来源：格隆汇APP 2026年度格隆汇"全球视野"十大核心资产已正式发布，沃尔玛（WMT.US）历经多轮筛选与角逐，最终 入选成为全球核心资产中零售领域的标杆标的。 以下是关于沃尔玛的入选逻辑与深度解析： 2025年全球消费复苏、全渠道零售深化与供应链数字化革新形成强劲合力，零售行业迎来"效率升级 +需求分层"的黄金发展期。作为全球零售行业的领军企业，沃尔玛正告别传统零售"线下依赖"的标签， 加速推进从"线下商超巨头"到"全渠道零售生态服务商"的结构性转型。 公司明确2030年战略蓝图：电商业务收入占比冲刺30%，全球供应链数字化渗透率达90%，会员制业务 贡献利润占比提升至40%。凭借"线下网络+全渠道融合+供应链壁垒+会员生态"的独特模式，沃尔玛已 构建起兼具"抗周期韧性+成长确定性"的盈利结构，成为2026年全球市场中风险抵御能力突出的核心配 置标的，其转型背后的长期价值正被资本市场重新定价。 01 核心竞争壁垒： 四大维度构筑不可复制优势 沃尔玛的行业龙头地位，源于数十年积累的多维竞争优势，形成了新进入者难以逾越的壁垒，也是其穿 越消费周期的核心底气。 全球供应链网络构建成本壁垒。依托覆盖19个国家的 ...

阿里之后，谁能扶起这家曾经的超市之王？ 每日资本论（摄） 文/每日资本论 "超市之王"又要被卖了。 近日，多家媒体报道称，知名商超大润发的母公司高鑫零售有限公司（下称，高鑫零售）以执行董事兼CEO沈辉名义发出公告，表示9月27日上午起在港交 所短暂停牌，以待根据公司收购及合并守则发出载有本公司内幕消息之公告。 这意味着，潜在投资人或投资机构可能会向所有股东发出收购其股份的要约。 1、 关于大润发的"绯闻"近来不断。去年，大润发就开始传闻将被阿里巴巴出售，后被辟谣。今年3月，又传闻中粮集团将以100亿元收购大润发，后者辟谣。还 有传闻收购者是KKR集团，一家老牌的杠杆收购天王，擅长产业投资。高瓴资本被认为是目前最有可能收购大润发的潜在买家，而且有传言称，高瓴资本 可能会与润泰联手进行此次收购。 大润发的出售与业绩大幅下滑关系密切。2024财年（2023年4月1日至2024年3月31日），高鑫零售实现营收725.67亿元，同比减少13.3%；净利润巨亏16.68 亿元，同比下降1572.48%。 这是高鑫零售自2011年上市以来最大规模的亏损，主要受到负现金流门店和关闭门店及拟关闭门店的使用权资产及固定资产减值、 ...

今年底，打工人最想"一直打下去"的外卖大战终于告一段落。 从盛夏到严冬，这场横跨三大平台的用户争夺战堪称史无前例。在这场全民"薅羊毛"的外卖大战里，三方均投入百亿补贴，争的就是让用户爱来、常来。 2025年，活跃用户成了各平台的兵家必争之地。 不单是外卖行业，对于当下所有商家来说，"得用户者得天下"。对比之前各家削尖脑袋跑马圈地，现在的商家不仅想要更多新用户，还想让用户一直留在 自己家，并为此使尽十八般武艺。 年初，京东PLUS会员推出积分免费兑换生活服务，从家政、洗车、快递、体检权益全包，想从居家日常留住用户。 淘宝通过"88VIP"进一步整合淘宝闪购、飞猪、淘票票等阿里系平台，逐步实现会员互通和全价打包。 爱奇艺为星钻会员增添"免费看加更礼"权益。这是长视频行业第一次将高价值加更礼直接加入会员权益中。另外还有会员积分免费兑加更礼、积分抵钱买 周边等新福利玩法。高端用户更"尊享"，基础会员更"平价"。 随着互联网进入存量竞争时代，积极争夺用户成了各家长期主义的重要解法之一。无论是跨领域开疆拓土、用多元玩法提升用户留存时间，还是探索升级 会员权益与体验，现在能真正把人变成"常驻玩家"的，才是赢家。 01 "选 ...

硬折扣业态热度又起 今年下半年，硬折扣超市被互联网大厂推到台前，成了线下零售最热的赛道之一。 8月末，盒马NB战略升级并更名为"超盒算NB"，全国17家门店集中开业，年底还将开放多城加盟；京东折扣超市全国已开9家门店；美团"快乐猴"两个月 落地5家门店，并与京东几乎同时向北方市场推进；物美也把"物美超值"在北京多区域铺开。 作者/十里 ID/lingshouke 1 ▲这是灵兽第1733篇原创文章 一方面，传统零售企业在调改、创新、转型；另一方面，互联网大厂重回线下开店。 外资玩家奥乐齐同样在加速，自2019年进入中国后，今年3月启动"出沪入苏"，在苏州、无锡、常州新增7店；截至9月底，其在中国已开出79家门店，节 奏不快，但扩张持续。 大厂为何在这个节点集体下场？原因很现实：消费更理性、价格更敏感，谁能把蔬果、粮油米面等日常刚需"卖得更便宜、更稳定"，谁就更容易拿到增 量。更关键的是，硬折扣天然适合做线下高频入口，能反哺线上流量，也更方便和到家业务打通。 这恰好解释了大厂的优势：供应链整合能力强、规模议价更有力，直采也更容易做深做广；同时，数字化能把选品、定价、补货、损耗控制做成系统， 把"高周转"变成可复 ...

