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- 股票让你一夜暴富股票让你一夜暴富
  ·2021-06-30
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- 股票让你一夜暴富股票让你一夜暴富
  ·2021-06-24
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  Bianlifeng: Going public might be the best solution.
  便利店是近三年来中国销售额增速最快的零售业态之一，被传上市的便利蜂为何在拥挤的赛道中突围？有媒体报道称便利蜂正在筹备上市，虽然此消息一出，便利蜂就“秒回”说上市消息不属实，但如此迅速的反应，更加重
  Bianlifeng: Going public might be the best solution.
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18:10","market":"hk","language":"zh","title":"Bianlifeng: Going public might be the best solution.","url":"https://stock-news.laohu8.com/highlight/detail?id=1150455781","media":"BT财经","summary":"便利店是近三年来中国销售额增速最快的零售业态之一，被传上市的便利蜂为何在拥挤的赛道中突围？\n\n有媒体报道称便利蜂正在筹备上市，虽然此消息一出，便利蜂就“秒回”说上市消息不属实，但如此迅速的反应，更加重","content":"<p>Convenience stores have been one of the fastest-growing retail formats in China in the past three years. Why did Bianlifeng, which is rumored to have gone public, break through in a crowded market? Some media outlets reported that Bianlifeng was preparing for an IPO. Although Bianlifeng immediately responded that the IPO news was untrue, such a swift reaction only heightened external suspicions.</p><p>Some netizens even said that no one would believe that such a positive response was made in such a short time without prior preparation. It's unrealistic for a company that's constantly raising funds to not want to go public and rely solely on the meager profits of a single store.</p><p><img src=\"https://static.tigerbbs.com/dee577b81e354d6985a189d762ceaf8c\" tg-width=\"641\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p><b>\"Ice and Fire\" in Convenience Stores</b></p><p>The rapid development of China's convenience store industry in recent years is evident to all in the industry. Convenience stores are a very traditional, capital-intensive industry with a history of over 90 years abroad, while convenience stores in China have been developing for less than 30 years. Initially, it was mainly based on a single business model of \"husband and wife shops\" and \"father and son shops\".</p><p><b>With the rapid rise of the internet industry in China, around 2010, many convenience stores took advantage of the O2O boom and suddenly became an industry sought after by many capitalists under the packaging of new concepts such as \"Internet plus\" and new retail.</b></p><p>Especially from 2016 to 2018, in just two years, the convenience store industry saw an influx of billions of yuan in capital. Many chain brands such as Bianlifeng, Xingbianli, Good Neighbor, Every Day, Today, X-24h, Quanshi, Jianfu, Linji, and 131 appeared on the streets and alleys overnight. Together with the ever-present 7-Eleven, the market began to become crowded.</p><p><img src=\"https://static.tigerbbs.com/9fdeabbce200794298fc10b5e90e64e5\" tg-width=\"640\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p><p>According to incomplete statistics, many capital giants such as Joy Capital, Sequoia Capital, Legend Capital, IDG Capital, Lightspeed China, and China Renaissance Capital have entered the market, building a convenience store market with investments of up to 10 billion yuan.</p><p>The harvest period of high scale, high growth, high sales, and high returns that capital hopes for has not arrived, because the wave of bankruptcies characterized by pseudo-demand, high costs, low transactions, and no profits has arrived ahead of schedule.</p><p>In recent years, convenience stores have been booming, with many opening, but many have also closed down. Although there is a lot of capital support, large chain brands close down or change hands every year. For example, 131 Convenience Store burned through 40 million yuan in 5 months, resulting in a broken cash chain. With its cash flow broken, it was forced to sell its stores in cities such as Beijing, Chongqing, and Changsha to Lawson and other competitors' all-time convenience stores. Linjia Convenience Store, which lost 5 million yuan a month and eventually closed down completely, etc.</p><p>Surprisingly, Bianlifeng is not only thriving, but it also achieved front-end profitability in 2020 and is even rumored to have opened an IPO channel. Regardless of whether it can go public or not, this has injected new vitality and hope into the convenience store industry.</p><p><b>Why did Bianlifeng withstand the test?</b></p><p>It has to be said that convenience stores are still a relatively new industry in China. They do the work of small shops, but they are completely different from traditional small shops, especially the chain model, which has widened the business distance from small shops.</p><p>Convenience stores implement scientific management, insist on using a centralized system as guidance, establish a data middle platform, and install cameras and electronic price tags in each offline store to analyze and iterate user behavior data. This will increase its operating costs, but it will also increase its ability to withstand risks. When many convenience stores went bankrupt, Bianlifeng had an impact, but under the insistence of its founder Zhuang Chenchao, it still chose to take the technology route, laying the groundwork for its growth against the trend.