Core Viewpoint - The return of "鹿角巷" (The Alley) marks a significant comeback in the tea beverage market, aiming to regain its former popularity amidst fierce competition and evolving consumer preferences [1][5][17]. Company Overview - 鹿角巷 originally opened its first store in Shanghai in 2017, quickly gaining fame with its signature black sugar pearl milk tea, which led to a surge in popularity and the emergence of the "dirty tea" trend [5]. - At its peak, 鹿角巷 had over 7000 imitations across the country, while only 114 authentic stores existed, leading to significant brand dilution [5]. - The company invested over 100 million yuan in anti-counterfeiting efforts from 2018 to early 2022 [5]. Recent Developments - In June 2023, 鹿角巷 announced the opening of 30 new stores across various cities, including Beijing and Shenzhen, as part of its strategy to rebuild brand influence [7]. - As of now, 鹿角巷 has established nearly 40 stores in 25 cities nationwide [9]. Product and Pricing Strategy - 鹿角巷 continues to focus on its black sugar pearl series while introducing new products like rainbow crushed ice and freshly brewed tea, emphasizing the use of fresh milk [9]. - The pricing strategy positions most products in the range of 15-20 yuan, with an average consumption of 16 yuan at the Beijing flagship store, maintaining a mid-range price point [11]. Store Format and Marketing - The new store format has shifted from larger spaces to smaller ones, approximately 20-30 square meters, aligning with current market trends [11]. - The brand employs a "one-day store manager" marketing strategy to attract customers, featuring guest appearances from celebrities [11]. Market Context - The return of 鹿角巷 coincides with a broader trend of nostalgic brands re-entering the market, such as 桃园眷村 and LADY M, which also aim to leverage their past popularity [12][14]. - The competitive landscape has evolved significantly, with new brands like 喜茶 and 奈雪 enhancing their product offerings and supply chains, while price wars are becoming prevalent in the industry [18].