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扫码加钉群 十万创业者 与你为伴

大润发们的“阵痛”

凛冽的冷空气中,一大批曾经辉煌的老牌连锁商超正在经历“阵痛”。

凛冽的冷空气中,一大批曾经辉煌的老牌连锁商超正在经历“阵痛”。

11月22日,一条消息在业内流传。

据《科创板日报》报道,有消息称盒马鲜生、高鑫零售将出售给华润。接近盒马鲜生和高鑫零售相关人士均表示,该消息“看着就不靠谱”,从经营状况上看,盒马和高鑫都好过华润。

可这条荒谬的传闻,依旧引发资本市场的恐慌,直到收盘时,高鑫零售跌停,报1.80港元/股,从股价整体走势来看,这是一次不小的震荡。

将时间段拉长,会发现高鑫零售近两年来在二级市场一直“跌跌不休”。上一次股价高峰还是2020年7月2日的13.27港元/股,然而,近两年时间的股价仅剩下10%。此次被传或被出售,无疑让外界对高鑫零售产生更多关注。

自从阿里增资280亿元实现对高鑫零售的全面控股后,外界一直关注着二者的融合成效。毕竟,这是传统商超携手电商巨头的一次典型案例,是救传统商超于水火,实现成功转型的一个样本。

纵观整个行业,在异常惨烈的寒冬里,高鑫零售也只是其中一个参与者,凛冽的冷空气中,一大批曾经辉煌的老牌连锁商超正在经历“阵痛”。

营收下滑,首次亏损

11月15日晚,高鑫零售发布截至2022年9月30日的6个月中期业绩公告。

透过财报可以看到:线上订单、业务占比在同比增长,但营收、同店销售、租金收入、毛利水平等多项数据都在下滑。

报告期内实现营收406.11亿元,同比下滑2.22%;归属上市公司股东的应占净利润为-0.69亿元,和去年同期1.17亿元的净利润水平相比大幅下滑159%。

在连锁商超行业,高鑫零售旗下的零售卖场大润发在业内的份额排名一直名列前茅,甚至在行业整体出现亏损时,高鑫零售依然坚挺,最高峰时一年的净利润达到20亿元,本次中报净利润的直接亏损,也是上市以来首次亏损。

而在资本市场,高鑫零售的处境更为尴尬。截止到11月22日收盘,其市值仅有172.7亿港元,近500家门店、全年营收近千亿,市值甚至不如一家新消费品牌的奶茶店、烘焙店或火锅店高。

之所以不被资本看好,主要原因是传统商超业态已经是上一个时代的产物;而不被消费者认可,是其背后选品、经营的逻辑,已无法满足享受型精神消费。当然,大润发并非个例,以大润发为代表的大卖场模式都受到不同程度的冲击。

中国连锁经营协会的数据显示,2019-2021年三年间,中国超市百强销售规模分别同比增长4.1%、4.4%和-2.6%,整体增速并不乐观。

相比起来,高鑫零售还算商超企业中第一梯队选手,其在本次出现首次亏损,而这很大程度上可能是由于高鑫零售存在生鲜供应链上的短板造成。

一直以来,高鑫零售更多采取联营的经营方式。财报透露,过去半年主要在基础建设的打造和组织能力的建设。目前已超过200家门店实现供应链切换,接下来,会把基础设施的打造推到其他区域,从以前的联营模式转到自营模式。

投资者转述称,首席执行官林小海认为这个过程会有一个阶段性的阵痛,但步入下个财年,高鑫零售整个生鲜供应链应该可以和行业的第一梯队能力拉平。

此外,再从收入构成来看,高鑫零售的营收来自两方面:一方面,是销售货品;另一方面,是租金收入。

在半年报中,高鑫零售来自销售货品的收入是390.84亿元,较2021年同期的397.61亿元减少了6.77亿元,降幅1.7%。租金收入为15.27亿元,较2021年同期的17.73亿元减少了2.46亿元,降幅13.9%。

高鑫零售对此表示,线下销售受到疫情复发及相关防控检疫措施的不利影响,但企业在线渠道对终端消费者业务,以及对阿里的小区团购供给业务实现大幅增长,并弥补了线下销售的下滑。

营业收入的下滑是整体的行业趋势,直接说明线下客流在下滑,如果长此以往,大卖场将失去“以租养租”的获利模式。

过去,大卖场通过收取租金的方式降低自己的开支,同时转租的租金还能带来很好的现金流,如果客流下降,大卖场将失去对个体户的吸引,造成门店空置率的提升,也会进一步影响租金收入,直接影响利润。

据悉,报告期内,高鑫零售期内毛利101.12亿元,较去年同期109.33亿元减少7.5%;毛利率为24.9%,较去年同期26.3%减少1.4个百分点

对于下半年的规划,高鑫零售称希望做到净利润上的收支平衡,但考虑到疫情的不确定性。尤其是进入下半年,全国地区的疫情反复,即便是保证民生的商超业态也不能幸免。因此,维持在减值前能做到收支平衡。

大润发的探索之路

在财报中,一个亮眼的数据是,高鑫零售线上销售占比达到近35%,由于服务和商品策略的升级,大润发的线上客单逐步提升,拉动线上业务实现14.3%的增长,小时达业务实现双位数增长。