</p><p><img src=\"https://static.tigerbbs.com/397eaa4208d01c5efb6d1e387fd68c84\" tg-width=\"641\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p>BT Finance has learned that at present<b>Bianlifeng has over 60% technical staff, an astonishing proportion in the retail industry. However, Zhuang Chenchao firmly believes in the supremacy of technology, arguing that technology is the foundation for changing the industry and the basis for distinguishing it from traditional retail (i.e., small shops).</b>Whether investment in technological research and development can bring about real efficiency improvements and cost optimization needs to be tested by data, which determines the valuation logic and pricing expectations of Bianlifeng in the secondary market.</p><p>The fact that Bianlifeng was able to achieve a breakthrough from 0 to 2,000 stores in 4 years shows that this model still has its unique features. It's worth noting that it took FamilyMart, Bianlifeng's old rival, 16 years to open 2,500 stores in China.</p><p>This is just the initial stage of Bianlifeng. Zhuang Chenchao's plan is to open 4,000 stores nationwide by 2021, and to achieve the ambitious goal of having more than 10,000 stores by 2023. Once the goal is achieved, Bianlifeng will successfully enter the first tier and become one of the top four branded convenience stores in China in terms of the total number of stores. (Among the top four, EasyJoy and Kunlun Haoke are convenience stores under Sinopec and PetroChina.)</p><p>Liu Bo, an industry insider who has long followed the new retail industry, told BT Finance that the Chinese convenience store market is far from saturated and there is still huge room for development. Currently, Chinese convenience stores are mainly located in first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, but the number of cities suitable for developing convenience stores will increase in the future. For example, the economies of new first-tier cities are developing rapidly, and many provincial capitals meet the essential requirements for the survival of convenience stores, resulting in strong overall market demand. Combined with the experience of developed countries,<b>If the per capita GDP exceeds $10,000, the fast-moving consumer goods industry will enter a period of explosive growth, and convenience stores will also enter a period of explosive growth.</b>The density of convenience stores in developed countries is one convenience store per 3,000 people, while the per capita number in China is relatively high. Even in first-tier cities like Beijing, it is nearly three times that of developed countries. Reaching one convenience store per 9,000 people, there is still huge room for development.</p><p>Liu Bo also pointed out: \"Currently, more and more cities in China have a per capita GDP of $10,000, while the density of convenience stores is far less than 3,000 people per store, indicating huge potential for the development of the convenience store industry. This is also an important reason why Bianlifeng and its team have always been favored by capital. At the same time, the development of the e-commerce economy will free up street-front store resources in many cities, preventing the rental cost of convenience stores from increasing significantly. In addition, the changing consumption habits of the post-90s and post-00s generations of consumers make convenience stores more acceptable to them.\" More capital will enter the convenience store market in the coming years, making competition fiercer. However, this is a good thing for consumers. Competition means lower prices, and more stores mean greater convenience.</p><p>Liu Bo remains optimistic about the convenience store sector, believing that Bianlifeng's upcoming IPO is inseparable from the overall environment.</p><p>It is precisely because of the continuous optimism of capital that..<b>Bianlifeng completed a Series C financing round of 1.5 billion yuan last May, and with substantial funds, its aggressive expansion and store openings are a natural progression.</b>Even if Zhuang Chenchao plans to open 100 million stores by 2023, no one would question whether he is \"launching satellites\".</p><p><b>Convenient Bee's Way to Make Money</b></p><p>\"Online and offline are not important; the balance between experience and efficiency is what matters.\" This is the secret to Bianlifeng's breakthrough.</p><p>Zhuang Chenchao, the founder with an internet background, is keenly aware that the cost of online customer acquisition is already higher than that of offline customer acquisition. However, the internet model and mindset are what make Bianlifeng different. Instead of continuing to use offline stores to build a physical store base and relying on food delivery to meet consumers' desires for convenience and speed, it is better to balance the two - open convenience stores into consumers' lives, so that consumers can get the products they want from convenience stores in the shortest possible time. This is the only way to achieve two goals at once and maximize profits.</p><p><b>\"Compared to using e-commerce to penetrate the market, restructuring physical retail with digital thinking presents a huge opportunity for growth.\"</b>He Tao, vice president and chief researcher of Bianlifeng Research Institute, made this public statement, which means that Bianlifeng focuses on quality in addition to experience and efficiency, in order to build a product category ecosystem.</p><p>From the very beginning, Bianlifeng was labeled as \"high-end\". Many consumers, upon seeing Bianlifeng's \"spacious and bright\" storefront, wonder, \"Is this really profitable?