星巴克的“退”与“变”：当中国市场不再是光环，而是考场

Core Insights - Starbucks is undergoing a significant transformation in the Chinese market, marking a shift from being a foreign brand to a local partner through a strategic collaboration with Boyu Capital [1][19] - The narrative of foreign brands in China is changing, as the allure of foreign brands diminishes and local brands gain prominence [2][25] Group 1: Market Dynamics - Over the past decade, Starbucks has defined the Chinese coffee market, selling not just coffee but a lifestyle and social experience [4] - The rise of competitors like Luckin Coffee and Kudi has shifted the perception of coffee from a luxury experience to a more affordable beverage, leading to a price war [6][9] - Consumers are increasingly valuing product experience, convenience, and price over brand prestige, indicating a shift in consumption habits [13][28] Group 2: Strategic Adjustments - Starbucks has attempted to adapt by introducing services like "Fei Kuai" and collaborating with platforms like Tmall, but these efforts have not addressed the fundamental issues of pricing and consumer perception [14] - The partnership with Boyu Capital allows Starbucks to retain 40% ownership while integrating local capital into its decision-making process, signifying a shift towards a co-governance model [17][19] - This trend of foreign brands localizing their operations is becoming more common, as seen with other brands like Burger King and McDonald's [20][22] Group 3: Cultural Shift - The myth that imported brands equate to high quality is being dismantled, as local brands like Mixue and Manner gain traction and redefine consumer expectations [24][27] - The cultural awakening among Chinese consumers is leading to a preference for local brands that resonate more with their values and experiences [28][29] - The competitive landscape is evolving, with local brands not only dominating the domestic market but also expanding internationally, challenging the traditional dominance of foreign brands [26][31]