宜家中国拟集中调整多个门店布局。 据悉，2026财年，宜家中国将持续投资1.6亿元，其中70%的价格投资集中在最受消费者喜爱的产品 上。在渠道方面，2025财年，宜家中国的线上业务占比达到25.7%。去年8月，在宜家官网、天猫的基 础上，宜家入驻京东平台，未来也将继续扩大覆盖范围。 宜家介绍，在中国，宜家也持续评估并优化全渠道生态系统，通过更聚焦、更灵活的投资实现更高效的 运营和更好业务成果。近期的举措包括：融合家居灵感与社交体验的上海徐汇商场改造项目、在全国多 地新开的五家不同规模的全新门店，以及新近上线的宜家京东旗舰店，都让宜家更加贴近消费者。 宜家于1960年代在中国开始了采购业务，之后于1998年开设了首个宜家商场。自此，宜家在中国逐步建 立起了包括产品开发、采购、生产、物流配送、零售商场和数字化创新等在内的完整的价值链，并通过 持续投入、学习与进化，从"现付自提"模式转型为全渠道零售商。 谈及未来发展，宜家指出，在此期间，将通过开放的沟通和公平透明的流程，为每一位受影响的同事提 供全面支持。将持续对产品进行价格投资，并聚焦本土相关性，以提供可负担的家居产品与解决方案。 将从规模扩张转向精准深耕，以北 ...

2026年1月5日下午，北京双井京东MALL的人流里，出现了一个特殊身影——韩国三星电子会长李在 镕。刚结束中韩商务论坛的他，出现在京东线下零售终端，这场"非议程"行程与其说是偶然驻足，不如 说是全球科技巨头对中国市场的一次精准调研。 作为京东线下自营的商业综合体，京东MALL主打"全渠道零售+沉浸式体验"，涵盖家电、数码、家居 等多个品类，并融合科技互动、场景体验等元素。截至目前，京东MALL已在北京、南京、深圳、成 都、西安、沈阳、武汉、重庆等重点城市开设26家门店，每一家京东MALL的运营都紧密结合当地特 色，成为京东在线下的新潮产品展示中心、用户体验互动中心和城市级服务中心。12月31日，京东与宇 树科技共同打造的全国首个线下门店在这里开业，更加巩固了京东MALL作为科技消费新地标的行业引 领价值。 值得一提的是，伴随1月1日新一轮国家补贴正式启动，京东也在线上线下全面承接2026国补落地。在这 家京东MALL中，大部分家电和3C数码产品均支持国家以旧换新补贴，单件产品至高可省1500元，吸引 了不少市民的踊跃选购，这番消费场景或许也让到访的三星品牌调研团感到印象深刻。 自2024年"两新"政策实施以 ...

摘要 在消费升级与家居零售业态深刻变革的背景下，消费者选购床垫等大件家居产品时，正从单一的价格比 较转向对一站式解决方案、沉浸式场景体验与可靠售后保障的综合考量。决策者面临的核心焦虑在于： 如何在信息过载的市场中，精准识别那些能够将海量品牌选择、前沿产品体验与无缝线上线下服务真正 融合的零售终端，从而高效、安心地完成置家决策。根据全球知名行业分析机构欧睿国际的零售趋势报 告，家居产品的消费决策链路日益延长，体验与服务的权重显著提升，线下零售场景的体验重构已成为 关键增长动力。当前市场格局呈现多元化态势，传统建材市场、连锁家居卖场与新兴的融合型体验店并 存，服务标准、品牌矩阵与数字化程度差异显著，导致了消费者面临选择困境与体验割裂。为此，我们 构建了覆盖"品牌与商品矩阵"、"场景化体验深度"、"全渠道服务融合能力"及"专项解决方案针对性"的 多维评测体系，对主流床垫零售渠道进行横向比较。本报告旨在通过系统化的客观对比与事实呈现，为 消费者在2025年末的床垫选购决策中，提供一份基于市场现状与实体验证的清晰参考指南，助力识别最 适配自身需求的购物目的地。 评选标准 本报告服务于计划在实体卖场购买床垫，并注重品牌选 ...