\" The clean and tidy storefront, slightly empty shelves, and wide variety of products are completely different from traditional crowded convenience stores. This undoubtedly enhances the consumer shopping experience, but in the eyes of traditional retail practitioners, it wastes a lot of space resources, and Bianlifeng has no choice but to make trade-offs in order to provide a better customer experience.</p><p>Bianlifeng's biggest feature is that it integrates internet elements offline and has online stores to support it.<b>The founding team includes Zhuang Chenchao from Qunar.com, professional managers who left 7-Eleven, internet entrepreneurs, and Japanese convenience store workers. It combines the strengths of a hundred schools of thought with many advanced features of the leading era, taking new retail from a concept to a real implementation.</b>Since its inception, it has already taken a lead in the convenience store industry by half.</p><p>Bianlifeng has internet DNA. The Bianlifeng APP is an intuitive way to access the internet.<b>To promote the APP and offer short-term warranty products, Bianlifeng stores offer various discounts, product offers, new user discounts, discount coupons for installing the APP, and cashback for recharges. These activities are truly beneficial to consumers.</b>It attracted a large number of fans.</p><p>In Bianlifeng stores, you can often see staff patiently guiding consumers to install the Bianlifeng APP. Because the Bianlifeng APP plays a role in connecting online and offline channels and extending to the upstream of the industry, it is also an important way to enhance Bianlifeng's stickiness with consumers. By downloading the Bianlifeng APP, consumers become their private domain traffic. Like self-checkout and Fengxiaogui, these are all aimed at converting public domain traffic to private domain traffic. In an era where traffic is king, having such a large amount of private traffic gives Bianlifeng the confidence to expand aggressively.</p><p>As a rising star in the \"Internet\" market, Bianlifeng's formidable aspect lies in its constant learning. They draw nourishment and experience from Japanese convenience stores, place great emphasis on fresh food and their own brands, and have a strong potential to surpass their predecessors.</p><p>Currently, Bianlifeng has invested in several fresh food factories in North and East China, and participated in the investment of Yami Yami, a fresh food cooperation factory with 7-ELEVEn in Beijing. Tianjin's dozens of acres of fresh food supply base ensures the supply of fresh food to the Beijing market. The number of SKUs of its own brands has grown to nearly 400. The revenue share of fresh food and its own brands is basically the same as that of the three major Japanese convenience stores, and it has also become an important part of Bianlifeng's revenue. Fresh food boxed meals and hot meals have become Bianlifeng's first category, accounting for nearly one-third of its sales.</p><p>The unified placement and display of goods in thousands of stores will be a considerable advertising expense. When you exceed 10,000 stores, you will have more initiative in advertising price negotiations.</p><p>“It’s difficult to negotiate advertising for a single store, but for a chain brand like Bianlifeng, advertising revenue will be an astonishing expense. Overall, Bianlifeng’s net profit ratio can be maintained between 5%-10%, and the average loss rate is controlled within 3%-5%. This is also a major reason why all of Bianlifeng’s stores were profitable in 2020,” Liu Bo told BT Finance.</p><p><img src=\"https://static.tigerbbs.com/331dd2ad0df221dd2ba4427e09360ae3\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p><b>Going public may be a good choice</b></p><p>Unlike many convenience store brands that acquire franchise stores after growing large, Bianlifeng, which has \"ambition,\" has always rejected the franchise model and insisted on the directly operated store model, even when its funds are extremely tight.</p><p>Franchising is an effective way to quickly recover capital, reduce financial pressure, and expand rapidly. However, the franchise model is also a double-edged sword. A series of uncontrollable situations, such as difficulty in management and damage to brand image, also occur in franchise stores. Bianlifeng, born with internet DNA, may have refused to join the franchise for reasons of brand protection.</p><p>Big data analyst Li Hailong told BT Finance:<b>\"Bianlifeng started direct operation to hone its management capabilities and verify its business model. Self-operation can ensure strong control and the implementation of operating standards. In particular, Bianlifeng's data-driven operation model is relatively advanced, requiring strong execution and sufficient directly operated store operation data for verification. From self-operation to franchise output is a relatively reliable path.\"</b>Their refusal to join now doesn't mean they will refuse in the future, after all, joining would allow Bianlifeng to quickly grow bigger and stronger. He also believes that Bianlifeng's direct-operation model is only temporary, and he is optimistic about Bianlifeng opening up franchising in the future.