Core Insights - The announcement by Zhongbai Group regarding the closure of 30 warehouse stores signifies a troubling trend in the retail industry, with an estimated loss of 180 million yuan expected from these closures [1] - The retail landscape in China is shifting, with a significant number of chain supermarkets reducing their store counts, leading to over 3,000 store closures in 2024 alone [3] - Consumer habits have evolved, with a preference for convenience and immediate access to goods, favoring community supermarkets over large warehouse stores [5] Group 1: Industry Trends - In 2024, the top 100 chain supermarkets in China saw 62 companies reduce their store sizes, indicating a broader trend of downsizing in the retail sector [3] - Major retailers like Walmart, Yonghui, and RT-Mart are also scaling back, reflecting a significant shift in consumer purchasing behavior [3] - The rise of online shopping platforms such as Hema, JD Daojia, and Meituan has intensified competition, offering home delivery services that appeal to time-conscious consumers [5][7] Group 2: Company Strategies - Retailers are attempting to adapt by exploring new business models, such as Daili's membership store approach and Yonghui's focus on optimizing products and services [7] - Zhongbai's decision to close 30 underperforming stores is seen as a necessary step to reduce fixed costs and improve financial health [9] - The transformation journey for these retailers is challenging, with significant investments required and uncertain outcomes [9] Group 3: Consumer Behavior - The traditional family outing to large supermarkets has diminished, with weekends now dominated by activities like movies and dining out [5] - Consumers are increasingly opting for quick purchases rather than dedicating time for bulk shopping, reflecting a shift in lifestyle [5] - The success of retailers like Pang Donglai is attributed to their exceptional service experience, highlighting the importance of customer engagement in retaining loyalty [9]

Sales Performance - Net sales reached $66.0 billion, reflecting an 8.2% growth[4] - Comparable sales increased by 6.4%[4] - Adjusted comparable sales also grew by 6.4%[4] - Digitally-enabled comparable sales surged by 20.5%[4, 16] - Adjusted digitally-enabled comparable sales also increased by 20.5%[4, 16] - US comparable sales increased by 5.9%, Canada by 6.5%, and Other International by 8.8%[8] Financial Highlights - Gross margin was 11.32%, a 4 bps increase compared to Q1 FY'25[9] - SG&A was 9.60%, a 1 bp decrease compared to Q1 FY'25[9] - The company reported a tax benefit of $72 million, or $0.16 per diluted share, related to stock-based compensation[9] Membership Metrics - Membership income grew by 14.0%[11] - The worldwide membership renewal rate was 89.7%, with the US/CN renewal rate at 92.2%[11] - Paid memberships reached 81.4 million, a 5.2% increase[14] - Total cardholders amounted to 145.9 million, a 5.1% increase[14] - Executive memberships totaled 39.7 million, representing 74.3% penetration of sales to executive members[14] Digital Performance - Ecommerce site traffic increased by 24%[18] - Ecommerce average order value grew by 13%[18] Warehouse Expansion - The company plans to increase its total warehouses from 914 to an estimated 942 by the end of FY'26[19]

前言：商超行业变革的背景与挑战 作为一名供应商和行业研究者，我和商超打了快30年的交道，受益于中国商超行业的黄金发展期，我曾 服务的诸多品牌均顺势崛起，业绩亮眼。然而随着消费者购买行为的迭代升级，商业生态开始剧烈重构 —— 仿佛一夜之间，我们曾引以为傲、支撑企业稳健前行的大商超（KA），整体陷入发展瓶颈。作为 上游供应商的我们亦突陷迷茫困顿，整体性的困惑、集体性的应对无措，成了贴在商超与众多供应商群 体的共同标签。 应《零售圈》宋九亮先生邀约，结合笔者近30年的商超交道、管中窥豹的行业观察，以及多年的"价值 链共赢营销生态系统"研究，我想对传统KA的变革与生态价值重构谈一下自己的思考，以期为行业发展 提供些许参考。 毋容置疑，中国商超行业正经历深刻的结构性变革。在宏观经济环境变化与消费者行为模式转变的双重 驱动下，传统商超渠道正经历一场以"回归本质"为核心的自我革新。 传统商超的生存现状呈现出一种复杂而又充满挑战的图景。一方面，全国范围的关店潮持续上演，各大 超市品牌纷纷精简门店数量以优化布局。2024年有统计显示，62家超市品牌关闭了3037家门店，传统大 卖场的日子愈发艰难。 另一方面，一些曾经的巨头却在 ...

