sales and the closure of underperforming physical stores [3][4]. Group 1: Company Strategies - Chow Tai Fook reported a reduction in retail points, with a total of 6,041 stores as of September 30, 2025, down from 6,644 in March, indicating a strategic shift towards optimizing store performance [3]. - The company is closing underperforming stores while selectively opening new ones with higher productivity, reflecting a strategic adjustment to enhance overall operational efficiency [4]. - The relationship between leading gold brands and franchisees is characterized as "principal-agent," where the closure of stores primarily involves franchisees, indicating a proactive strategic adjustment by the brand [4]. Group 2: Market Challenges - The decline in foot traffic in first-tier city commercial areas has led to a structural dilemma for gold jewelry stores, where traditional reliance on location-based traffic is no longer effective [4]. - The high volatility of gold prices, combined with weak consumer demand and intensified competition, has pressured the profitability of inefficient stores, prompting franchisees to exit the market [4]. Group 3: E-commerce Growth - The explosive growth of e-commerce channels reflects a "trust migration" among consumers, who are increasingly relying on brand official flagship stores instead of physical stores for high-end gold jewelry purchases [5]. - E-commerce helps gold brands reduce dependence on high-rent physical stores, thereby lowering fixed costs and enhancing inventory turnover and customer repurchase rates through data-driven marketing [5]. - Despite the impressive growth of e-commerce, physical stores remain essential for aspects like trying on products, value retention, and after-sales service, leading brands to pursue an "online-to-offline" integration strategy rather than large-scale store closures [5].