山姆中国销售额的大幅增长，可能得益于三个增长因素。 一是线上到家业务的强势表现。今年，山姆中国线上销售占比预计突破50%，较2024年的48%进一步提 升，全年线上销售额有望达到650亿至700亿元。在沃尔玛第二季度业绩会上，国际总裁Kathryn McLay特 别强调了中国电商业务的亮眼成绩：通过新增33个前置仓和云仓，山姆前置仓总数已超过500个，这些仓 点支持一小时送达服务，显著提升了用户体验。前置仓的月复购率高达60%，客单价超过200元，这不仅 增加了与会员的接触频次，还大幅增强了会员黏性，有效拉动了续费率，为整体业绩提供了强劲动力。 二是线下门店的快速扩张。过去几年，山姆中国每年保持6至7家新店的稳健外延扩张节奏，2025年计划新 开约5家门店，全年新增门店数将达11家，创下历史新高。例如，2025年11月13日开业的扬州店是山姆中 国的第60家门店，也是当年新开的第7家店。这一扩张势头源于中国中产阶级对高性价比、高品质商品的 旺盛需求，推动山姆进入外延增长的"黄金期"，为销售额的持续攀升奠定了坚实基础。 山姆业绩再次突破新纪录。 近日，山姆最新业绩曝光：截至2025年11月17日，山姆中国全年销 ...

中国经济网北京11月21日讯(记者王惠绵)11月21日，盒马鲜生在安徽蚌埠、河南南阳与濮阳迎来首店开业，北京西单店也于同日正式营业，实现四店同开， 进一步拓展"盒区房"覆盖范围。其中盒马蚌埠首店入驻蚌山万达广场，南阳首店落子高新吾悦广场，成为盒马布局豫南地区的首个据点；濮阳新店则进驻濮 阳经开万达广场，为当地消费者带来全新的购物体验。 盒马的入驻，不仅为市民带来更丰富、更高品质的消费选择，也进一步丰富了地区的商业形态，助力区域商业能级与消费吸引力的整体提升。此次四店同 开，也标志着盒马2025年50新城、百家新店计划的稳步推进。 南阳新店熟食区提供色香味俱全的热菜美食 今年以来，盒马持续强化生鲜供应链建设，为新城新区消费者提供丰富多样的时令商品。新店中，霜打青菜、鲜黄精等冬季滋补食材新鲜上架；水产区汇聚 帝王蟹、深海大黄鱼、挪威三文鱼等全球鲜活海产；红颜草莓、云南超大蓝莓、海南芒果凤梨等高品质水果琳琅满目。此外，首批空运抵华的智利4J车厘子 也已同步上架，满足消费者对高端水果的尝鲜需求。 除了丰富的商品选择，盒马新店的周边居民还可以享受周边3-5公里范围"最快30分钟送达"的即时配送服务。数据显示，蚌埠店线上 ...

如果要做一份年终总结，山姆会员店门口的代购冷柜车，大概会交出一份足迹范围远超往年的成绩单。这条蜿蜒的"黄牛冷链"，在过去一年不 断"下沉"，抵达的终点变成了小城市里的"山姆优选超市""山姆甄选小时达"。 然后，县城贵妇得到了在家门口逛"山姆"的体验卡。 这些门店通常开在没有山姆的城市，招牌自然是标志性的"山姆蓝"，logo也和山姆保持一致——只不过，菱形里写的不是Sam's Club，而是"好 品优选"，山姆标志性的一蓝一绿两个"<>"，也被倒置成两座蓝绿色的小山。 在各地出现的"山姆优选"超市。（图/社交媒体截图） 这些超市自然没有山姆会员商店气派的大卖场，只是在社区底商寻了一爿店面，比寻常便利店更大、更空旷，装修风格倒是保持了超市的极 简和明亮。 01 山姆下乡，各显神通 小规模的人肉代购，是山姆最初进入县城的路径。 在广东某县级市当高中老师的张雅娜，早在2023年就开始在小区拼团群里接龙购买山姆超市的食品和日用品。团长每两周会开车到300公里以 外的广州探望家人，返程前在山姆下单拼团所需的商品，回家后会在群里发出通知，让顾客到团长家里自提。价钱视商品属性而定，加价幅 度大约在4—10元不等。 | 14: ...