E-commerce Development Trends - The 2025 Double Eleven shopping festival marked a shift from traffic competition to a holistic ecosystem collaboration, focusing on a consumer-centric approach to create a comprehensive consumption ecosystem [1][8] - The trend of "truth-seeking" and "practicality" in consumer behavior emerged, with health-oriented consumption becoming prevalent, and domestic brands gaining favor through original design and technological innovation [1][10] Platform Marketing Changes - Marketing strategies have evolved to be more instantaneous, intelligent, and integrated across multiple business formats, with a simplification of promotional rules, where "one-item direct discount" has become mainstream [1][15] - AI technology is deeply integrated into consumer decision-making and merchant operational efficiency, transforming traditional e-commerce platforms into comprehensive consumption platforms [1][16] Sales Data Performance - Total online sales reached 1,695 billion yuan, achieving a resilient growth of 14.2% compared to the previous year [1][28] - Instant retail sales experienced explosive growth, with a year-on-year increase of 138.4%, driven by high-frequency consumption patterns [1][30] Consumer Trend Insights - Health-oriented consumption has permeated the market, with a simultaneous trend of quality upgrades and consumption segmentation [1][10] - The shift from "demand satisfaction" to "value resonance" indicates a deeper connection between consumers and brands, emphasizing the importance of brand loyalty and consumer engagement [1][10]

Core Insights - Sam's Club has faced significant backlash from its members following an app update that introduced features perceived as overly complicated and less transparent, leading to a wave of negative reviews and calls for boycotts against new management [1][3][4] - The backlash reflects deeper issues regarding the brand's identity and its alignment with the values of its middle-class consumer base, who view Sam's as a symbol of quality and exclusivity [5][10][12] Group 1: Member Sentiment and Brand Identity - The dissatisfaction with the app update stems from a long-standing expectation among middle-class families for high-quality, carefully curated products that simplify their shopping experience [3][4] - Members are not just purchasing a membership; they are buying into an identity that signifies access to a superior lifestyle, which is threatened by perceived changes in product quality and brand strategy [7][10] - The rapid expansion of Sam's Club has diluted its exclusivity, leading to concerns that the brand may lose its appeal to its core demographic [12][17] Group 2: Competitive Landscape and Strategic Challenges - Sam's Club is under pressure from both traditional competitors like Costco and emerging players such as Hema and online platforms, necessitating a strategic shift to maintain market relevance [13][15] - The company has accelerated its store openings, planning to increase from 5-6 stores annually to 6-7 by 2024, with a record 8 new stores planned for this year [10][12] - The recent app update and product changes are seen as attempts to adapt to competitive pressures, but they risk alienating existing members who value the brand's traditional standards [17] Group 3: Future Directions and Strategic Focus - To navigate the current backlash and competitive environment, Sam's Club must balance its international brand identity with the need for local adaptation, ensuring that it meets the evolving demands of Chinese consumers [17] - Addressing operational issues, such as complex shipping rules and product selection, will be crucial for restoring member trust and satisfaction [17] - The company must prioritize maintaining its "member first" philosophy while exploring innovative ways to enhance the shopping experience without compromising its core values [17]

Core Viewpoint - The recent update of the Sam's Club app has led to a significant backlash from members, highlighting a crisis of trust in the membership model due to perceived declines in product transparency and user experience [1][3][4] User Experience Issues - The app update, which began testing in late August, resulted in complaints about overly beautified product images and hidden ingredient lists, leading to a loss of the "what you see is what you get" principle [4][7] - Users reported that product details became more complicated to access, with essential information being hidden behind multiple clicks, increasing decision-making costs [4][7] - Concerns about information transparency arose, with discrepancies between product descriptions and actual labels, such as "domestic" versus "imported" [4][7] Strategic Conflicts - The backlash reflects deeper strategic conflicts within Sam's Club, as the new management attempts to apply e-commerce traffic strategies to a membership-based model, which fundamentally relies on trust rather than traffic [7][9] - The membership fee structure, which is designed to attract high-spending customers, is being undermined by a shift towards a more transactional, traffic-driven approach [7][9] Identity Crisis and Management Changes - The app update failure is symptomatic of a broader identity crisis as Sam's Club undergoes strategic transformation, marked by a management change with the appointment of a new president from Alibaba [9][10] - Rapid expansion has put pressure on supply chains and operational efficiency, with membership growth slowing from 40% to 16% [10][12] Trust and Quality Concerns - Past incidents of perceived product quality degradation, such as the introduction of lower-quality brands, have exacerbated the current trust crisis among members [12][14] - The company has acknowledged the need to improve and has begun to replace some product images with real photos, but these incremental changes may not be sufficient to quell member dissatisfaction [14][16] Lessons for Membership Retail - The situation serves as a cautionary tale for membership-based retail, emphasizing that digital transformation must prioritize member trust and experience over mere data metrics [16][17] - Sam's Club faces a critical juncture, needing to redefine the unique value proposition of its membership fees amidst growing member discontent [17]