</p><p>\"The biggest difference between direct operation and franchising is that it requires higher bargaining power from upstream suppliers and the efficiency of its own supply chain. Bianlifeng's direct operation model strengthens its 'digital management' to enable its smooth implementation. This is an internet factor that the Bianlifeng team has always adhered to. At the same time, the direct operation model has alleviated industry problems such as difficulty in cross-regional standardization, excessively high management costs, and difficulty in replicating experience to a certain extent.\" However, regardless of the circumstances, the direct-operation model will pose a greater challenge to the company's management costs and profitability, requiring substantial capital support. Even though Bianlifeng has already completed several rounds of large-scale financing, its rapid expansion will inevitably face financial pressure and pose certain hidden dangers. This IPO may also be to alleviate financial pressure. Li Hailong believes that Bianlifeng's listing is a good thing, as it can not only alleviate financial pressure but also eliminate the safety hazards brought about by direct operation.</p><p>Convenience stores have been one of the fastest-growing retail formats in China in the past three years, with an average annual sales growth rate of about 20% and an average annual store growth rate of nearly 10%. Bianlifeng's growth rate is far higher than the industry average.</p><p>Currently, Bianlifeng still has huge room for development. Compared with convenience stores in developed countries such as Japan, Bianlifeng is still at a low level in terms of population coverage per store, sales per square meter, and the proportion of sales to total retail sales. In terms of total number of stores, Bianlifeng's more than 2,000 stores are mainly concentrated in its headquarters in Beijing. Other cities remain a vast blue ocean and will bring more market growth in the future. Bianlifeng's goal of exceeding 10,000 stores within three years is very likely to be achieved.</p><p>Bianlifeng's rapid development has also masked some of its own problems, such as<b>Bianlifeng's current stores are mainly concentrated in office buildings and commercial districts in first-tier cities, serving white-collar workers, with very few community stores. Bianlifeng must admit that while they are developing rapidly in Beijing, they have difficulty penetrating southern cities such as Shanghai, Shenzhen, and Guangzhou. Beijing is located in the north, and the natural environment for convenience stores is not good. How to take root in Beijing and gradually expand into southern cities with better natural environments for convenience stores is a major challenge.</b></p><p>The current situation is that Bianlifeng can only choose to operate in first-tier cities like Beijing. As an international metropolis, Beijing has a high level of information literacy and average quality of citizens, which welcomes Bianlifeng's self-checkout method. However, it may be difficult to meet Beijing's standards in cities where it is expanding externally. This requires service staff to spend a lot of time supervising and guiding, which requires a lot of human and material resources.</p><p>Whether Bianlifeng admits it or not, going public may become a panacea for these \"difficult and complex problems\".</p>","source":"lsy1588993976395","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bianlifeng: Going public might be the best solution.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBianlifeng: Going public might be the best solution.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">BT财经</strong><span class=\"h-time small\">2021-06-24 18:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Convenience stores have been one of the fastest-growing retail formats in China in the past three years. Why did Bianlifeng, which is rumored to have gone public, break through in a crowded market? Some media outlets reported that Bianlifeng was preparing for an IPO. Although Bianlifeng immediately responded that the IPO news was untrue, such a swift reaction only heightened external suspicions.</p><p>Some netizens even said that no one would believe that such a positive response was made in such a short time without prior preparation. It's unrealistic for a company that's constantly raising funds to not want to go public and rely solely on the meager profits of a single store.</p><p><img src=\"https://static.tigerbbs.com/dee577b81e354d6985a189d762ceaf8c\" tg-width=\"641\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p><b>\"Ice and Fire\" in Convenience Stores</b></p><p>The rapid development of China's convenience store industry in recent years is evident to all in the industry. Convenience stores are a very traditional, capital-intensive industry with a history of over 90 years abroad, while convenience stores in China have been developing for less than 30 years. Initially, it was mainly based on a single business model of \"husband and wife shops\" and \"father and son shops\".</p><p><b>With the rapid rise of the internet industry in China, around 2010, many convenience stores took advantage of the O2O boom and suddenly became an industry sought after by many capitalists under the packaging of new concepts such as \"Internet plus\" and new retail.</b></p><p>Especially from 2016 to 2018, in just two years, the convenience store industry saw an influx of billions of yuan in capital. Many chain brands such as Bianlifeng, Xingbianli, Good Neighbor, Every Day, Today, X-24h, Quanshi, Jianfu, Linji, and 131 appeared on the streets and alleys overnight. Together with the ever-present 7-Eleven, the market began to become crowded.