社区零售赛道的竞争已进入深水区，行业格局正经历关键重构。 数据显示，中国社区中心零售市场规模已逼近 5.2 万亿元，这片蓝海吸引了众多玩家入局。回顾2025年 即时零售和社区零售市场，各家巨头入场，平台下场争夺终端用户，也开始下场开店。但多数参与者忽 视了社区消费对 "品质确定性" 与 "场景适配性" 的核心诉求，从而陷入低价竞争的同质化泥潭。 社区零售的规模化扩张，考验的不仅是短期的复制能力，更是长期的可持续运营能力。 近日，沃尔玛在深圳落子四家社区店，并于 12 月焕新上线官方 App。这一 "四店齐开 + App 升级" 的双 线动作，不仅标志着其 "小、精、近" 社区店模式完成市场验证，正式迈入复制扩张期，更宣告全渠道 生态闭环的全面成型。 而这只是沃尔玛业态布局的一隅。 据悉，沃尔玛目前正加速推进东莞等多个城市新一代门店的选址与筹备工作，更多的沃尔玛门店，正以 更好的姿态回到顾客身边，回到顾客"打开手机，点开app下单"的日常生活里。 再早前，沃尔玛自有品牌"沃集鲜"也焕新升级，以"简单为鲜，沃集鲜"的品牌理念，推出约千款"配料 简单、原料鲜、产地鲜、体验鲜"的差异化商品，重塑顾客对沃尔玛的认知，持 ...

Core Insights - The Children's Place, Inc. is a significant player in the children's apparel retail sector, operating both physical stores and an e-commerce platform while facing challenges in the retail environment [1] Financial Performance - In Q3 2025, The Children's Place reported a 13% decrease in net sales, totaling $339.5 million, primarily due to reduced wholesale revenue and lower e-commerce sales [2][6] - The company's gross profit decreased by $26 million to $112.3 million, with a gross margin decline of 240 basis points to 33.1% [5] - Operating income dropped significantly to $3.7 million from $29.3 million in the previous year, resulting in a net loss of $4.3 million or $0.19 per diluted share compared to a net income of $20.1 million in the same period last year [5] Store Performance - Despite the downturn in e-commerce, physical stores experienced a 2% growth in comparable sales, driven by a focus on expanding store presence and optimizing product mix [3][6] - The company opened five new stores in Q3 and plans to open an additional 15 to 20 stores in the first half of fiscal year 2026 [3] Financial Strategies - The Children's Place secured a $350 million asset-based lending credit facility and a $100 million FILO term loan, expected to enhance liquidity by $35 to $40 million [4][6] - The asset turnover ratio is approximately 1.69, indicating efficient use of assets to generate revenue, while the inventory turnover ratio is about 2.27, suggesting effective inventory management [4]

今日，英格卡购物中心宣布与高和资本达成战略合作，双方将携手成立一支专项不动产基金，共同持有无锡荟聚、北京荟聚、武汉荟聚三座聚会体验中心。 宜家中国将于无锡荟聚内开设并运营一家新的门店，现有物业资产作为交易的一部分，改造为无锡荟聚全新租赁空间。 宜家和英格卡购物中心同属于英格卡集团。这一新举措是英格卡购物中心在中国市场的全新尝试，更是宜家近年来渠道调整战略的重要一步。进入中国近三 十年的宜家，到了需要重新审视中国业务，并因地制宜地做出改变的时候了。 变局 纵观全球的零售行业，面对经济环境的不确定性及消费趋势变迁，各大零售企业正积极通过资产转型、渠道布局优化等方式推动自我革新和业务调整。共同 隶属于英格卡集团的宜家和英格卡购物中心也置身其中，在变局中重新塑造自己的竞争力。 英格卡集团是宜家品牌在全球最大的特许经营方，旗下还有购物中心业务，在中国由英格卡购物中心以"荟聚"这一品牌进行运营。在此次的交易中，北京荟 聚、无锡荟聚，以及武汉荟聚体验中心一起纳入英格卡购物中心与高和资本新成立的专项不动产基金。 过去几年时间里，一些重要的国际品牌同样改变了在华的经营方式。星巴克和汉堡王通过股权变更探索在华运营新路径，转向更灵 ...