出品 | 创业最前线 作者 | 付艳翠 编辑 | 冯羽 美编 | 倩倩 风波背后，终于有一些年轻人不再执着于山姆讲述的新故事，而是默默离开，转身投向那些"新选项"。 审核 | 颂文 火了五年，山姆让消费者失望了。 随着2024年下半年沃尔玛将战略重心定为增长和利润后，与此前深耕一线城市"慢慢来"的策略不同，当下的山姆管理层们也开始为了寻求更性感的增长曲 线、更丰厚的回报而努力。 在增加付费会员数、增加销售额、向全渠道扩张等策略之下，山姆中国带给沃尔玛一份亮眼的成绩单。 公开信息显示，山姆在中国有近900万会员，这些中国的会员们在去年一年为山姆贡献超过1000亿的营收，让它成为中国首个突破千亿规模的外资零售企 业。 （图 / 沃尔玛中国官网） 不过，在风光无限的另一面，山姆中国正在经历一场史无前例的信任危机。 今年年初开始，从山姆自有品牌产品接连默默下架，到悄悄上线变成了法风"PANPAN"的盼盼、拥有时尚洋气名字"ChaCheer"的洽洽，再到产品品质或规 格开始缩水，山姆的选品策略就不断触及消费者的神经。 最近，作为中国首个突破千亿规模的外资零售企业，山姆的扩张策略与品质把控再次成为公众关注的焦点。已经被一 ...

新京报记者 马骏 拍者 磊子 制作 罗伟伟 13日，记者从广元沃尔玛超市利州广场店获悉，超市已协调顾客退货处理。顾客告诉记者，希望超市进 行一定金额的赔偿，但双方未就此达成一致。目前顾客已向市场监管局投诉，当地市场监管局正调查处 理。 11月12日，有顾客发视频说，在四川广元一家沃尔玛超市购买的瑞士卷包装盒里有活虫，该顾客购买的 瑞士卷由塑料盒封闭，绿色的虫子在塑料盒里蠕动。 ...

Core Viewpoint - The rise of bread festivals in lower-tier cities reflects a growing demand for trendy and high-quality baked goods among young consumers, indicating a shift in consumer behavior and market dynamics in the baking industry [5][7][43]. Group 1: Bread Festival Trends - The first city bread festival was held in Lianyungang on November 2, with several other cities like Yancheng and Huai'an following suit, making bread festivals a new favorite autumn and winter activity [5][6]. - Bread festivals, once considered exclusive to major cities, are now attracting significant crowds in smaller cities, with events in Jiangmen and Shenyang drawing nearly 100,000 and 51,400 visitors respectively, generating substantial sales [13][25]. - The product offerings at these festivals show a remarkable similarity to those in first-tier cities, with many brands and products sharing names and styles, indicating a homogenization of the baking market across different city tiers [9][10][12]. Group 2: Consumer Behavior and Market Dynamics - Young consumers in smaller cities are increasingly seeking "upgraded" bread options, leading to a convergence in tastes and preferences with their counterparts in larger cities [7][8]. - The pricing of baked goods at these festivals is comparable to that in major cities, with most items priced between 10 to 40 yuan, making them accessible to a broader audience [12]. - The popularity of trendy bread products has led to a perception of these items as seasonal or regional specialties, with social media amplifying their desirability [21][24]. Group 3: Brand Expansion and Competition - Many emerging baking brands are using bread festivals as a platform to test new markets and expand their reach, resulting in a proliferation of similar brands across different cities [17][43]. - Traditional bakery chains like 85°C are struggling with declining sales and store closures, highlighting the competitive pressure from new, trendy brands that focus on niche products and social media marketing [25][26][27]. - The baking industry is becoming increasingly fragmented, with a significant number of small brands emerging, as indicated by the report predicting 338,000 bakery stores by 2025, with a large proportion being small-scale operations [34][35].

