Retail fair learns that Chinese brick-and-mortar retail giants, almost out of sight of the taillights of their American counterparts.
The beginning of 2020 to the beginning of March this year, the United States Walmart's share price rose from about $ 35 to about $ 60 and hit a record high, open market customer (Costco) is even more fierce, the share price from about $ 250 soared to more than $ 770 also hit a record high.
Retail fair learns that China's RT-Mart parent GCL Retail shares fell 86 per cent and Yonghui Supermarket fell 65 per cent.
The latest market capitalisation, Walmart is $490.6bn and Open Marketer has $343.1bn. How big is this volume? China's e-commerce giants, Ali + Pinduoduo + Jingdong's market value is $381.5 billion, barely more than the open market.
The U.S. giants are a "gongs and drums, firecrackers," the scene.
After the release of the results of the fiscal year 2024, Walmart President and CEO Doug McMillan could not contain the joy, the annual dividend yield was raised by 9% in one breath: "Our team delivered excellent results, a successful conclusion to a strong year."
Domestic giants, on the other hand, are having a tough time.
Hou Yi, CEO of Boxmart in 2022, shouted that conditions were ripe for Boxmart to go public, but the delay has not been made clear to date, and Alibaba's statement is that it must ensure an increase in value for shareholders before it can go public.
A core meaning is that the valuation of entity retail is now too low, listing is really a loss.
Listed giants are "selling their assets". Yonghui Supermarket issued a series of announcements, the sale of shares held in the Wanda commercial management, red flag chain.
These investments were once regarded as an important fulcrum of Yonghui's nationwide expansion, and now, Yonghui Supermarket's gearing ratio has been high for years, and these fulcrums have been abandoned in order to recoup funds.
Behind the vastly different market value performance are differences in performance.
The most capable local Yonghui Supermarket, for example, 2020 to 2022, its revenue is a three consecutive declines, plus last year from January to September, is a four consecutive declines; Gaoxin Retail, annual revenue from the peak of 102.3 billion fell to 83.7 billion.
What are the results of their American counterparts?
Specialising in warehousing membership shop open market customer (Costco), 2020 fiscal year revenue of 166.8 billion, 2023 fiscal year 242.3 billion, the unit is still the dollar.
Walmart 2024 fiscal year revenue of 648.1 billion U.S. dollars, or 4.7 trillion yuan! The horror of such a giant is that the growth rate is still fast, at more than 6% per annum.
A harsher reality than revenue is profit.
Since 2017, domestic supermarket chains have been mired in losses. Renren Le 6 years in 4 years in the loss, the peak of profitability is less than 100 million, the peak of loss can be up to eight hundred million.
Gao Xin retail resilience is stronger, but also in 2022 to deliver a huge loss of 730 million yuan. Yonghui has been losing money for two years in a row, and has just delivered its third year of pre-loss report.
Walmart's FY2024 net profit, on the other hand, jumped 32.8 per cent to $15.511 billion.
What kind of concept is this?
Add up the market value, yes, market value, not profit, of Gao Xin Retail, Yonghui Supermarket, Renren Le, Jiajia Yue, Lianhua Supermarket, BBK, Zhongbai Group ...... China's countless listed supermarket brands-
Walmart makes more than enough in a year.
In equally stark contrast, offline retail giants in the U.S. are still expanding, while China's offline retail seems to have lost its power to grow.
Take shops, the most central asset of brick-and-mortar retail, for example. In the new fiscal year, Retail fair learns that Walmart intends to open 230 new shops in markets outside the United States, open market customers to open 33 new shops. Earlier this year, the opening of the first shop in South China, Shenzhen Longhua shop opened, attracting the public at four o'clock in the morning, long queues, traffic police had to be at the scene to evacuate the congestion.
On the contrary, local enterprises, is losing ground. In the first half of last year, yonghui closed 29 shops across the country, lianhua supermarket closed 131, once 19 years not closed shop rtm, according to a range of business statistics a year at least 13 shops closed.
In the latest earnings forecast, Yonghui's tone is quite helpless:
"In 2023, the domestic market economy gradually recovered, the retail industry is still facing huge competitive pressure ...... The company continued to promote shop optimisation and closed some long-term loss-making shops."
Walmart founder Sam Walton has a classic thesis: the retail industry to be more concentrated brand effect, more efficient management and supply chain, it is necessary to be on the map of a state after a state, a county after a county, until the pavement of this area of the market.
This goal, multinational giants closer and closer, domestic giants further and further away.
Source: 钛媒体APP