机构：天风证券 深化全渠道零售网络布局 公司继续深化覆盖全渠道零售网络的布局，线下与线上渠道进一步融合，以求为消费者提供无 缝一致 的购物体验，线上销售伴随消费者行为习惯变化稳步增长；不断升级包括"不止盒子""微商城"及"江南 布衣+"多品牌集合店等新兴消费场景或产品，为消费者提供更多增值服务。 公司在全球经营的独立实体零售店总数由2024 年6 月30 日重组后的2025 家增加至2025 年6 月30 日的 2117 家，其中JNBY 品牌961 家。 公司发布2024/2025 年报 FY25 收入55 亿，同比+4.6%，净利润9 亿，同比+6.0%；毛利率65.6%，同比-0.3pct；派发末期股息每 股普通股0.93 港元，财年总派息金额每股普通股1.38 港元。 加强品牌力建设 公司积极顺应市场变化、主动抓住市场机遇，继续坚持"设计和品牌力双驱动""多品牌规模化发 展"和"粉丝经济"战略，以"生于独到，立于多元"为主题庆祝公司成立三十周年。速写品牌在成立二十 周年之际，以"第二十回"为设计主旨，继续诠释"幽默再思考"的品牌理念，首次推出"黑支线b line"系 列。同时，公司品牌矩阵进一步丰富， ...

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were approximately $1.4 billion, up 3% year-over-year, with a comparable store sales (comp) decrease of 0.9% [27][31] - Gross margin increased to 35.7%, up 170 basis points from the previous year, driven by merchandise margin growth and improved freight costs [10][28] - Operating income grew 9.7% to approximately $100 million, and diluted earnings per share increased over 14% to $1.05 [31][32] Business Line Data and Key Metrics Changes - Sports and recreation division saw a 6% increase, driven by growth in baseball, outdoor cooking, fitness equipment, and bicycles [10] - Apparel sales grew 3%, supported by strong performance from national brands like Nike and Jordan, as well as private brands [10] - Footwear business grew 2%, with strong contributions from performance running brands [11] Market Data and Key Metrics Changes - The top two income quintiles (households earning over $100,000) now represent roughly 40% of sales, with high single-digit growth in traffic from these cohorts [12][13] - The company continues to see market share gains across key categories, including apparel, footwear, and sporting goods [15] - Firearms market share has grown for over 18 consecutive months, despite softness in the ammunition segment [15] Company Strategy and Development Direction - The company plans to open 20-25 new stores in 2026, focusing on legacy and existing markets [18][17] - E-commerce sales grew 22% in Q3, with a penetration rate of 10.4% of total sales, indicating a strong omnichannel strategy [18][19] - The company is enhancing its product assortment and technology in stores, including RFID scanners to improve inventory accuracy [24][20] Management's Comments on Operating Environment and Future Outlook - Management noted that consumers are shopping more selectively, with a focus on value amid rising prices [5][7] - The company is optimistic about the upcoming holiday season, supported by strong promotional pricing and inventory management [10][34] - Management highlighted the importance of adapting to consumer behavior and maintaining competitive pricing strategies [10][38] Other Important Information - Free cash flow was negative $9 million due to tariff payments, but the company maintains strong liquidity with $290 million in cash [32][31] - The company is committed to balanced capital allocation, having paid $8.7 million in dividends and invested $54 million in strategic initiatives during the quarter [32] Q&A Session Summary Question: Can you discuss the average ticket increase and pricing dynamics? - Management indicated that average unit retails (AUR) were up mid- to high-single digits, while units per transaction (UPT) were down mid-single digits, reflecting a trade-off between AUR and unit sales [36][37] Question: What is the contribution of the Jordan brand at the store level? - The Jordan and Nike brands combined saw high single-digit comp growth, with plans to expand apparel and footwear offerings in stores [44][45] Question: How does the company view the health of its customer base? - Management noted that upper-income customers continue to grow, while lower-income customers are pulling back, but the overall customer base is becoming healthier [58][60] Question: What are the expectations for e-commerce growth and new store openings? - E-commerce growth of 22% exceeded expectations, and the company plans to continue leveraging new stores to drive online demand [62][63] Question: How do Black Friday promotions compare to last year? - Promotions were consistent with last year, and management is optimistic about customer engagement with promotions during the holiday season [77][78]