Core Viewpoint - The article discusses the rising trend of bread festivals in smaller cities in China, highlighting a shift in consumer behavior where young people are increasingly seeking high-quality, trendy bread products that were once considered exclusive to larger metropolitan areas [3][10][21]. Group 1: Bread Festival Phenomenon - The first bread festival in Lianyungang was held on November 2, with several other cities like Yancheng and Huai'an following suit, indicating a growing popularity of such events in autumn and winter [5][19]. - Bread festivals, initially perceived as a big city phenomenon, are now attracting significant crowds in smaller cities, with events in Jiangmen and Shenyang drawing tens of thousands of visitors and generating substantial sales [19][21]. - The pricing of bread at these festivals in smaller cities is comparable to that in major cities, with individual items typically priced between 10 to 40 yuan, often around 20 yuan [16][21]. Group 2: Market Dynamics and Consumer Behavior - The article notes that the product offerings at bread festivals in smaller cities closely resemble those in larger cities, with similar brand names and product types, indicating a convergence in consumer tastes [12][26]. - The expansion of trendy bread brands into smaller cities is narrowing the gap between urban and rural consumer experiences, as brands like HOT CRUSH have begun to open locations in less populated areas [22][26]. - Social media plays a significant role in driving the popularity of these bread festivals, as consumers share their experiences and promote the unique offerings available [24][55]. Group 3: Changing Landscape of Bakeries - The article contrasts the success of new trendy bakeries with the struggles of traditional chain bakeries like 85°C, which have seen a decline in sales and have closed multiple locations [38][39]. - New bakeries focus on niche products and unique offerings, often abandoning the traditional model of offering a wide range of baked goods, which has allowed them to capture consumer interest [42][44]. - The rise of social media and the desire for experiential consumption have made bread festivals and trendy bakeries appealing to consumers seeking a sense of happiness and fulfillment through food [58][63]. Group 4: Consumer Aspirations in Smaller Cities - Young consumers in smaller cities are increasingly seeking high-quality, trendy food experiences, reflecting a desire to enjoy the same lifestyle and products available in larger cities [66][72]. - The influx of trendy bakeries into smaller cities is filling a gap left by traditional private bakeries, catering to the growing demand for diverse and high-quality baked goods [73][75]. - The article emphasizes that this trend is not just a commercial phenomenon but also a reflection of changing lifestyles and aspirations among consumers in smaller cities [75].

Core Viewpoint - The article discusses the rising trend of private label products in the retail sector, highlighting how retailers are shifting from independent brands to their own branded products to enhance profitability and market differentiation [10][15][18]. Group 1: Market Trends - Retailers are increasingly becoming suppliers for supermarket private labels, which helps stabilize or increase their sales channels [3][4]. - The strategy of "reducing independent brands and increasing channel brands" is gaining traction among retail brands, with some companies reporting significant growth in their private label segments [6][10]. - The market for private label products in China is expected to grow, with the share of innovative private label products increasing from 11% to 26% between 2022 and 2024 [15]. Group 2: Financial Performance - Companies like Sam's Club and other emerging retail formats are seeing substantial membership growth and revenue from their private label products, with Sam's Club's annual membership fees exceeding 1.3 billion yuan [11][12]. - The sales of traditional hypermarkets are declining, with a reported drop of 14.75% year-on-year in Q3 2025, while new retail formats are thriving [14]. Group 3: Collaboration and Development - Retailers are collaborating with suppliers to develop private label products, which involves a shift towards reasonable profits, lower prices, and higher quality [20][21]. - The relationship between retailers and suppliers is evolving, with a focus on transparency in pricing and product development capabilities [24][26]. - Successful partnerships are characterized by long-term commitments that stabilize product quality and allow for product iteration [26][28]. Group 4: Supply Chain Innovation - The article emphasizes the need for retailers to engage deeply with suppliers to co-create products, which can lead to better integration of supply chains and improved product standards [31][34]. - High standards set by retailers are pushing suppliers to enhance their production capabilities, leading to a more standardized and efficient supply chain [35][36]. - The article suggests that the collaboration between retailers and suppliers can ignite innovation within the supply chain, benefiting both parties [46].

