Core Viewpoint - The article discusses the journey of the company "Papa Sugar," highlighting its challenges and strategies in the competitive baking market, particularly focusing on its unique positioning in the toast segment and its recent adjustments in response to market dynamics [3][4][5]. Group 1: Company Background and Growth - Founded by Cao Guoliang in 2015, Papa Sugar has evolved from a single brand to a significant player in the baking market, achieving over 500 stores at its peak and securing over 100 million yuan in Series A financing led by IDG Capital in 2021 [4][5]. - The company established a joint venture with Hema to create a factory in Kunshan, which is the first in China to implement a full production chain from wheat to bread, producing over 70,000 packages of toast daily [4][5]. Group 2: Market Challenges and Adjustments - The baking industry faced a significant shake-up in 2023, with a net increase of only 1% in the total number of baking stores across China, despite the opening of 12,200 new stores and the closure of 12,010 [5]. - Papa Sugar is undergoing a store adjustment phase, closing unprofitable locations while simultaneously opening new ones, with a focus on profitability and operational efficiency [5][6]. Group 3: Strategic Focus and Future Plans - The company reported an annual GMV of approximately 1 billion yuan from its stores, with plans to expand its presence in the Jiangsu, Zhejiang, and Shanghai regions [6]. - Future strategies include enhancing the supply chain, building several super factories, and increasing online sales channels to ensure a steady cash flow and sustainable growth [28][29].

商场餐饮变天了，头部品牌都盯上这一风口——2025年，餐饮行业的剧本突然逆转，风向标换了个方 向，昔日商场餐饮的"镀金场"光环崩塌，没人预料到速度会这么快，连回收二手餐饮设备的小团队都说 有点跟不上节奏：杭州、广州、上海、太原，四地的回收量比去年暴涨三倍，连他们都开始琢磨是不是 开家自己的小餐馆。 "你们还记得前两年那个炙手可热的酸菜鱼连锁吗？太二。"一位业内朋友突然提起，"今年上半年，他 们在杭州银泰和万达的门店收了几家，松鹤楼、皮爷咖啡也都一样——不是暂停就是关门，有点像多米 诺骨牌。"这种话以前只能在小型行业会议里听到，现在变成了公开讨论。 2025年5月的数据像一盆冷水泼3万方以上的商业项目全国有6700多个，上海光是商场就有715家，总面 积超过3500万方，按人头算，甚至比纽约、东京都阔气——但问题来了，人气没跟上。一个业内朋友说 得直白：上海闵行区的爱琴海购物中心，室外街区空置率90%以上，周末走一圈，像进了"鬼城"，连美 团外卖小哥都懒得进去。 "今年商场餐饮关店率高吗？"我追问。"高，湖南某大型商场，餐饮闭店率超30%，"一位餐饮老板低头 翻手机，屏幕上是"湘菜人微报"发来的数据，"疫情那两 ...