Core Viewpoint - Long Fung Group Holdings Limited has submitted its main board listing application to the Hong Kong Stock Exchange, aiming to leverage its market position as the largest pharmaceutical retailer in Hong Kong by 2024 with a market share of 5.2% [1] Business Layout - Long Fung Group operates a network of 29 retail stores across Hong Kong, strategically located with 5 on Hong Kong Island, 10 in Kowloon, and 14 in the New Territories, primarily in street shop formats [3] - The flagship store in Mong Kok, with a total area of approximately 17,500 square feet, is projected to be the largest drugstore in Hong Kong by 2024, while the average store size is 4,254 square feet [3] - The company utilizes multiple online channels, including its official website and platforms like Tmall and JD.com, creating an omnichannel retail matrix [3] - The product range includes 11 categories such as traditional Chinese medicine, Western medicine, health supplements, and beauty products, with over 46,000 SKUs sold during the reporting period [3] Financial Performance - Revenue is projected to grow from HKD 1.094 billion in the 2023 fiscal year to HKD 2.461 billion in the 2025 fiscal year, reflecting a compound annual growth rate (CAGR) of 50% [4] - Gross margin is expected to increase from 24.9% to 31.6% over the same period [4] - The company recorded a loss of HKD 27.1 million in the 2023 fiscal year but is forecasted to achieve a net profit of HKD 145 million in 2024 and further increase to HKD 170 million in 2025 [4] - In the first quarter of the 2026 fiscal year, revenue reached HKD 697 million, a year-on-year increase of 42.5%, with net profit soaring by 130.7% to HKD 47.8 million [4] Use of IPO Proceeds - The IPO proceeds are intended for various purposes, including opening up to 11 new stores in Hong Kong by 2029, inventory procurement, employee training, and enhancing brand marketing through celebrity endorsements [5] - Additional plans include upgrading procurement offices in Japan and South Korea, improving IT systems, repaying loans, and seeking strategic investment opportunities [5]

（原标题：营收大增21.8%，沃尔玛中国为何领跑业绩?） 11月20日，沃尔玛披露了2026财年第三季度（FY26 Q3）业绩报告。财报显示，沃尔玛该季度营收录得 1795亿美元，同比增长5.84%，营收增速连续两个季度环比走高，延续了稳健的扩张态势。 分区域看，沃尔玛中国业务表现尤为亮眼。FY26 Q3单季实现净销售额61亿美元，同比增长21.8%，不 仅大幅跑赢国际业务板块10.84%的平均增速，还连续多个季度维持同比两位数以上的增长，成为驱动 全球业绩增长的关键引擎。 若置于行业宏观视角审视，沃尔玛中国的表现更具韧性。对比2025年前三季度中国社零商超行业4.4% 的平均增速，沃尔玛中国实现了显著的超额增长。在当前消费回归理性、传统商超普遍面临转型阵痛的 存量博弈环境下，这份逆势突围的成绩单显得难能可贵。 面对如此显著的差异化表现，市场不禁追问：沃尔玛中国究竟做对了什么？ 左手山姆，右手电商 在很长一段时间里，实体零售与电商被视为一场零和博弈。但在沃尔玛的布局中，二者早已融为一体， 优势互补，成为业绩高增背后的核心因素。其中，有两组数据尤其值得关注： 现"，这不仅是对单店业绩的肯定，也是对山姆模式在中国 ...