零售行业正在形成一批新的超级渠道。 2025年发布的中国商超连锁100中，沃尔玛凭借山姆和沃尔玛超市排在了第一，盒马排在第三，七鲜超 市仅仅70家门店（2025年初），整体销售额就排到了40位。 山姆、盒马、七鲜，以及美团的小象线上超市，已经成为了快消品新的超级渠道。 这些渠道有着明显的新消费特征，主要的受众人群是以一二线城市为核心的中产阶层。 这些超级渠道也正在成为超级品牌。 新超级渠道纷纷推出自有品牌，山姆的Member's Mark、美团的小象、京东的七鲜、盒马，形成了渠道 即品牌的局面。 超级渠道的大量自有品牌压缩着传统超级品牌的生存空间，尤其是在多个品类的基本款中，自有品牌凭 借低价和渠道的背书，汹涌袭来。 超级渠道成了超级品牌 自有品牌正在带来前所未有的价格冲击。 在七鲜超市里，一桶2L的鲜牛奶只卖到15.5元。鲜牛奶一般比常温奶更贵，但是换算下来这个单位价格 甚至比常温白奶都要便宜。 （七鲜超市和新希望旗下天香乳业定制的鲜牛奶） 这款牛奶是七鲜和新希望乳业定制，生产厂商为新希望旗下在河北地区的工厂天香乳业。 拥有硬折扣、即时零售的超级渠道，如今成为了新的超级品牌，这可能是快消品牌们未来最大的危机 ...

Core Viewpoint - The article discusses the challenges and complexities faced by companies in the retail sector, particularly in learning from the successful model of "胖东来" (Pang Donglai), highlighting the difficulties in replicating its success due to deep-rooted operational and management issues within traditional supermarket structures [9][14][73]. Group 1: Industry Challenges - The retail industry is undergoing significant adjustments, with companies like 美特好 (Meitehao) announcing plans to learn from Pang Donglai while struggling with operational issues, including store closures and financial instability [3][6]. - Major players in the supermarket sector, such as 永辉超市 (Yonghui Supermarket), are facing severe financial challenges, including projected annual losses and significant revenue declines [6][11]. - The traditional supermarket model relies heavily on fees from brands and suppliers, which can create conflicts and inefficiencies in operations [16][20]. Group 2: Learning from Pang Donglai - Companies attempting to adopt the "Pang Donglai model" often fail to grasp its core principles, which emphasize a fundamental shift in how supermarkets operate, moving away from reliance on key accounts (KA) to focusing on direct consumer sales [15][21]. - The success of Pang Donglai is attributed to its ability to redefine product offerings and supplier relationships, allowing for greater control over inventory and pricing [22][23]. - The challenges of implementing such a model include overcoming entrenched procurement practices and the complexities of managing supplier relationships [24][27]. Group 3: Management and Employee Dynamics - Pang Donglai's approach includes high employee compensation and generous benefits, which are seen as strategies to reduce corruption and improve operational integrity [35][43]. - The management practices at Pang Donglai are characterized by strict performance standards and a focus on efficiency, which may be difficult to maintain as the company scales [49][50]. - The article highlights the importance of aligning employee incentives with company goals to foster a culture of accountability and performance [46][47]. Group 4: Historical Context and Market Dynamics - The evolution of the retail market has seen many once-dominant players fade, illustrating the challenges of sustaining success in a rapidly changing environment [60][62]. - The article emphasizes that successful business models are often context-specific and may not be easily replicated across different markets or conditions [73]. - The historical perspective on retail evolution suggests that many companies may fall into the trap of believing that they can easily replicate the success of others without understanding the underlying factors that contributed to that success [64][66].

Core Insights - Walmart has appointed Latrice Watkins as the CEO of Sam's Club, marking a significant step for diversity in leadership within the retail sector [1][6] - Watkins has been with Walmart for 20 years, previously serving as Chief Merchant, where she was responsible for product selection and supporting growing businesses [2][3] - Her new role aims to enhance Sam's Club's competitiveness against Costco by promoting private-label brands, particularly Member's Mark, which currently generates a third of Sam's Club's revenue [4][5] Company Overview - Sam's Club is positioned as a more exclusive shopping option for Walmart customers, catering to families with larger budgets [3] - The membership-based model of Sam's Club is similar to that of Costco, and Walmart aims to increase its market share by enhancing its private-label offerings [5] Leadership and Diversity - Watkins' promotion is significant as it adds representation of Black women in executive roles within the retail industry, where they have historically been underrepresented [6][7] - The retail sector has seen only 1.7% of executive roles filled by Black women, highlighting the importance of Watkins' appointment [6]

