6月24日永辉超市（601933）宣布，预计在今年9月30日前完成全国200店的调改目标。接下来的调改聚 焦员工与商品两方面，具体包括提升员工技能培训与收入待遇，以及在商品结构达到胖东来的80%基础 上，加强自有品牌爆品打造冲击亿元级大单品。与此同时，永辉超市的调改已经提速。自去年5月启动 调改以来，永辉超市调改完成的第100家店于6月中旬开业，中途耗时近1年。而就永辉超市最新宣布， 接下来100家店的调改预计在今年第三季度完成，第三季度平均每天将会有一家调改门店开业。本周内 的调改门店数量将达126家。(界面) ...

硬件升级只是调改的基础工作，贴合本地消费者需求才是关键。不少传统超市怀着"改变不一定有成 果，但不改变一定没有出路"的想法，纷纷投身调改热潮。但现实却是，部分超市在调改开业初期，凭 借新鲜的硬件设施和宣传噱头吸引了大量消费者排起长队，可没过多久便陷入门庭冷落无人问津的尴尬 境地，甚至有的因调改策略失误，成本增加，运营压力陡增。究其根源，在于一味地复制他人，丢失了 自身经营特色。因此，调改还需要深入研究本地消费者的习惯和需求，因地制宜调整商品结构，以高品 质、有特色的商品与服务为桥梁，重新建立起与消费者之间的信任纽带，真正服务于消费者生活需求。 变革并非一日之功，更要坚持长期主义。胖东来的成功是多年深耕服务与品质的结果。一些商超调改往 往是今天学极致服务，明天追求数字化，却始终未在本地消费生态中找到真正的立足点。从行业发展规 律看，商超转型发展从来都是一场"持久战"，永旺、山姆等超市用数年时间完成从大卖场到社区生活服 务提供者的转型，深度融入人们生活，受到消费者欢迎。这些成功案例也证明：立足本地需求的持续迭 代，远胜盲目跟风的短期变革。 如果问现在超市什么最火，莫过于"调改"二字。越来越多的传统超市将目光投向" ...

6月6日，完成调改的永辉超市千禧街店重新开业，这是北京市丰台区首家学习胖东来模式的超市门店， 吸引众多居民前来打卡。改造后的超市一改传统大卖场形象，为六里桥地区"一刻钟便民生活圈"注入新 活力。近段时间以来，永辉、物美、步步高等传统超市纷纷开启"胖东来版"的自主调改。北京、上海、 重庆、福州、太原等各大城市涌现出不少调改后的本地"胖东来"。 当前，传统超市正面临多重挑战，但胖东来却逆势上扬，深受消费者青睐，业绩年年增长。胖东来为何 能成为超市界的"顶流"？调改后的传统超市怎样更好自我修行？未来在提振消费上又将如何持续发力？ 记者走进多地，探寻胖东来模式如何破圈升级，了解传统超市转型的本土化生存新路径。 走向河南许昌的胖东来天使城店，映入眼帘的是超市门口蜿蜒的长队。队伍从商场大门一直延伸至马路 边，不时有人走近询问队尾在哪儿。来自浙江某旅行团的游客们边排队边拿出手机自拍合影。带队导游 说："昨晚住许昌市区，今天主要行程就是胖东来。以前旅行团都是去少林寺、龙门石窟，现在胖东来 也成景点了。" 记者注意到，尽管人流密集，但现场秩序井然。在超市烘焙区，来自郑州的大学生杨雪晴正在细心比对 手机上的"胖东来必买清单"。她 ...

