文 |零售圈 导语： 回顾刚过去的2025年，零售行业的大规模并购交易，几乎从未停歇。这一系列并购事件不仅改变了零售 行业的格局，也揭示了行业内部的深刻变革——零售行业正在经历新一轮"资本大洗牌"。 在这一年里，我们看到头部企业纷纷"做减法"，剥离非核心资产以聚焦主业，如阿里巴巴彻底退出银泰 百货与高鑫零售，同时也见证了不少巨头"做加法"，通过并购扩充品牌矩阵、切入新赛道，如普拉达收 购范思哲构建奢牌三角，玛氏以超350亿美元吞下品客母公司，组建零食帝国。 私募资本成为了关键推手，KKR、博裕、CPE源峰等机构频繁出手，以资本赋能实体，推动品牌转型与 扩张。而本土消费品牌如大窑汽水、蜜雪冰城，则通过引入资本或收购细分赛道玩家，加速全国化与生 态化布局。 从国际食品巨头的强强联合，到本土品牌的资本化转身；从互联网巨头实体布局的深化，到私募基金对 传统业态的焕新改造，这些交易背后，是零售业面对渠道变迁、消费分级与竞争全球化所做出的集体回 应。 无论是德弘资本对高鑫零售的"买手制"改造，还是京东跨洲收购德国Ceconomy的出海雄心，都标志着 行业正从规模扩张走向精益运营，从流量争夺转向供应链与品牌价值的深耕，他们 ...

本报记者 梁傲男 1月6日，星巴克中国宣布与亚朵集团达成合作，携手推出联合会员计划，标志着星享俱乐部的会员权益 再度加码。加入联合会员的金星、钻星会员，可体验一年至高360天亚朵金会员核心权益，享受"升级好 房、双人早餐、延迟退房"等实用出行福利。而加入联合会员的星享俱乐部会员，如在亚朵集团旗下指 定酒店入住期间为亚朵黑金、铂金或金会员，在星巴克指定渠道消费还可享受双倍积星。星星可用于兑 换星巴克提供的多种好礼，包括礼宾专车接送机、机场贵宾厅等品质服务，温暖每一次出行。 星 巴克/供图 星巴克金星会员在本次活动期间内至高可领取12次亚朵金会员先享权，相当于一年可体验360天的亚朵 金会员核心权益，至高可得36张双人早餐券与36张延迟退房券等实用福利。星巴克钻星会员更可将其中 的3次亚朵金会员先享权升级为亚朵铂金会员先享权，从而额外体验包括至高18张亚朵升房券在内的亚 朵铂金会员核心权益。星巴克银星与玉星会员也可定期领取亚朵无门槛立减券，享专属优惠，真正实 现"会员即权益"。 亚朵黑金会员绑定可得6颗星巴克好礼星星，铂金会员绑定可得3颗好礼星星，金、银、注册会员绑定亦 可享1颗好礼星星，轻松开启"星"体验。 此 ...

消息一出，朋友圈瞬间沸腾，那种说走就走的浪漫冲动，在很多人心里长了草。 但我随手刷了刷社交媒体，与群情雀跃形成鲜明对比的，是一群IP定位在伊斯坦布尔的同胞，不少人正发出声泪俱下的劝退檄文。一些先一步过去的网友 发现，免签省下的那几十美金签证费，可能连伊斯坦布尔一顿普通午餐都不够。 01 元旦前夕，土耳其突然宣布对华免签了。 但在我看来，这并不是最糟的，十三年前，第一次造访伊斯坦布尔时，游客还能在一楼自由漫步，近距离仰望巨大的穹顶。 2013年，圣索菲亚大教堂游客可以在一楼参观/旅界实拍 那时候，它是博物馆，也是凯末尔世俗化改革的象征，对所有人平等开放。 但去年故地重游，一楼已经彻底变成了当地人祈祷区，这种物理空间的重新划分，像极了埃尔多安时代的隐喻，宗教正在重新接管世俗领地。 当下的土耳其，对游客收割是全方位的，若把目光投向海峡对岸，加拉塔石塔最新门票价格30欧元，约合240元人民币。 如果做个简单对比，我上个月在巴黎卢浮宫看《蒙娜丽莎》，门票22欧元，巴黎圣母院大火重修后的钟楼价格也不过16欧元。 旅界实拍 有人贴出了最新价目表，字里行间全是震惊。 圣索菲亚大教堂，这个曾经代表着伊斯坦布尔包容精神的地标，早 ...