</p><p><img src=\"https://static.tigerbbs.com/9fdeabbce200794298fc10b5e90e64e5\" tg-width=\"640\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p><p>According to incomplete statistics, many capital giants such as Joy Capital, Sequoia Capital, Legend Capital, IDG Capital, Lightspeed China, and China Renaissance Capital have entered the market, building a convenience store market with investments of up to 10 billion yuan.</p><p>The harvest period of high scale, high growth, high sales, and high returns that capital hopes for has not arrived, because the wave of bankruptcies characterized by pseudo-demand, high costs, low transactions, and no profits has arrived ahead of schedule.</p><p>In recent years, convenience stores have been booming, with many opening, but many have also closed down. Although there is a lot of capital support, large chain brands close down or change hands every year. For example, 131 Convenience Store burned through 40 million yuan in 5 months, resulting in a broken cash chain. With its cash flow broken, it was forced to sell its stores in cities such as Beijing, Chongqing, and Changsha to Lawson and other competitors' all-time convenience stores. Linjia Convenience Store, which lost 5 million yuan a month and eventually closed down completely, etc.</p><p>Surprisingly, Bianlifeng is not only thriving, but it also achieved front-end profitability in 2020 and is even rumored to have opened an IPO channel. Regardless of whether it can go public or not, this has injected new vitality and hope into the convenience store industry.</p><p><b>Why did Bianlifeng withstand the test?</b></p><p>It has to be said that convenience stores are still a relatively new industry in China. They do the work of small shops, but they are completely different from traditional small shops, especially the chain model, which has widened the business distance from small shops.</p><p>Convenience stores implement scientific management, insist on using a centralized system as guidance, establish a data middle platform, and install cameras and electronic price tags in each offline store to analyze and iterate user behavior data. This will increase its operating costs, but it will also increase its ability to withstand risks. When many convenience stores went bankrupt, Bianlifeng had an impact, but under the insistence of its founder Zhuang Chenchao, it still chose to take the technology route, laying the groundwork for its growth against the trend.</p><p><img src=\"https://static.tigerbbs.com/397eaa4208d01c5efb6d1e387fd68c84\" tg-width=\"641\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p>BT Finance has learned that at present<b>Bianlifeng has over 60% technical staff, an astonishing proportion in the retail industry. However, Zhuang Chenchao firmly believes in the supremacy of technology, arguing that technology is the foundation for changing the industry and the basis for distinguishing it from traditional retail (i.e., small shops).</b>Whether investment in technological research and development can bring about real efficiency improvements and cost optimization needs to be tested by data, which determines the valuation logic and pricing expectations of Bianlifeng in the secondary market.</p><p>The fact that Bianlifeng was able to achieve a breakthrough from 0 to 2,000 stores in 4 years shows that this model still has its unique features. It's worth noting that it took FamilyMart, Bianlifeng's old rival, 16 years to open 2,500 stores in China.</p><p>This is just the initial stage of Bianlifeng. Zhuang Chenchao's plan is to open 4,000 stores nationwide by 2021, and to achieve the ambitious goal of having more than 10,000 stores by 2023. Once the goal is achieved, Bianlifeng will successfully enter the first tier and become one of the top four branded convenience stores in China in terms of the total number of stores. (Among the top four, EasyJoy and Kunlun Haoke are convenience stores under Sinopec and PetroChina.)</p><p>Liu Bo, an industry insider who has long followed the new retail industry, told BT Finance that the Chinese convenience store market is far from saturated and there is still huge room for development. Currently, Chinese convenience stores are mainly located in first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, but the number of cities suitable for developing convenience stores will increase in the future. For example, the economies of new first-tier cities are developing rapidly, and many provincial capitals meet the essential requirements for the survival of convenience stores, resulting in strong overall market demand. Combined with the experience of developed countries,<b>If the per capita GDP exceeds $10,000, the fast-moving consumer goods industry will enter a period of explosive growth, and convenience stores will also enter a period of explosive growth.</b>The density of convenience stores in developed countries is one convenience store per 3,000 people, while the per capita number in China is relatively high. Even in first-tier cities like Beijing, it is nearly three times that of developed countries. Reaching one convenience store per 9,000 people, there is still huge room for development.