线下起家的实体商超，如今正凭借"线上＋线下"两条腿跑得更快。当线上业务紧扣市场脉搏频率，即时零售、社交电 商等便成为超市抬高收入水平、完成流量转化的关键场所。但也有专家指出，欲通过线上业务真正增色并非易事，商 品体系、品牌力的构建，外加前置仓模式的跑通，均影响着效果半径。 转型节点不仅在线上投入有所体现，超市对线下革新的酝酿与发力也在去年过后继续开展。在传统超市战略收缩与调 改并进的当下，采购模式、组织架构也为与发展目标相称而同步进化。 高鑫零售2025财年线上营收中单位数成长，实体超市乘风即时零售 德弘资本接手后，大润发母公司高鑫零售在近日公布了股权交割后的首份全年财报。 财报披露，截至2025年3月31日止年度，高鑫零售年内溢利、公司拥有人应占溢利分别对应3.86亿、4.05亿元，与上一 财年相比，均实现大幅扭亏为盈。同期，高鑫零售收入达715.52亿元，较上年减幅为1.4%，剔除供应链服务业务收缩 对收入影响约1.4%，以及关店业绩损失对收入影响约1.6%后，公司收入同比增长1.6%。 此外，高鑫零售同店销售也持续增长，从上半财年0.3%的增幅提升至全年增长0.6%。关于同店销售表现，高鑫零售评 价道， ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7][13]. Core Insights - The report highlights that the company has completed its restructuring, resulting in a healthier balance sheet. The company is expected to see significant profit growth as it completes its store renovations, with sales and customer traffic exceeding expectations [2][15]. - The restructuring has led to a reduction in debt levels, with the debt-to-asset ratio decreasing from 86.8% in 2023 to 62.1% by Q1 2025. The company is projected to have cash and equivalents exceeding 1 billion yuan by the end of 2024 [2][41]. - The report anticipates that the company will complete all supermarket renovations by 2025, with sales per store expected to increase significantly post-renovation [2][65]. Summary by Sections Restructuring and Financial Health - The company has successfully restructured, becoming a non-controlling entity with the introduction of industrial investors who enhance its supply chain and digital capabilities. The management team has also undergone changes to improve efficiency [2][32][33]. - The restructuring plan includes cash settlements for debts under 100,000 yuan and equity swaps for larger debts, extending remaining debts to a 10-year term [2][39]. - The company’s cash flow situation has improved significantly, with cash and equivalents projected to return to pre-2018 levels by the end of 2024 [2][36]. Supermarket Renovation Success - The report notes that the company has already renovated 17 out of 27 supermarkets, with sales and customer traffic increasing dramatically post-renovation. The average daily sales have reportedly increased sixfold, and customer traffic has tripled [2][65]. - The renovation strategy has led to a significant change in product offerings and store environments, enhancing customer experience and employee satisfaction [2][14]. Department Store Transformation - The company is set to initiate a comprehensive renovation of its department stores in May 2024, focusing on improving employee experience and customer service [3][15]. - The department store segment is expected to contribute significantly to the company's revenue, with a projected recovery in gross margins [3][12]. Profit Forecast and Valuation - The company is expected to achieve net profits of 184 million yuan in 2025, with projections of 402 million yuan and 674 million yuan in the following years, reflecting a rapid profit release phase [4][12]. - The report provides a valuation based on comparable companies, indicating that the company is currently undervalued relative to its peers in the supermarket sector [4][12].

昨天，通州万达广场 内的永辉超市迎来众多顾客。 刘英文摄 货架上的商品也大变样。升级后的门店以永辉农场直供和各地时令商品相结合的模式，丰富顾客的选 择。在蔬菜区，云南定向种植的上海青与北京小汤山生菜同台亮相；在水果区，"热带风情岛"主题专区 集合了荔枝、山竹、西瓜等时令水果。此外，通过"绿色通道"引入的外贸优品也摆上货架。消费者还能 买到胖东来的啤酒、白酒、花生油等热门商品。 店内负责人介绍，开业前，店里还特别组织了烘焙品鉴会，由周边居民投票决定烘焙新品。票数较高的 手指提拉米苏、桃子慕斯蛋糕、巧克力诱惑蛋糕等新品纷纷上架。随着端午节临近，超市内还增加了现 蒸粽子、端午限定黑松露粽香酥饼等节令食品。改造后，现制现售商品比例提升至20%左右。 浓浓的烟火气中，顾客也体验到更好的服务。门店延续了以往调改店的各项服务，如在收银台、打包 台、服务台等备好一次性餐具，在便民服务区配备电子血压计、身高体重测试仪、免费茶饮、免费1小 时的充电宝等，同时，还首次增设餐吧，提供汽水、冰淇淋、热狗等商品，并配以桌椅，为顾客提供休 憩场所。 升级后，门店也为收银员、称重员等配备了专用座椅，新增员工休息室、更衣室，一线员工综合薪资提 ...