Core Insights - The self-owned brand sector in retail is expected to face a bifurcation by 2025, with a few brands thriving while many others fail to gain traction [1][3] - Despite the rise of self-owned brands being seen as a lifeline for retailers, over 60% of small and medium-sized retailers have a self-owned SKU share of less than 5% [2][7] - The competition in the retail industry is intensifying, shifting from growth to survival, with profit margins shrinking and sales becoming harder to increase [4][5] Market Trends - Self-owned brands are becoming essential for differentiation, maintaining gross margins, and retaining customers, rather than just being an added advantage [7][8] - The satisfaction and recommendation rates for self-owned brands from leading retailers are approaching or surpassing those of national brands, indicating a shift in consumer preferences towards quality and value [8] - The number of new self-owned brand products being developed is increasing, with categories expanding beyond basic food items to personal care and household goods [10][12] Challenges in the Industry - Many retailers are blindly following trends without a clear strategy, leading to a proliferation of poorly defined private label products [9][14] - A significant number of retailers are treating self-owned brands as short-term profit tools rather than long-term brand assets, resulting in quality inconsistencies and frequent supplier changes [18][19] - The industry is facing operational challenges, including conflicts between departments, lack of specialized teams, and inefficient processes [20][21] Structural Issues - The self-owned brand market is experiencing a high closure rate among supermarkets, particularly in second and third-tier cities, with a 15% closure rate in the first half of 2025, up 5 percentage points from the previous year [6] - Retailers are struggling with supply chain issues, product development challenges, and operational inefficiencies, which hinder their ability to create successful self-owned brands [25][31] Strategic Recommendations - Retailers are advised to conduct thorough reviews of their self-owned brand strategies, focusing on profitability, product performance, and consumer perception [36][40] - Key performance indicators should include gross margin rates, new product success rates, and customer retention metrics to assess the effectiveness of self-owned brands [39][42] - A comprehensive approach involving strategic alignment, brand positioning, organizational structure, supply chain management, and continuous improvement is essential for success in the self-owned brand sector [41][44]

Core Viewpoint - The Chinese supermarket industry is facing significant challenges, with many companies struggling to adapt to market changes and competition from foreign retailers, leading to declining revenues and profitability [1][5][11]. Industry Overview - The departure of Zhang Jingyi from Yonghui Supermarket highlights the difficulties faced by Chinese supermarkets in recent years, including the impact of e-commerce and the pandemic [1]. - Many Chinese supermarket companies have attempted to innovate and adjust their product offerings, but customer traffic remains low, and profitability is still a major issue [1][5]. Comparison with Foreign Supermarkets - In contrast to the struggles of Chinese supermarkets, foreign retailers like Walmart, Costco, and Metro have maintained strong profitability, with Walmart reporting a revenue of $161.63 billion and a net profit increase of 53.3% in its latest fiscal quarter [6][8]. - In the first half of 2023, over 60% of the 13 listed Chinese supermarket companies reported a decline in revenue, with some facing significant losses [5][9]. Financial Performance of Chinese Supermarkets - Lianhua Supermarket reported a revenue decline of approximately 13.3% in the first half of 2023, continuing a trend of losses that have accumulated to over 2 billion yuan since 2017 [9][10]. - Other companies like Bubugao and Renrenle also reported severe losses, with Bubugao's revenue dropping by 69.29% and a net loss of 449 million yuan [9][10]. Self-Brand Development - The development of private labels is crucial for supermarkets to differentiate themselves and improve profit margins, yet Chinese supermarkets lag significantly behind their foreign counterparts in this area [12][13]. - In the U.S., private label sales grew by 11.3% in 2022, while in China, the private label market share is only about 1% [12][13]. Challenges in Private Label Strategy - Chinese supermarkets have been slow to develop effective private label strategies, often relying on OEM and ODM products rather than creating unique offerings [35][36]. - The lack of dedicated procurement teams for private labels in Chinese supermarkets contrasts sharply with the practices of foreign retailers, which often have specialized teams focused on private label development [36][42]. Future Opportunities - Despite the current challenges, the potential for growth in the Chinese supermarket sector remains, given the country's manufacturing and consumer capabilities [43].