</p><p>Liu Bo also pointed out: \"Currently, more and more cities in China have a per capita GDP of $10,000, while the density of convenience stores is far less than 3,000 people per store, indicating huge potential for the development of the convenience store industry. This is also an important reason why Bianlifeng and its team have always been favored by capital. At the same time, the development of the e-commerce economy will free up street-front store resources in many cities, preventing the rental cost of convenience stores from increasing significantly. In addition, the changing consumption habits of the post-90s and post-00s generations of consumers make convenience stores more acceptable to them.\" More capital will enter the convenience store market in the coming years, making competition fiercer. However, this is a good thing for consumers. Competition means lower prices, and more stores mean greater convenience.</p><p>Liu Bo remains optimistic about the convenience store sector, believing that Bianlifeng's upcoming IPO is inseparable from the overall environment.</p><p>It is precisely because of the continuous optimism of capital that..<b>Bianlifeng completed a Series C financing round of 1.5 billion yuan last May, and with substantial funds, its aggressive expansion and store openings are a natural progression.</b>Even if Zhuang Chenchao plans to open 100 million stores by 2023, no one would question whether he is \"launching satellites\".</p><p><b>Convenient Bee's Way to Make Money</b></p><p>\"Online and offline are not important; the balance between experience and efficiency is what matters.\" This is the secret to Bianlifeng's breakthrough.</p><p>Zhuang Chenchao, the founder with an internet background, is keenly aware that the cost of online customer acquisition is already higher than that of offline customer acquisition. However, the internet model and mindset are what make Bianlifeng different. Instead of continuing to use offline stores to build a physical store base and relying on food delivery to meet consumers' desires for convenience and speed, it is better to balance the two - open convenience stores into consumers' lives, so that consumers can get the products they want from convenience stores in the shortest possible time. This is the only way to achieve two goals at once and maximize profits.</p><p><b>\"Compared to using e-commerce to penetrate the market, restructuring physical retail with digital thinking presents a huge opportunity for growth.\"</b>He Tao, vice president and chief researcher of Bianlifeng Research Institute, made this public statement, which means that Bianlifeng focuses on quality in addition to experience and efficiency, in order to build a product category ecosystem.</p><p>From the very beginning, Bianlifeng was labeled as \"high-end\". Many consumers, upon seeing Bianlifeng's \"spacious and bright\" storefront, wonder, \"Is this really profitable?\" The clean and tidy storefront, slightly empty shelves, and wide variety of products are completely different from traditional crowded convenience stores. This undoubtedly enhances the consumer shopping experience, but in the eyes of traditional retail practitioners, it wastes a lot of space resources, and Bianlifeng has no choice but to make trade-offs in order to provide a better customer experience.</p><p>Bianlifeng's biggest feature is that it integrates internet elements offline and has online stores to support it.<b>The founding team includes Zhuang Chenchao from Qunar.com, professional managers who left 7-Eleven, internet entrepreneurs, and Japanese convenience store workers. It combines the strengths of a hundred schools of thought with many advanced features of the leading era, taking new retail from a concept to a real implementation.</b>Since its inception, it has already taken a lead in the convenience store industry by half.</p><p>Bianlifeng has internet DNA. The Bianlifeng APP is an intuitive way to access the internet.<b>To promote the APP and offer short-term warranty products, Bianlifeng stores offer various discounts, product offers, new user discounts, discount coupons for installing the APP, and cashback for recharges. These activities are truly beneficial to consumers.</b>It attracted a large number of fans.</p><p>In Bianlifeng stores, you can often see staff patiently guiding consumers to install the Bianlifeng APP. Because the Bianlifeng APP plays a role in connecting online and offline channels and extending to the upstream of the industry, it is also an important way to enhance Bianlifeng's stickiness with consumers. By downloading the Bianlifeng APP, consumers become their private domain traffic. Like self-checkout and Fengxiaogui, these are all aimed at converting public domain traffic to private domain traffic. In an era where traffic is king, having such a large amount of private traffic gives Bianlifeng the confidence to expand aggressively.</p><p>As a rising star in the \"Internet\" market, Bianlifeng's formidable aspect lies in its constant learning. They draw nourishment and experience from Japanese convenience stores, place great emphasis on fresh food and their own brands, and have a strong potential to surpass their predecessors.</p><p>Currently, Bianlifeng has invested in several fresh food factories in North and East China, and participated in the investment of Yami Yami, a fresh food cooperation factory with 7-ELEVEn in Beijing. Tianjin's dozens of acres of fresh food supply base ensures the supply of fresh food to the Beijing market. The number of SKUs of its own brands has grown to nearly 400. The revenue share of fresh food and its own brands is basically the same as that of the three major Japanese convenience stores, and it has also become an important part of Bianlifeng's revenue. Fresh food boxed meals and hot meals have become Bianlifeng's first category, accounting for nearly one-third of its sales.