Core Insights - Yonghui Supermarket has opened its first self-adjusted store in the Mentougou District, following previous adjustments in other districts of Beijing, enhancing its market presence [1][2] - The store features a unified shelf height of 1.6 meters, removed mandatory traffic flow, and widened aisles, creating a more customer-friendly shopping environment [1] - The product structure has been adjusted to meet public demand, retaining reliable brands and increasing the proportion of freshly made products to approximately 80% of the "Pang Dong Lai" product structure [1] Product Offerings - The store has introduced popular items such as "Pang Dong Lai" spicy beef strips, small sweet sausages, Northeast-style fried meat, and Korean fried chicken in the prepared food section [1] - Baked goods focus on health and taste, featuring products like "Harvest Joy" European bread, finger tiramisu, peach mousse cake, and chocolate temptation cake [1] - A dedicated brand area for "Pang Dong Lai" includes items like DL craft beer, yogurt oat crisps, grape juice, and laundry pods, along with exclusive displays for Yonghui's selected products [1] Service Enhancements - The store has added a pet storage area to address challenges for pet owners, along with a convenience service area equipped with blood pressure and height measurement devices, and free charging stations [2] - Premium seafood in the fish section now offers oxygen cleaning services, while the meat section provides free shredding and grinding services [2] - Fresh-cut fruit management follows a strict "468" freshness policy, with discounts applied based on time since cutting, and perishable items are cleared daily [2] Expansion Plans - Following the opening of the new store, Yonghui has reached a total of 78 adjusted stores nationwide, with plans to exceed 124 by the end of June and aim for 300 by the Lunar New Year in 2026 [2] - Additional adjusted stores are set to open in Tongzhou and Fengtai districts by the end of May, bringing the total number of adjusted stores in Beijing to 8 [2]

永旺在中国内地开设的首家综合百货超市被曝将要关闭。 近日，有网友在社交平台上发帖称，永旺广州天河城店（下称"永旺天河城店"）将在今年6月正式歇业。5月13日，南都湾财社记者多方求证了解到，永旺天 河城店所在的位置确实将启动焕新改造，永辉超市胖东来版调改店将取代永旺超市入驻广州天河城。 永旺天河城店于1996年7月开业，营业至今接近29年了。按照其此前签订的合同，其在天河城负一楼的租约将在今年6月到期。 永旺天河城店将撤场？ 多方回应：所处商场将改造，永辉将入驻 5月13日下午，南都湾财社记者走访位于广州天河城负一楼的永旺综合百货，百货内除了有永旺超市外，还有服饰、家电、日用品等专区，同时还设有茶叶 零售店、奶茶咖啡店、家电品牌专卖店。记者走访时为下午2点左右，商城内人气依旧旺盛，不少市民前来选购面包、水果、饮料等产品。 对于永旺撤场一事，永旺商场前台客服告诉记者，目前尚未收到通知。多位商户表示，前一段时间商场内都在传撤场，但目前仍未有官方公告，大家都在等 待，"我们也想早点知道（结果）""听周围的商铺说六月底走，但没收到消息，不确定"，至于若商场撤场后工作人员何去何从，有商户称"这不是我们能决 定的事情"，有 ...

文 | 《 BUG 》栏目 罗宁 近日，永辉超市开封星光天地店完成胖东来调改，成为全国调改门店的第 55 家。 自从去年 5 月，永辉超市首次发布门店调改公告，时间已过去近 1 年，这些"胖改"店陆续 营业步入正轨。在胖东来的流量光环下，大众对"胖永辉"抱有相当高的预期，但调改后的 实际效果究竟如何？ 近日，《 BUG 》栏目分别前往北京石景山喜隆多店、大兴区鸿坤广场店实地走访，发现开 业热潮褪去后的永辉"胖改"项目，正显露出改造不够彻底的尴尬现实： 第一，从客流来看，曾经的人潮盛况早已不再，那些一物难求的网红产品，如今既不缺货也 无需抢购，甚至无人问津。 第二，从零供关系看，有供应商直言，"胖永辉"砍掉中间商后，超市以薄利甚至零毛利运 营，长期将不可持续，且直采方式对超市资金链形成较大考验。另有供应商透露，裸价直采 政策推出后，挤压了品牌方利润空间，倒逼企业通过产品减量定制化降本。 第三，从员工薪资以及休假待遇看，调改后的"胖永辉"依然不及胖东来，且薪资差距很 大。 探访：客流回归平淡， 网红产品不再抢购 （图为永辉喜隆多店） 近日，《 BUG 》栏目在中午时间段走访了位于石景山的永辉喜隆多店，这家是永辉超 ...