Core Insights - The entry of Pang Donglai into Zhengzhou, close to the planned location of Sam's Club, highlights a significant competition between a local retail legend known for "extreme service" and an international warehouse giant leveraging a membership model and global supply chain [1][11] - The contrasting business philosophies of Pang Donglai and Sam's Club represent two important paths in the transformation of China's retail industry, focusing on "commercial benevolence" and "value return" [11] Group 1: Business Models - Pang Donglai operates as a "trust-based" retail enterprise deeply rooted in regional markets, achieving over 60% market share in areas like Xuchang and Xinxiang, indicating a near-monopoly [3] - The success formula of Pang Donglai includes "high employee happiness + exceeding service expectations + extreme localization," with employees enjoying significantly higher salaries and extended holidays compared to industry standards [3][10] - In contrast, Sam's Club employs an "efficiency-based" membership warehouse model, focusing on "membership fee thresholds + selected SKUs + large packaging high cost-performance + global supply chain" [3][4] Group 2: Product Strategies - Sam's Club reduces SKU numbers to a few thousand and develops private labels (over 30% of offerings) to maximize procurement scale and supply chain efficiency [4] - Pang Donglai also has private label products, but its development logic emphasizes complementing local characteristics and transparency in cost, contrasting with Sam's focus on global quality and low prices [7] - While Sam's Club's large packaging serves family bulk purchasing needs, Pang Donglai's larger sizes are aimed at meeting diverse customer demands rather than being a core sales model [6][10] Group 3: Unique Challenges and Opportunities - Pang Donglai's moat lies in its deep "humanistic care" ecosystem, characterized by high employee benefits and customer service commitments, creating a strong trust loop that is difficult to replicate [10] - Sam's Club's competitive advantage stems from its robust global supply chain and standardized operations, allowing for rapid expansion in first- and second-tier cities, with around 50 stores and over 8.6 million members by 2024 [10] - Both companies face unique challenges: Pang Donglai's high-cost structure requires strong local market density, while Sam's Club must balance product selection quality with growth demands [10][11] Group 4: Consumer Choices - For middle-class families focused on price comparison and product research, Pang Donglai and Sam's Club offer distinct value propositions: Sam's for efficient, reliable one-stop shopping, and Pang Donglai for emotional shopping experiences with exceptional service [12] - The presence of both retailers in Zhengzhou is expected to drive upgrades in local retail services and optimize supply chains, contributing to a more diverse and healthy market [12]

Core Insights - Retailer private labels have experienced an average annual growth of 44% over the past two years, indicating a significant shift in consumer purchasing behavior and increased competition for brand manufacturers [1] - The trend towards private labels is driven by a pragmatic consumer mindset seeking quality at a reasonable price, alongside the expansion of the consumer market into lower-tier cities [2] Group 1: Market Trends - Over 48% of urban households in China purchased private labels in the first three quarters of 2025, a 10 percentage point increase from the previous year [2] - The penetration rate of private labels in lower-tier cities has increased by over 12 percentage points, highlighting the strong market potential in these areas [2] Group 2: Retailer Strategies - Retailers are transitioning from merely selling products to creating their own brands, leveraging consumer insights and supply chain advantages to develop private labels [1] - Private labels allow retailers to reduce costs by eliminating intermediaries and brand premiums, thus improving profit margins and enabling better pricing control [2] - Retailers are focusing on enhancing the quality and value of private labels to meet the rising demand for high-quality, cost-effective products [2] Group 3: Long-term Strategy - Retailers must adopt a long-term perspective in developing private labels, emphasizing patience, steady growth, and careful expansion [3] - Establishing a robust user engagement system and maintaining high-quality standards in the supply chain are essential for building brand trust and loyalty [3] - Retailers should focus on creating iconic products and integrating private labels into consumers' lifestyles to enhance brand recognition and differentiation [3]

Core Insights - Sam's Club in China has achieved record sales of over 120 billion yuan, marking a 20% year-on-year increase, with expectations to exceed 130 billion yuan for the year [1] Group 1: Sales Growth Factors - The significant sales growth is attributed to three main factors: strong performance in online-to-home services, with online sales expected to reach 65 to 70 billion yuan, accounting for over 50% of total sales [2] - Rapid expansion of physical stores, with plans to open approximately 11 new stores in 2025, driven by the demand for high-quality products from the growing middle class in China [2][3] - Same-store sales growth, with projections indicating an increase in the number of stores generating over 500 million yuan in annual sales from 2 to 8 by 2025 [3] Group 2: Trust and Quality Issues - Despite record financial performance, member trust in Sam's Club has reached a historical low, with over 13,000 complaints reported on consumer platforms, highlighting issues with product quality and discrepancies between advertised and actual products [4][6] - The decline in trust is exacerbated by the removal of approximately 200 exclusive products and a decrease in the proportion of private label goods from 38% to 30% [7] - Specific complaints include quality issues with various products, leading to dissatisfaction among long-term members, who express concerns over the value of their membership fees [6][7] Group 3: Competitive Landscape - The retail landscape in China is evolving, with domestic players like Yonghui gaining competitive advantages through localized supply chains and optimized product offerings, posing challenges to foreign giants like Sam's Club [8][9] - Sam's Club is expanding into high-potential county markets, but faces competition from new retail formats such as Hema and JD Fresh, which leverage supply chain upgrades to offer high-quality alternatives [9]

