Core Viewpoint - The rapid expansion of snack wholesale stores is driven by unique business models and changing consumer preferences, with significant market consolidation expected in the coming years [2][3][11]. Group 1: Rapid Expansion of Snack Wholesale Stores - The snack market has seen a transformation since 2021, with a surge in consumer demand for diverse options beyond traditional channels. Capital investment has accelerated the growth of snack wholesale stores, increasing from approximately 2,500 stores at the end of 2023 to an estimated 35,000-40,000 by the end of 2024, corresponding to a retail market size of nearly 140 billion yuan [3][4]. - Major brands are consolidating through strategic mergers, such as the merger between "Snack Busy" and "Zhao Yiming" announced in November 2023, which is indicative of the competitive landscape [3][4]. Group 2: Unique Business Model - Snack wholesale stores operate with a "multi-fast-good-cheap" model, featuring over 1,500 SKUs per store, primarily focusing on bulk products. These stores are strategically located in communities and commercial areas, covering a radius of 1-1.5 km, offering prices 20%-40% lower than traditional supermarkets [5][9]. - The average transaction value per customer is typically between 30-40 yuan, and stores introduce over 100 new products monthly while phasing out low-repurchase items to maintain consumer interest [5][9]. Group 3: Future Outlook - The long-term potential for snack wholesale stores is substantial, with estimates suggesting a market capacity of nearly 70,000 stores based on existing market density and purchasing power. The penetration rate of discount formats in China is projected to reach 15%-20% in the long run, aligning with trends observed in developed markets [11][12]. - Innovations in the discount retail sector are emerging, with stores expanding their product categories to include essential goods, thereby enhancing consumer experience and meeting diverse needs [12][13].