（文/霍东阳 编辑/张广凯） 尽管在中国市场争议不断，沃尔玛集团在2026财年第三季度依然交出了一份强劲的财报。 截至10月31日，沃尔玛集团第三季度实现总营收1,795亿美元，同比增长5.8%（剔除汇率波动影响后，总营收为1,797亿美元，同比增长6.0%）；第三季度调 整后营业利润为72亿美元，同比增长8.0%。 其中，沃尔玛中国在第三季度实现净销售额61亿美元，同比增长21.8%，增幅领跑全球；可比销售额增长13.8%；电商业务净销售额增长32%，电商销售额占 比超50%，成为集团业务增长的核心动力。 在会员业务方面，沃尔玛集团全球会员费收入同比增长16.7%，其中国际市场表现突出，增幅达34%，增长也主要得益于中国山姆会员店会员规模的持续扩 大。 尽管自2024年以来，山姆会员店因食品安全、品控问题及高管更迭引发争议，但其扩张步伐未减：过去12个月山姆在中国增长8家新店（三季度新增1 家），第三季度的交易单量呈双位数增长。与此同时，沃尔玛超市自有品牌"沃集鲜"的焕新升级，也在社交媒体上收获广泛关注。 山姆会员店的狂奔与沃尔玛超市的转型，正在中国市场勾勒出这家零售巨头的一体两面。 山姆狂奔：增长引擎下的 ...

Core Insights - Walmart is quietly exploring new business opportunities in the traditional retail sector while the market focuses on its Sam's Club growth in China [2][7] - The company has opened four community stores in Shenzhen, emphasizing a "10-minute walk" shopping concept with a smaller store format [3][6] Group 1: Community Store Strategy - Walmart's community stores are characterized by three key aspects: smaller scale (approximately 500 square meters), a curated selection of essential products, and proximity to residential areas [4][5] - The community stores offer around 2,000 products, focusing on high-quality and cost-effective items, including fresh food and daily necessities [3][4] - The company aims to leverage its existing large store resources to support the community store model, indicating a strategy of resource sharing and complementarity [6][8] Group 2: Market Context and Competition - The community retail market in China is becoming increasingly competitive, with various players, including traditional retailers and new entrants, vying for market share [11][12] - Walmart's community store initiative is part of a broader trend where retailers are adapting to changing consumer preferences and the evolving retail landscape [9][10] - The community retail market is projected to grow significantly, with estimates suggesting a market size of 4.8 trillion yuan in 2024, increasing to approximately 5.2 trillion yuan by 2025 [12] Group 3: Future Prospects - Walmart's community store model has been validated and is set for larger-scale implementation in Shenzhen, with plans to expand to other regions in China [6][10] - The company is looking to establish a second core business alongside its successful Sam's Club operations, indicating a strategic pivot to diversify its revenue streams [8][9] - The competitive landscape will require Walmart to adapt its community store offerings to local market conditions to effectively meet consumer needs [13]

Core Viewpoint - Walmart is strategically exploring new business models in the Chinese market, particularly through the launch of community stores, aiming to replicate its success and adapt to changing consumer needs [5][6][14]. Group 1: Walmart's Community Store Strategy - Walmart has opened four community stores in Shenzhen, focusing on a "10-minute walking life circle" concept with a store size of approximately 500 square meters [9][10]. - The community stores offer around 2,000 carefully selected products, emphasizing high-quality and cost-effective items for daily needs, including fresh food and daily necessities [9][10]. - The community store model is characterized by smaller scale, a refined product selection, and proximity to residential areas, contrasting with the larger traditional hypermarkets [10][12]. Group 2: Market Context and Competition - The community retail market in China is becoming increasingly competitive, with various players, including traditional retailers and new entrants, vying for market share [20][22]. - The community retail market is projected to reach a scale of 4.8 trillion yuan in 2024, with an expected growth rate of 8.5% [22]. - Walmart's community store initiative is part of a broader trend where established brands and new market entrants are attempting to carve out their niches in the evolving retail landscape [19][26]. Group 3: Walmart's Historical Context and Future Outlook - Walmart has faced challenges in the traditional hypermarket segment, with a significant reduction in store numbers from 412 in 2020 to 296 in 2024 [15][16]. - The company is looking to diversify its business model, with community stores seen as a potential second leg to complement its successful Sam's Club operations, which currently account for two-thirds of Walmart China's performance [16][18]. - The success of the community store model in Shenzhen could lead to its expansion across other regions in China, contingent on local market adaptations [12][26].

Core Insights - Walmart China is opening its fourth community store in Shenzhen on September 13, marking a significant step in its omnichannel strategy focused on "small, refined, and close" retail formats [1][3] - The community store concept aims to provide high-quality, cost-effective products within a 10-minute walking radius, catering to urban high-density communities [5][6] Group 1: Strategic Developments - Walmart's community stores are entering a phase of scale deployment in Shenzhen, indicating a refined and deepened strategic approach to omnichannel convenience [3][6] - The company is focusing on urban families and single-person households, establishing three strategic directions: high-quality fresh and food products, selected fast-moving consumer goods, and stable pricing with omnichannel convenience [3][5] Group 2: Product Offering and Customer Experience - The community store model features approximately 500 square meters of space and offers around 2,000 selected products, including bakery, fresh food, ready-to-eat meals, snacks, and daily necessities [5][6] - Walmart's private label "Wojixian" is highlighted for its high quality and value, adhering to principles of clean ingredients, collaboration with leading brands, and efficiency in cost-effectiveness [5][6] Group 3: Omnichannel Integration - The community stores complement Walmart's larger stores and e-commerce platforms, allowing for a more precise fulfillment of diverse customer needs across different times and scenarios [6][7] - The integration of community stores enhances Walmart's service radius, especially in areas not covered by larger stores, providing customers with access to quality products and a convenient shopping experience [7]