万宁终究撑不住了

Core Viewpoint - The Hong Kong-based beauty retail giant Mannings has announced the closure of all its offline and online stores in mainland China, marking a significant shift in the retail landscape and reflecting the challenges faced by traditional retail brands in adapting to changing consumer behaviors and market dynamics [5][8][36]. Group 1: Company Overview and Historical Context - Mannings was founded in 1972 and specializes in health, beauty, personal care, and maternal and infant products, becoming a prominent drugstore chain under the Dairy Farm Group [20]. - The company entered the mainland Chinese market in 2004, initially thriving due to a lack of established retail brands and the popularity of Hong Kong products among consumers [20][21]. - Over the years, Mannings expanded its presence, particularly in Guangdong, with many stores performing well during its early years [20]. Group 2: Market Challenges and Decline - In recent years, Mannings has struggled in the mainland market, with many stores quietly closing, particularly in regions like Shenzhen and Dongguan [15][16]. - The rise of e-commerce and changing consumer preferences have significantly impacted Mannings, leading to a decline in foot traffic and sales [23][24]. - The company faced intense competition from both traditional rivals like Watsons and new entrants in the beauty retail space, which have captured market share from Mannings [23][30]. Group 3: Closure Announcement and Future Plans - Mannings officially announced the closure of all its mainland stores, with the last operating day for offline stores set for January 15, 2026, and the online store ceasing operations on December 28, 2025 [8][10]. - Despite the closures, Mannings will continue to serve mainland consumers through its cross-border online platforms and encourages shopping at its Hong Kong stores [12]. - The closure reflects a broader trend in the beauty retail industry, where other brands like Sasa International have also exited the mainland market, indicating a challenging environment for traditional retail [29][33]. Group 4: Competitive Landscape and Industry Trends - Mannings' main competitor, Watsons, has over 3,600 stores in mainland China but has also seen a decline in store numbers, closing over 590 locations since 2021 [30][31]. - Watsons is actively pursuing strategies to revitalize its business, including enhancing membership benefits and expanding its service offerings to attract younger consumers [34][35]. - The struggles of Mannings and other traditional retailers highlight the need for innovation and adaptation in a rapidly evolving retail landscape, where consumer preferences and shopping behaviors are continuously changing [36].