Core Insights - Walmart China has appointed Liu Peng, a former Alibaba executive, as the new president of Sam's Club, indicating a strategic shift towards e-commerce expertise in management [1][2] - Sam's Club has faced significant challenges in product selection and quality, leading to customer dissatisfaction and a decline in membership renewals [2][4] Group 1: Management Changes - The appointment of Liu Peng is part of a broader strategy to bring in leaders with deep experience in China's e-commerce sector to revitalize Sam's Club [2][10] - Other notable management changes include Yang Xiaomei, who has experience with major tech companies, returning to Walmart China as the vice president of procurement operations for Sam's [1][2] Group 2: Product Selection Issues - Sam's Club's core business model relies on a combination of product sales and membership fees, with a focus on high-quality, cost-effective products [3][4] - Recent controversies have emerged regarding the decline in product quality, with reports of popular items being replaced by lower-quality alternatives, leading to customer complaints [3][4][6] - The decline in product quality has been linked to management changes following the retirement of the previous CEO, with a shift towards efficiency potentially compromising product standards [4][5] Group 3: Membership Challenges - Customer feedback on social media indicates a growing reluctance to renew memberships due to concerns over product quality and availability [6][7] - The rise of a robust purchasing agent network has made it easier for consumers to bypass membership fees, further threatening Sam's Club's revenue model [6][8][9] Group 4: Competitive Landscape - Sam's Club is increasingly focusing on its e-commerce channels, which now account for over 50% of its business, to compete with aggressive rivals in the market [10][11] - Competitors such as Hema and Meituan are expanding rapidly in the same urban markets, posing a significant threat to Sam's Club's market share [10][11] - The challenge for Sam's Club lies in maintaining its competitive edge in product quality and pricing amidst growing competition from other retail platforms [12]

Core Viewpoint - Walmart China has appointed Liu Peng as the president of Sam's Club, highlighting the trend of combining traditional retail giants with internet talent to address growth and reputation challenges in a competitive membership retail market [1][3]. Group 1: Strategic Context - The leadership change at Sam's Club coincides with a critical phase in its business development, as the Chinese membership retail market transitions from a blue ocean to a red ocean competition [3]. - The market is seeing intensified competition, with Costco rapidly expanding into second-tier cities, and local brands like Yonghui also gaining traction [3]. - In 2024, the sales scale of over 10,000 chain supermarkets in China is expected to exceed 300 billion yuan, but growth is slowing, indicating a shift to stock competition [3]. Group 2: Internal Dynamics - Sam's Club is currently balancing between "scale expansion and quality improvement," being a key driver of Walmart China's overall performance, with sales expected to surpass 100 billion yuan in 2024, accounting for nearly two-thirds of Walmart China's total revenue [3][5]. - As of now, Sam's Club has nearly 60 stores in China, with plans to add five more by the end of the year, but rapid expansion has led to supply chain management pressures and fluctuations in member experience [5]. Group 3: Liu Peng's Background - Liu Peng brings a unique combination of internet and traditional retail experience, having held various senior positions at Alibaba, which equips him with a comprehensive understanding of both digital operations and supply chain management [7]. - His experience in traditional retail, coupled with his digital expertise, positions him well to address the challenges faced by Sam's Club [7]. Group 4: Industry Trends - The retail industry is undergoing a transformation from "scale-driven" to "efficiency-driven," with a pressing need for digital capabilities as instant retail reshapes consumer behavior [9]. - The rise of instant retail indicates that competition is no longer solely about store numbers and locations, but rather about digital capabilities, user operation efficiency, and supply chain responsiveness [9]. Group 5: Challenges Ahead - Sam's Club faces challenges such as weakened product differentiation and increased complaints regarding member experience, with a 22% year-on-year increase in complaints reported in 2024 [13]. - Liu Peng's global supply chain resources from his time at Alibaba may help introduce exclusive overseas brands to enhance product differentiation [13]. - The company is also exploring a "local product upgrade plan," aiming to increase the proportion of local products to 45% by 2024, which could be crucial for its strategy [13]. Group 6: Future Outlook - The integration of Liu Peng's internet efficiency with Sam's Club's supply chain expertise is seen as a critical test for the company's future in the Chinese market [14]. - The success of this integration will not only determine Sam's Club's market position but also provide a new model for the retail industry on blending traditional and internet approaches [14].