Core Insights - The article highlights the significant role of female leaders in the Chinese restaurant industry, showcasing their ability to navigate challenges and drive growth in major brands like KFC, Haidilao, Starbucks, and McDonald's [1][2][3] Group 1: Female Leadership in Crisis - The concept of "glass cliff" suggests that women are often appointed to leadership roles during crises, as seen with KFC's CEO, Su Cuirong, who took charge during a challenging period for the brand [3][4] - Su Cuirong implemented strategies to rejuvenate KFC, including brand modernization and the introduction of new products, which led to a significant revenue increase, with KFC China generating nearly $5 billion in revenue in 2015 [5][8] - Haidilao's former CEO, Yang Lijuan, also faced challenges during the pandemic, successfully turning the company around to achieve a net profit of 4.5 billion yuan in 2023, a 227.33% increase year-on-year [8][10] Group 2: Strategic Expansion and Digital Transformation - Starbucks China saw transformative growth under former CEO Wang Jingying, who accelerated store openings from 400 in over a decade to 204 in one year, establishing Starbucks as a leading coffee brand in China [10][11] - Current CEO Liu Wenjuan has continued this trend by implementing price reductions and expanding into lower-tier cities, resulting in positive same-store sales growth [14][19] - KFC's digital transformation under Su Cuirong has been pivotal, with digital orders contributing approximately 95% of restaurant revenue by 2025, showcasing the importance of digital strategy in the modern market [20][22] Group 3: Localization and Consumer Insights - KFC's approach to localization includes adapting its menu to Chinese tastes, offering items like dumplings and chicken rice, which resonate with local consumers [23][24] - McDonald's CEO Zhang Jiayin emphasizes the importance of understanding local markets, leading to product innovations that cater to regional preferences, such as spicy chicken wings and collaborations with popular franchises [27][28] - The article underscores the unique insights female leaders bring to the industry, enhancing customer experience and operational efficiency through empathy and attention to detail [34][35]

Core Insights - The core focus of the articles is on how restaurant owners are trying to enhance employee motivation and engagement through innovative partnership models, particularly the "Feng Huan Chao" partnership plan initiated by Xia Bo Xia Bo, which aims to transform employees from "workers" to "partners" [1][3]. Group 1: Employee Engagement Strategies - Xia Bo Xia Bo has launched its second "Feng Huan Chao" partnership plan, which emphasizes profit-sharing with employees to boost their motivation [1]. - The first phase of the partnership plan led to a 2% reduction in management fees for partner stores and a shift in profit distribution from quarterly to monthly, resulting in increased employee participation [1]. - Revenue for the first batch of partner stores increased by over 30% year-on-year, with profit margins exceeding 30% after employees transitioned to partner roles [1]. Group 2: Industry Challenges - The restaurant industry is facing significant growth pressures, with many national brands reporting revenue declines and operational difficulties [3]. - Xia Bo Xia Bo's revenue fell by 18.88% year-on-year to 1.942 billion yuan, with a net loss of 84 million yuan [3]. - Similar sentiments were echoed by Xi Bei's founder, who noted that the company is also experiencing a revenue decline and is under survival pressure due to previous controversies [3]. Group 3: Learning from Industry Leaders - Companies like Xi Bei are adopting similar strategies to enhance employee satisfaction and customer experience, aiming to increase labor costs from the industry average of 25% to 30% [2]. - Hai Di Lao serves as a model for other restaurants, emphasizing the importance of employee satisfaction in improving customer experiences [5]. Group 4: Market Evolution - The Chinese restaurant market is moving towards a phase of refined corporate governance, which is seen as beneficial for the long-term development of the industry [6].

以下文章来源于氢消费 ，作者张宇 氢消费 . 新消费，新空间，新青年。冷静观察，理性热爱~ 撰文｜张宇 编辑｜杨勇 来源 | 氢消费出品 ID | HQingXiaoFei 在中国市场苦心经营数载，外资消费品牌最终选择抱紧中国资本的大腿，以适配本土竞争与 扩张需求。 11月10日，汉堡王中国与中国私募股权机构CPE源峰达成战略合作，双方将成立合资企业， 共同推动汉堡王品牌在中国市场迈入新增长周期。根据协议，CPE源峰豪掷3.5亿美元，用于 支持餐厅门店扩张、市场营销、菜单创新以及运营能力提升。交易完成后，CPE源峰将直接 拿下汉堡王中国约83%的股权，而汉堡王母公司RBI集团仅保留约17%的股权。同时，汉堡 王中国旗下全资关联企业将签署一份为期20年的主开发协议，授予CPE源峰在中国独家开发 汉堡王品牌的权利。 无独有偶， 11月4日，星巴克中国也与中国私募股权机构博裕投资达成战略合作，双方将成 立合资企业，共同运营星巴克在中国市场的零售业务。博裕投资以约40亿美元的交易对价拿 下星巴克中国至多60%的股权。 2025年下半年以来，外资消费品牌似乎同时迎来了"退潮"，美国通用磨坊公司拟出售中国内 地所有哈根达 ...

