Core Viewpoint - The article discusses the challenges and complexities faced by traditional supermarkets in China, particularly in the context of learning from the successful model of "胖东来" (Pang Donglai), highlighting the difficulties in replicating its success and the inherent issues within the retail industry [1][3]. Group 1: Industry Challenges - The retail industry is undergoing significant changes, with major players like 永辉超市 (Yonghui Supermarket) facing substantial losses and operational difficulties, including a projected annual loss and a significant drop in revenue [5][6]. - The traditional supermarket model relies heavily on channel fees from suppliers, which has created a complex and often corrupt procurement system that hampers operational efficiency [10][11]. - The shift towards a new model, as exemplified by 胖东来, involves reducing reliance on key account (KA) fees and focusing on direct consumer sales, which requires a fundamental change in operational strategy [10][12]. Group 2: Learning from 胖东来 - Many supermarkets are attempting to emulate 胖东来’s success, but the process has proven difficult, with many struggling to understand and implement the necessary changes [5][6]. - 胖东来 has achieved remarkable sales growth, completing its 200 billion sales target ahead of schedule, which has drawn attention from competitors [5][6]. - The key to 胖东来’s success lies in its ability to redefine the relationship between supermarkets and suppliers, emphasizing product customization and direct consumer engagement [10][12]. Group 3: Management and Organizational Issues - The restructuring efforts at 永辉超市 have led to significant changes in management, including the departure of key executives, indicating the challenges of implementing a new operational model [11][12]. - The complexity of managing a large supermarket chain is exacerbated by the need to maintain effective procurement practices while also ensuring compliance with new operational standards [19][20]. - 胖东来’s approach to employee compensation and management practices, including high salaries and strict performance standards, is a critical aspect of its operational success, but poses challenges for scalability [13][19]. Group 4: Market Dynamics - The retail market in China is characterized by a large number of small companies operating within a vast market, making it difficult for traditional supermarkets to adapt to changing consumer preferences and competitive pressures [22][24]. - The historical context of retail in China shows that many once-dominant players have struggled to maintain their positions, highlighting the transient nature of success in the industry [23][24]. - The article emphasizes that successful business models are often context-specific and may not be easily replicated, as evidenced by the challenges faced by companies attempting to adopt 胖东来’s strategies [26][27].

作者 ： 黎铮 来源： 远川研究所 学习胖东来运动轰轰烈烈一年多，学习班尚无一人毕业，挂科的倒是先有好几个。 去年10月，山西美特好超市集中闭店14家，引发储值卡退款挤兑、推迟发放工资等一系列连锁反应，逼得美特好用一张胖东来同款美工的公告回 应：别慌，只是技术性调整[1]。 美特好比胖东来早生几年，一度干出"山西超市王"的名号。2024年赶上商超行业大调改，美特好单方面宣布向胖东来学习，要做" 太原胖东来+本 土化山姆 "，精神文明与物质文明两手抓。 以下文章来源于远川研究所 ，作者黎铮 远川研究所 . 刻画这个时代 大型商超三巨头里，永辉超市交上了一份全年预亏的业绩预告；中百去年前三季度营收同比下滑近五分之一，亏损也同比扩大。 步步高是另一个极端。去年前三季度，其营收与经营活动现金流同比增长了26%与261%，尽管净利润同比减少了八成（注：前一年财务重整高基 数+门店调改高投入），也已是矮子里拔高个的存在。 ------------------------------ 宗门弟子各自挣扎，宗师本人倒是再创辉煌。 2025年，胖东来提前50天完成200亿销售额目标（其中超市业态109亿），比2024年全年还多了 ...