前言 大家好，我是言叔。永辉超市CEO王守诚的一封全员道歉信登上热搜，让这家连亏五年的商超巨头再次 被推到舆论风口。 为扭转持续亏损的颓势，永辉全力对标胖东来，投入重金进行门店调改与商品升级，可2025年依旧预亏 21.4亿，亏损幅度较上年扩大45.6%。 这场声势浩大的"抄作业"，为何最终沦为"越改越亏"的尴尬局面？永辉到底做错了什么？ 困境之下，永辉的"取经"之路 永辉的困境并非一朝一夕形成，自2021年起，这家曾经的生鲜巨头便陷入了持续亏损的泥潭。 截至2025年业绩预亏公布，永辉已连续五年亏损，五年累计亏损金额高达116亿元，经营压力已然达到 顶峰。 2025年，永辉曾试图通过大规模自救摆脱困境，一口气关停了381家低效门店，同时对315家存量门店进 行彻底翻新改造，累计改造面积超过200万平方米。 可令人意外的是，巨额投入并未换来转机，反而让亏损进一步加剧，陷入"越救越亏"的恶性循环。 据媒体报道，永辉2025年的巨额亏损，很大程度上源于重大经营战略调整带来的成本压力。 其中，门店调改产生的资产报废、一次性投入，以及停业装修导致的毛利率损失，合计超过12亿元。 这家成立于2000年的企业，最初以生鲜 ...

文｜山农下山 很多尊贵的山姆会员，今年返乡时都能在老家的沃尔玛超市找到熟悉感。 因为沃尔玛正在抄自己的作业：复刻山姆。 在一线城市执行「收缩」战术的同时，沃尔玛悄悄在下沉市场完成了变身，把卖场几乎变成「平替版」山姆。从货物摆放方式，比如货架从传统的2米降 到1.6米左右，很多货物用纸箱堆成方块呈现，到对标山姆Member's Mark（简称MM）的自营系列「沃集鲜」、卖场海报UI，都与山姆如出一辙。 氛围感趋同之外，选品也有不少山姆同款。不过，当我在老家县城的沃尔玛看到自己在山姆买过的背包时，心情多少有些复杂：为老家消费与时俱进而高 兴，也为自己每年600多的会员费感到背刺。 会员制的核心是服务和商品的独特性。如果县城人民抬脚出门就能买到山姆同款，我，掏着会员费，要么得开车花上半天时间去城市非中心地带的山姆卖 场采购，要么得努力凑单满足起送条件，是不是有点冤大头？ 但对于沃尔玛来说，这是一条「花路」。因为它重新树立了「便宜又时髦」的标签。 至少在我的老家湖南新化县城，它现在比另外两家「胖改超市」都要更受欢迎。 我家大部分亲戚都不知道于东来是谁，也没觉得「胖东来」专区的商品有什么魔力，但过年期间沃尔玛的砂糖橘便 ...

Core Insights - The article discusses the resurgence of private label brands in the retail industry, drawing parallels to the historical dominance of A&P in the early 20th century [1][25] - Major retailers are increasingly focusing on developing their own brands to gain competitive advantages and improve profit margins [3][12] Group 1: Market Trends - Large supermarkets are aggressively promoting their private label products, with some brands like 超盒算 NB achieving a 60% sales share from private labels [3] - The trend of retailers creating their own brands is not limited to traditional supermarkets; platforms like 叮咚买菜 are also venturing into private label products [5] - The success of private labels is evident in the performance of brands like 胖东来, which has a wide range of self-branded products [7] Group 2: Competitive Landscape - Traditional supermarkets are facing significant challenges, with many reporting losses and store closures, leading to a shift towards private label strategies as a means of survival [9][11] - The retail battle is increasingly centered around product strength, as traditional models struggle against e-commerce and new retail formats [11][12] - Retailers with strong supply chain management and product innovation capabilities are better positioned to succeed in the private label market [30][32] Group 3: Profitability and Cost Structure - Private label products can yield higher profit margins, with reported profits of 30%-40% compared to 10%-20% for branded products [16] - The cost breakdown of private label products shows that retailers can optimize pricing and quality by eliminating middlemen [19] - Successful private label brands can create a strong customer loyalty, as seen with brands that have become synonymous with their retailers [22] Group 4: Challenges and Considerations - Entering the private label market requires significant upfront investment and a deep understanding of consumer preferences [27][29] - Retailers must ensure quality control and supply chain reliability to avoid risks associated with private label products [30][32] - The article emphasizes that while private labels can be a lifeline for struggling retailers, they also require careful execution and market insight to avoid potential pitfalls [35]