2025年，中国消费赛道骤然升温，迎来一轮由资本巨头主导的"扫货式"投资，资本用真金白银对中 国消费市场投下信心票。 密集落地的一系列重磅交易中，不少为"资本+产业"的深度结合案例，越来越多的全球消费品牌寻 求与中国本土资本战略合作。在消费结构转变的背景下，消费并购的运作逻辑发生深刻变化，催生了更 多"控股主导"型并购投资交易。 巨头纷纷下注 近日，"英格卡集团打包出让荟聚股权"的消息落地。国内知名不动产私募股权基金高和资本与英格 卡购物中心宣布战略合作，计划共同设立一只专项不动产基金，该基金将持有分别位于北京、无锡和武 汉的三座荟聚购物中心。高和资本表示，合作将在获得相关主管部门的批准后正式生效，此次合作将助 力英格卡长期战略布局，同时为其开辟进入中国不动产证券化市场的通道。 根据协议，高和资本将担任该基金的基金管理人及执行合伙人；英格卡则将作为普通合伙人及基石 投资者，继续拥有荟聚品牌并经营这些购物中心，保持荟聚品牌和运营的品质。 今年以来，众多知名国际消费品牌出售其中国业务，国际资本、国内股权机构纷纷出手。例如，11 月4日，星巴克与博裕资本共同宣布达成战略合作，这场历时9个月、吸引超过20家顶级机构参 ...

□本报记者 王昱炟 张舒琳 2025年，中国消费赛道骤然升温，迎来一轮由资本巨头主导的"扫货式"投资，资本用真金白银对中国消 费市场投下信心票。 密集落地的一系列重磅交易中，不少为"资本+产业"的深度结合案例，越来越多的全球消费品牌寻求与 中国本土资本战略合作。在消费结构转变的背景下，消费并购的运作逻辑发生深刻变化，催生了更 多"控股主导"型并购投资交易。 巨头纷纷下注 近日，"英格卡集团打包出让荟聚股权"的消息落地。国内知名不动产私募股权基金高和资本与英格卡购 物中心宣布战略合作，计划共同设立一只专项不动产基金，该基金将持有分别位于北京、无锡和武汉的 三座荟聚购物中心。高和资本表示，合作将在获得相关主管部门的批准后正式生效，此次合作将助力英 格卡长期战略布局，同时为其开辟进入中国不动产证券化市场的通道。 根据协议，高和资本将担任该基金的基金管理人及执行合伙人；英格卡则将作为普通合伙人及基石投资 者，继续拥有荟聚品牌并经营这些购物中心，保持荟聚品牌和运营的品质。 "随着人口的迁移和消费主力的回归，下沉市场的消费力在提升，对产品质量和性价比的追求更胜以 往，我们看到了一些从下沉市场发展起来的消费品企业和品牌，具 ...

近期，消费赛道投资升温，由资本巨头主导的"扫货式"投资密集落地，被市场视为资本用真金白银对中 国消费市场投下的"信心票"。越来越多国际消费品牌寻求与中国本土资本的战略合作，"资本+产业"的 深度结合案例不断涌现。 国际巨头中国业务纷纷寻求战略合作 今年以来，众多知名国际消费品牌出售其中国业务，国际资本、国内股权机构纷纷出手，诞生了多起值 得关注的案例。 近日，"英格卡集团打包出让荟聚股权"消息落地，国内知名不动产私募股权基金高和资本与英格卡购物 中心宣布战略合作，计划共同设立一支专项不动产基金，该基金将持有分别位于北京、无锡和武汉的三 座荟聚购物中心。高和资本表示，合作将在获得中国相关主管部门的批准后正式生效，此次合作将助力 英格卡长期战略布局，同时为其开辟进入中国不动产证券化市场的通道。 根据协议，高和资本将担任该基金的基金管理人及执行合伙人；英格卡则将作为普通合伙人及基石投资 者，继续拥有荟聚品牌并经营这些购物中心，保持荟聚品牌和运营的品质。 资本的强势入场，正加速中国消费行业的整合与洗牌，预计"资本+产业"的深度结合案例将愈发常见。 《2025中国并购基金研究报告》显示，中国PE、VC参与的并购已从早期 ...

Core Viewpoint - The article highlights the recent trend of store closures by the discount retail brand "好特卖" (Hao Te Mai) in major cities, attributing this to issues such as high rental costs, lease expirations, and poor performance of certain stores [2][5][9]. Expansion and Franchise Model - In April 2023, 好特卖 transitioned to a franchise model, aiming to open around 600 new stores within the year, but the actual number of new openings has significantly decreased to just a few dozen [3][10]. - The company had over 500 stores across 32 cities at the time of the franchise launch, with plans to double its store count and achieve a gross merchandise volume (GMV) exceeding 4 billion yuan [8][10]. - The franchise investment for opening a store is approximately 800,000 to 900,000 yuan, including various fees and costs [10][12]. Store Closures and Reasons - The closures are primarily due to three reasons: high rental costs, lease expirations, and underperforming stores [9][10]. - Many of the closed stores were early direct-operated outlets that could not meet current operational needs, leading to a systematic optimization and closure process [9][10]. Market Position and Consumer Base - 好特卖 has positioned itself as a low-cost retail option, attracting young consumers with competitive pricing on various products [14]. - Data indicates that 65.5% of the consumers of discount food products are aged 19-35, highlighting the brand's appeal to younger demographics [14]. Quality Control Issues - The brand faces significant quality control challenges, with numerous complaints regarding expired or substandard products, leading to administrative penalties for mislabeling and selling expired goods [15][19]. - The proportion of near-expiry products has decreased from nearly 100% at the start to between 5% and 30% currently, as the company seeks to diversify its product offerings [19].