</p><p>The unified placement and display of goods in thousands of stores will be a considerable advertising expense. When you exceed 10,000 stores, you will have more initiative in advertising price negotiations.</p><p>“It’s difficult to negotiate advertising for a single store, but for a chain brand like Bianlifeng, advertising revenue will be an astonishing expense. Overall, Bianlifeng’s net profit ratio can be maintained between 5%-10%, and the average loss rate is controlled within 3%-5%. This is also a major reason why all of Bianlifeng’s stores were profitable in 2020,” Liu Bo told BT Finance.</p><p><img src=\"https://static.tigerbbs.com/331dd2ad0df221dd2ba4427e09360ae3\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p><b>Going public may be a good choice</b></p><p>Unlike many convenience store brands that acquire franchise stores after growing large, Bianlifeng, which has \"ambition,\" has always rejected the franchise model and insisted on the directly operated store model, even when its funds are extremely tight.</p><p>Franchising is an effective way to quickly recover capital, reduce financial pressure, and expand rapidly. However, the franchise model is also a double-edged sword. A series of uncontrollable situations, such as difficulty in management and damage to brand image, also occur in franchise stores. Bianlifeng, born with internet DNA, may have refused to join the franchise for reasons of brand protection.</p><p>Big data analyst Li Hailong told BT Finance:<b>\"Bianlifeng started direct operation to hone its management capabilities and verify its business model. Self-operation can ensure strong control and the implementation of operating standards. In particular, Bianlifeng's data-driven operation model is relatively advanced, requiring strong execution and sufficient directly operated store operation data for verification. From self-operation to franchise output is a relatively reliable path.\"</b>Their refusal to join now doesn't mean they will refuse in the future, after all, joining would allow Bianlifeng to quickly grow bigger and stronger. He also believes that Bianlifeng's direct-operation model is only temporary, and he is optimistic about Bianlifeng opening up franchising in the future.</p><p>\"The biggest difference between direct operation and franchising is that it requires higher bargaining power from upstream suppliers and the efficiency of its own supply chain. Bianlifeng's direct operation model strengthens its 'digital management' to enable its smooth implementation. This is an internet factor that the Bianlifeng team has always adhered to. At the same time, the direct operation model has alleviated industry problems such as difficulty in cross-regional standardization, excessively high management costs, and difficulty in replicating experience to a certain extent.\" However, regardless of the circumstances, the direct-operation model will pose a greater challenge to the company's management costs and profitability, requiring substantial capital support. Even though Bianlifeng has already completed several rounds of large-scale financing, its rapid expansion will inevitably face financial pressure and pose certain hidden dangers. This IPO may also be to alleviate financial pressure. Li Hailong believes that Bianlifeng's listing is a good thing, as it can not only alleviate financial pressure but also eliminate the safety hazards brought about by direct operation.</p><p>Convenience stores have been one of the fastest-growing retail formats in China in the past three years, with an average annual sales growth rate of about 20% and an average annual store growth rate of nearly 10%. Bianlifeng's growth rate is far higher than the industry average.</p><p>Currently, Bianlifeng still has huge room for development. Compared with convenience stores in developed countries such as Japan, Bianlifeng is still at a low level in terms of population coverage per store, sales per square meter, and the proportion of sales to total retail sales. In terms of total number of stores, Bianlifeng's more than 2,000 stores are mainly concentrated in its headquarters in Beijing. Other cities remain a vast blue ocean and will bring more market growth in the future. Bianlifeng's goal of exceeding 10,000 stores within three years is very likely to be achieved.</p><p>Bianlifeng's rapid development has also masked some of its own problems, such as<b>Bianlifeng's current stores are mainly concentrated in office buildings and commercial districts in first-tier cities, serving white-collar workers, with very few community stores. Bianlifeng must admit that while they are developing rapidly in Beijing, they have difficulty penetrating southern cities such as Shanghai, Shenzhen, and Guangzhou. Beijing is located in the north, and the natural environment for convenience stores is not good. How to take root in Beijing and gradually expand into southern cities with better natural environments for convenience stores is a major challenge.