被曝多地关店？好特卖也“跑不动了”

Core Viewpoint - The discount retail brand "Hao Te Mai" is facing challenges as it closes stores in major cities and slows down its expansion, with the official response indicating that the closure rate is below 5% and is part of a strategic decision for steady development [1][2]. Group 1: Store Operations and Growth - "Hao Te Mai" has closed 25 stores and opened 49 stores in the last 90 days, indicating a stagnation in overall store growth, with 954 operational stores currently [3]. - The company aims to reach 960 stores by June 2024 and is approaching the milestone of 1,000 stores [3]. - Some franchise stores have closed due to poor performance in lower-tier markets, affecting the return on investment for franchisees [4]. Group 2: Business Model and Financial Performance - The "soft discount" model relies on selling near-expiry goods and excess inventory, achieving higher gross margins of 25%-30% compared to 15% for "hard discount" models [5][4]. - "Hao Te Mai" reported a revenue of 3.64 billion yuan in 2023, a 51.5% year-on-year increase, with a store count growth of 63% to 815 stores [9]. - The projected revenue for 2024 is 4.85 billion yuan, reflecting a slower growth rate of 33.4%, with a store count increase of 15.3% [9]. Group 3: Supply Chain and Quality Control Issues - The supply chain for "Hao Te Mai" heavily relies on low-cost near-expiry goods, with 60% of inventory being excess stock from brand partners [11]. - The reduction in available excess inventory due to improved stock management by brands and increased competition in the "soft discount" sector poses a risk to the business model [12][13]. - Quality control issues have arisen, including complaints about expired products and counterfeit goods, which have led to negative consumer experiences and raised concerns about the company's supply chain management [15][18][20].