这个成绩除了是线上化改造的成果显现,也“搭乘了疫情的东风”。

从早年间自营电商平台飞牛网,到后来借助阿里实现数字化,大润发想要转型新零售的坚持没有改变。事实证明,黄明端对于未来零售业的判断是正确的。

与阿里深度合作后,高鑫零售的确加速了数字化进程,将所有门店都实现了线上化。但在外界看来,高鑫零售与阿里基于业务逻辑的深度合作,并没有取得想象中的那么大成果,仅仅与阿里系的饿了么、淘鲜达与天猫超市共享库存业务,就已消耗非常大的精力。

但这个故事却给二级市场打了兴奋剂。

在被阿里“拿下”的4个时间内,高鑫零售股价整体上行,从2017年11月初7港元/股,升至3月初的10港元/股,市值超过300多亿港元。

三年后,为了加强两者的联盟关系,阿里再投280亿港元。彼时,高鑫零售对于阿里的诉求是,使集团的业务受益于阿里的电子生态系统,带来更多的流量,同步存货管理,提升配送能力。

但没想到,此后,高鑫零售股价持续走弱。2020年10月19日,在阿里增持当天,高鑫零售股价上涨19.17%,收盘价为9.2港元/股。此后股价整体下行,至今仅剩不到2港元。

按理说,高鑫零售在阿里的加持下,线下大卖场的流量优势可以移植到线上,打开到家业务市场,当高鑫零售同时掌握线上和线下的流量密码,大概率能坐稳大卖场的头把交椅。

可现实却很骨感,高鑫零售股价依旧跌跌不休。主要原因可能是,资本市场对其业务层面的担忧。

为适应新的发展形势,大润发在近两年进行了大刀阔斧的改革,包括发展小润发、与盒马共同推出“盒小马”,交由林小海执掌,推进门店重构2.0,转型做会员店等等。

然而,大象的转身从来都没有那么简单。

大润发从2019年开始布局小型的社区超市小润发,希望能顺应这一趋势却没能跑通,在最新公布的财报中,小润发的门店由2022年3月的103家缩水至99家,并且不再有扩张的打算,曾经小润发的创办人袁彬调动为会员店的项目负责人。

大润发赶在零售各个业态的风口上,进行了一圈非商业模式上的改革,但都未见显著成效。在零售行业,这样的做法屡见不鲜,因为大家坚定的认为,只有开阔新的业态,比如社区店、会员店的探索,才能带来长足的成长和进阶。

但其中的难度太大,每一个业态的转型,都需要重新梳理,商品、供应链,甚至是人才,如果盲目套用过去的成功,反而可能成为现在的阻碍。

艰难转身

换个思路看,如果连锁商超没有在非商业模式上进行变革的能力,不如做好最根本的体质增效工作,包括精简SKU、处理滞销库存,强化自有品牌,加快数字化管理等,可以边际改善业绩。

在大润发的财报中称,在人、货、场方面也做了积极的调整,高鑫零售今年在整个商品策略上提出去同质化、提高品类的丰富度、进行品牌的升级、建立一定的差异化能力。

同时,减少商品的SKU,优化超20%,进行品类的拓展,比如鲜花、咖啡、宠物、三文鱼等新分类,以及进行商品升级和差异化,为了驱动客单的增长,预计在半年时间内超过大润发总体业绩1.5%。

过去,大卖场的盈利模型较为传统和单一,大都是以生鲜作为引流,然后靠收取后台费用等,以及将门店辟出面积转租给饰品、餐饮、服装等个体户做二房东的生意。零售业务本身的利润是非常薄的,加上租金收入,也仅有3%左右的净利润。

这样的盈利模型导致大卖场经营的传统核心技能,不是选品、开发和运营,反而是与物业的谈判、品牌招商能力和入场费等。不仅背后拥有繁杂的供应商关系,还带来很多内耗。

更重要是对于品牌方而言,已经不再依赖传统商超渠道。过去,大卖场拥有两种意义,传播品牌声量和推广渠道,但产业链的话语权被大卖场掌握手中,品牌方需要承担入场费、上架费等以及一系列的营销成本。

随着电商的崛起,品牌方将过去主要的线下渠道,转变为靠线上流量起势,营收到一定规模后,再进入线下渠道。而彼时,线下商超的定价甚至比线上还要高,自然“无人问津”。

在这一转变过程中,以大润发为代表的大卖场模式受到的冲击无疑是最大的。

作为诞生于上个时代的传统业态,超市向下走的大趋势短期内难以扭转。当“零售市场已开始进入存量竞争阶段”,与外资、互联网巨头等各路资本互相搏杀,想要夺回生鲜阵地,才发现生存空间越发逼仄,就连“领头羊”的零售企业也难以独善其身。

而对于大润发是否有会被出售的可能?其实,相比“贱卖”给其他企业,不排除有实现私有化的可能。

一方面,高鑫零售的价格处于低点,资本市场任何风吹草动都引发不小的震荡,且股价低迷许久,市值无法扭转;另一方面,对于阿里而言,私有化之后没有上市公司业绩层面的压力,可以更高效地对大润发执行改造计划。

但从另一个角度看,大润发还是幸运的,因为有被巨头屡次青睐的“优势底牌”。现如今,还有更多传统商超依旧处在角落里艰难求存。