</b></p><p>The current situation is that Bianlifeng can only choose to operate in first-tier cities like Beijing. As an international metropolis, Beijing has a high level of information literacy and average quality of citizens, which welcomes Bianlifeng's self-checkout method. However, it may be difficult to meet Beijing's standards in cities where it is expanding externally. This requires service staff to spend a lot of time supervising and guiding, which requires a lot of human and material resources.</p><p>Whether Bianlifeng admits it or not, going public may become a panacea for these \"difficult and complex problems\".</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/ZipUc5QjwvTSnLnLGtGrVA\">BT财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/08968dd9e1c0534ac326beb1e257341a","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/ZipUc5QjwvTSnLnLGtGrVA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150455781","content_text":"便利店是近三年来中国销售额增速最快的零售业态之一，被传上市的便利蜂为何在拥挤的赛道中突围？\n\n有媒体报道称便利蜂正在筹备上市，虽然此消息一出，便利蜂就“秒回”说上市消息不属实，但如此迅速的反应，更加重了外界的怀疑。\n甚至有网友称，在如此短的时间作出如此肯定回应，说是没有提前准备都没人信。一个融资不断的企业，不想上市，仅靠着单一店面的微薄盈利来支撑，仔细想想也不太现实。\n\n便利店的“冰与火”\n近几年，中国便利店行业发展之迅猛业界有目共睹。便利店是一个非常传统的重资产行业，在国外已经有90多年的发展史，而中国便利店的发展前后还不到30年。最初主要以“夫妻店”、“父子店”为主的单一经营模式。\n随着互联网行业在中国迅速崛起，在2010年前后，众多便利店趁着O2O的风口，以“互联网+”、新零售等全新的概念包装下，突然成为众多资本追捧的行业。\n尤其在2016年到2018年，短短两年的时间内，便利店行业涌入百亿资本，便利蜂、猩便利、好邻居、每一天、Today、X-24h、全时、见福、邻几、131等众多连锁品牌一夜出现在大街小巷，连同一直存在的7-11，一时间这赛道开始变得拥挤。\n\n据不完全统计，愉悦资本、红杉资本、君联资本、IDG资本、光速中国、华兴资本等众多资本巨头涌入赛道，构筑起投资多达百亿的便利店市场。\n资本期盼的高规模、高成长、高销售、高回报的收获期没有到，因为伪需求、高成本、低交易、无盈利的倒闭潮却提前来临。\n这些年便利店风起云涌，开的多，但倒闭的也很多，虽然有众多资本加持，却每年有大型连锁品牌关门或者易主，例如 5 个月烧光 4000 万导致资金链断裂的 131 便利店；资金链断裂而被迫将北京、重庆、长沙等城市店面出售给罗森等友商的全时便利店；每月亏损 500 万最终全面关店的邻家便利店等等。\n但是令人惊奇的是，便利蜂不仅活的很好，于2020年还实现了前端盈利，甚至被传开启了上市通道，不论能否上市，这为便利店行业注入了新的活力和希望。\n便利蜂为何经受住考验\n不得不说，便利店在中国还算是新鲜行业的范畴，他干着小卖铺的活，却和传统小卖铺截然不同，尤其是连锁这一模式，和小卖铺拉开了经营距离。\n便利店实行科学管理，坚持用中央化系统做指导，建立数据中台，在每一家线下门店安装摄像头和电子价签进行用户行为数据的分析和迭代。这会增加它的运营成本，却多了抗风险的能力，在众多便利店纷纷倒闭的时候，便利蜂虽有影响，却在创始人庄辰超的坚持下仍然选择走技术路线，为逆势上扬作了铺垫。\n\nBT财经了解到目前便利蜂的技术人员占比超过了6成，这在零售行业是个惊人的比例，但庄辰超笃信技术至上，认为技术才是改变行业的根本，才是区别于传统零售（也就是小卖铺）的基础，而技术研发投入能否带来了真正的效率提升和成本优化需要数据检验，这决定二级市场对便利蜂的估值逻辑和定价预期。\n便利蜂能在4年内完成从0到2000家的突破，说明这一模式还是有它的独到之处。要知道便利蜂的老对手全家便利店用了16年才在中国开了2500家店。\n这只是便利蜂的起步阶段，庄辰超的计划是2021在全国开4000家店，而到2023年将实现门店过万的宏伟大计。一旦目标实现，便利蜂将顺利进入第一梯队，成为国内拥有门店总数前四的品牌便利店。（四强中易捷和昆仑好客是中石化和中石油旗下便利店）\n长期关注新零售行业的业内人士刘波对BT财经说，中国便利店市场远未饱和，还有巨大的发展空间，现在中国便利店主要群居在北上广深这样的一线城市，但未来适合发展便利店的城市数量会越来越多。比如新一线城市的经济迅速发展，众多省会城市都符合便利店生存的硬性要求，整体市场需求旺盛，再结合发达国家的经验来看，人均GDP超过10000美元快消品行业就会进入井喷期，便利店也会进入爆发增长期，发达国家便利店的密度为3000人一家便利店，中国人均数偏高，连北京这样的一线城市也是发达国家的将近3倍，达到9000人一家便利店，发展空间依然巨大。\n刘波还指出：“目前中国人均GDP达到1万美元的城市越来越多，而便利店密度远达不到3000人一家，便利店行业发展有巨大的想象空间。这也是便利蜂他们被资本一直看好的重要原因。同时，电商经济的发展，将空出众多城市的临街店铺资源，让便利店的房租成本不会明显升高，加上90后和00后新生代消费者消费习惯的改变，便利店更能让他们接受。未来几年还会有更多的资本进入，便利店赛道竞争将会更激烈，但对消费者来说是好事，竞争意味着价格会下降，门店多了意味着更加便捷。”\n刘波对便利店赛道依然持乐观态度，他认为便利蜂即将上市也是和大环境是密不可分的。\n正是资本的不断看好，便利蜂与去年5月完成了高达15亿元的C轮融资，有了雄厚的资金，疯狂扩张开店是顺其自然的事，即便庄辰超计划2023年开10000万家门店，也没有人会质疑他在“放卫星”。\n便利蜂的生财之道\n“线上和线下不重要，体验与效率的平衡才重要”这是便利蜂能突围的秘籍。\n互联网出身的创始人庄辰超非常清醒地认识到线上获客的成本已经高于线下获客成本，但互联网模式和思维是便利蜂与众不同的地方，与其继续利用线下商店搭建实体店基础、依托外卖配送满足消费者方便、快捷的愿望，不如在两者之间平衡——将便利店开到消费者的生活圈内，让消费者能最短时间从便利店获取自己想要的商品。这样才能一举两得，实现利益最大化。\n“相比起用电商的方式做渗透，用数字化思维去重构实体零售，是一个有着巨大增量的机会”便利蜂研究院副院长、首席研究员何涛公开如此表态，这代表着便利蜂在注重体验和效率的基础上也注重品质，以此来做品类生态。\n便利蜂刚开始的时候就被贴上了“高大上”的标签。很多消费者见到便利蜂“宽敞明亮”的店面后，都会发出：“这真的赚钱么？”的疑问，干净整洁的店面，略显空旷的货架，品类繁多的商品，和传统拥挤的便利店完全不同。这无疑加深了消费者的购物体验，但在传统零售从业者眼里，浪费了大量的空间资源，而便利蜂为了更好的顾客体验，只能做出取舍。\n便利蜂的最大特点是线下融入互联网元素、线上有门店做支撑，创始团队中既有去哪儿网的庄辰超，也有从7-11出走的专业管理人士，既有互联网创业者，又有日系便利店从业者，它集“百家之长”融合了诸多领先时代的先进特质，将新零售由概念到真正落地。从它的诞生就已经在便利店行业中领先了半个身位。\n便利蜂是有互联网基因的。便利蜂APP，就是直观的互联网方式，为了推广APP，同时为了促销短保商品，便利蜂门店里随处可见各种打折优惠信息，各种打折商品，新人优惠，装APP有各种打折券，充值还有返现等等，这些活动对消费者来说是实打实的实惠，吸引了一大批拥趸。\n在便利蜂门店里经常见到店员耐心地引导消费者安装便利蜂APP。因为便利蜂APP承载着连接线上线下，向产业上游延展的作用，也是提升便利蜂与消费者粘性的重要方式。下载了便利蜂APP消费者就变成了他们的私域流量，和自主结账、以及蜂小柜一样，都是为了从公域流量转变为私域流量，在流量为王的时代，拥有如此众多的私欲流量，也让便利蜂有了疯狂扩张的底气。\n作为“互联网”新贵，便利蜂的可怕之处在于它不断的学习，他们从日系便利店那里汲取营养和经验，对鲜食和自有品牌极为看重，大有青出于蓝而胜于蓝之势。\n目前便利蜂已经在华北和华东投资了多家鲜食工厂，并参与北京7-ELEVEn鲜食合作工厂呀咪呀咪的投资。天津的数十亩鲜食供应基地保障了北京市场的鲜食供应，自有品牌的SKU已经发展到近400个，鲜食和自有品牌的营收占比基本与三大日系便利店持平，也成为便利蜂营收的重要组成，鲜食类的盒饭热餐已经成为便利蜂的第一品类，占据了近1/3的销售额。\n数千家门店的统一商品摆放和展示，将会是一笔不菲的广告费，突破1万家门店的时候，在广告议价中更具有主动性。\n“单一门店是很难去谈广告的，但像便利蜂这样的连锁品牌在广告收入方面将会是一笔惊人的费用，总体来算便利蜂的净利润比例能维持在5%-10%之间，平均耗损率控制在3%-5%以内，这也是便利蜂2020年全部门店盈利的一大原因。”刘波对BT财经如是说道。\n\n上市或是好选择\n和众多便利店品牌做大之后就收加盟店不同，有“野望”的便利蜂一直拒绝加盟模式而坚持直营店模式，即便是在资金异常紧张的情况下。\n加盟是迅速回笼资金，减轻资金压力且能迅速扩张的有效方式，但加盟模式同样是把双刃剑，管理难、砸了品牌形象等一系列难以掌控的局面也都出在加盟店中。带着互联网基因出生的便利蜂，或许是出于保护品牌的原因而拒绝加盟。\n大数据分析师李海龙对BT财经这样说：“便利蜂开始直营是为了打磨经营能力和验证经营模式，自营可以保证强管控，以及经营标准的执行。尤其是便利蜂的数据化运营模式比较超前，需要强有力的执行，也需要足够多的直营店经营数据进行验证，从自营再到加盟输出是比较可靠的路径。他们现在拒绝加盟，不代表以后也拒绝，毕竟加盟能够让便利蜂迅速做大做强。”他还认为便利蜂的直营模式只是阶段性的，未来他对便利蜂放开加盟持乐观态度。\n“直营跟加盟最大区别是，对上游的议价能力以及自有供应链的效率要求更高，便利蜂的直营模式，加强了它的“数字化管理”，使之能顺利推行，这是便利蜂团队一直坚持的互联网因素，同时直营模式在一定程度上缓解了运营难以跨区域标准化、管理成本过高、经验难以复制等行业难题。但无论怎样，直营模式将给公司管理成本、盈利能力带来更大考验，背后需要雄厚的资本支撑，即使便利蜂此前已有几轮大规模的融资，快速扩张势必会面临资金压力，也存在一定的隐患。这次上市或许也是为了缓解资金压力。”李海龙认为便利蜂上市是件好事，不仅能缓解资金压力还能消除直营带来的安全隐患。\n便利店是近三年来中国销售额增速最快的零售业态之一，其年均销售增幅达到约20%，年均门店增幅接近10%。便利蜂的增幅更是远远高于行业平均水平。\n目前便利蜂仍有巨大的发展空间，相较日本等发达国家的便利店，便利蜂无论是单店覆盖人口数、单店坪效，还是销售额占社零总额比例，便利蜂仍处于较低水平。从门店总量来说，便利蜂2000多家门店主要集中在北京的大本营，其他城市依然是广袤的蓝海，未来将会带来更多的市场增量，便利蜂定下3年门店数突破1万家的目标是非常有可能实现的。\n便利蜂的高速发展，也掩盖了一些自身的问题，如便利蜂现在的店面主要集中在一线城市的写字楼和商圈，服务于白领上班族，社区门店非常少。便利蜂不得不承认的是，他们在北京发展迅猛，却很难在上海、深圳、广州等南方城市渗透，北京地处北方，天然便利店的环境并不好，如何扎根北京，逐渐向便利店天然环境较好的南方城市拓展，是一大难题。\n现状是，便利蜂现在只能选择在北京这样的一线城市，北京作为国际化大都市市民信息化程度、平均素质较高，对便利蜂自主结账的方式比较欢迎，在对外拓展的城市中可能很难达到北京的标准，这就需要服务员要花大量时间进行监督和引导，需要耗费大量的人力物力。\n不管便利蜂承认与否，面对这些“疑难杂症”，上市或许成了“包治百病”的良方。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}