Core Insights - Sam's Club in China has achieved sales exceeding 100 billion, accounting for nearly two-thirds of Walmart China's total net sales [1] - In contrast, local supermarket companies are facing significant declines, with a 13.2% drop in total revenue and a 48.12% plunge in net profit in the first half of 2025 [3] Group 1: Sam's Club Performance - Sam's Club has set a record for the fastest store openings in its 29 years in China, with six new stores opened in the first half of 2025 and a total of 11 planned for the year, bringing the total to nearly 60 stores [5] - The membership fee model, with annual fees of 260 yuan for regular and 680 yuan for premium, initially seemed counterintuitive in a market where entry is typically free [7][9] - The changing economic landscape, with per capita GDP surpassing 8,000 USD and especially 10,000 USD, has shifted consumer behavior away from solely seeking low prices [7] Group 2: Consumer Psychology and Trust - The membership fee acts as a filter, attracting consumers who value quality, efficiency, and trust over mere affordability [9][11] - The concept of "sunk cost" enhances customer retention, as consumers feel compelled to purchase more once they have paid for the membership [11] - Sam's Club offers a unique value proposition by providing certainty in product quality, alleviating consumer concerns about counterfeit goods and ingredient transparency [14][16] Group 3: Product Selection and Experience - Sam's Club simplifies the shopping experience by offering around 4,000 carefully selected products, significantly fewer than traditional supermarkets [19][21] - A professional buying team leverages global supply chains and consumer data to curate high-quality options, reducing decision fatigue for consumers [21][23] - The self-owned brand, Member's Mark, contributes nearly 40% of sales and embodies the commitment to quality and traceability [25] Group 4: Competitive Strategy and Market Position - Sam's Club has established a "trust moat" through stringent quality control, differentiating itself from local competitors who engage in price wars [27] - The company has adapted to online sales, with over 50% of sales now occurring online, supported by a network of over 500 fulfillment centers [29][30] - The appointment of former Alibaba executive Liu Peng as president of Sam's China indicates a strategic focus on digital operations and online growth [31] Group 5: Industry Implications - Sam's Club's success highlights the failures of local retailers who have not built consumer trust and have been caught in a cycle of internal competition [37] - The contrasting success of Sam's Club and local retailers underscores the importance of genuine consumer engagement and quality control in retail [35]

Core Insights - The fast-moving consumer goods (FMCG) market in urban China showed a 2% year-on-year sales growth in the first three quarters of 2025, with beverages leading the growth while dairy products faced challenges [1] - Final consumption expenditure contributed 53.5% to economic growth, driving GDP growth by 2.8 percentage points [2] - Online channels experienced a 7% year-on-year sales growth, with major e-commerce platforms like Douyin and JD.com showing positive performance [10][12] Group 1: FMCG Market Performance - Urban China's FMCG market achieved a 2% year-on-year sales growth in the first three quarters of 2025, with beverages leading the growth [1] - Dairy products faced significant challenges, with declines in both purchase frequency and spend per trip [1] - Lower-tier cities remained key growth engines, with sales in town and county markets growing by 4.1% and 3.6% respectively [1] Group 2: Retailer Performance - Walmart Group's market share increased by 1 percentage point, driven by Sam's Club and community store formats [6] - Hema's overall share increased by 0.4 percentage points, with its ChaoHesuan format driving growth through value-for-money offerings [6] - The SPAR Group achieved significant growth in the East region, with its discount store model becoming a key growth driver [6] Group 3: Discount Store Format - The penetration of discount snack stores exceeded 31% in the first three quarters of 2025, with a notable increase in the West region [7] - Comprehensive discount stores saw a 2.3 percentage points year-on-year increase in penetration, driven by major players expanding their offerings [8] - Wumart Group accelerated its transition to a hard discount format, leveraging its existing store network [9] Group 4: Online Channels - Online channels demonstrated steady performance with a 7% year-on-year sales growth [10] - Douyin's penetration increased by 5.1 percentage points, reaching close to 50%, with significant growth in town-level markets [12] - Xiaohongshu's penetration reached 1.7%, reflecting its unique content community platform's effectiveness [13] Group 5: Private Label Development - Over 48% of Chinese urban households purchased private label products, an increase of 10 percentage points year-on-year [17] - Retailers are enhancing control over product supply chains to optimize costs and improve price advantages for private labels [17] - Traditional supermarkets and online platforms are actively promoting private label development to strengthen consumer loyalty [18]