What is the development prospect of convenience stores in China?
The inconvenient modes mainly include: colorful fruits; Xiaohui convenience warehouse; Hi cabinet; Downstairs; Lightning; Wheat is convenient; Scarlet convenience; Ginger is convenient; Daily freshness, etc
The core data of this paper: the number of stores; Convenience store sales; Cost structure share; Customer unit price; Proportion of online sales
General situation of industry
1. Definition: "Small supermarket" in areas with large passenger flow.
Convenience store (mbth: convenience
Store), also called CVS in Japan and other regions, refers to a small shop with a wide variety of goods and selling materials related to people's livelihood and ready-to-eat food. It is usually a "small supermarket" located in residential areas, schools and areas with large passenger flow, which is convenient for customers to buy consumer goods and services.
The research types of convenience store digitalization include traditional chain type, gas station type and unmanned convenience store.
2. Industrial chain analysis: the integration of supply chain and logistics management is the key.
During the epidemic period, the outbreak of community group buying and fresh food business put forward strict considerations for the supply chain ability of retail enterprises; Only when the supply chain is tough enough and the logistics system is efficient enough can stores achieve low inventory and high turnover.
On the upstream supply side: the supply channel of convenience store directly determines its cost profit, commodity quality and competitiveness; China's convenience store chain enterprises have prominent regional characteristics and obvious division of labor in commodity circulation system; In addition, compared with traditional hypermarkets, convenience stores have smaller scale, lower market bargaining power and higher cross-regional procurement costs; In the post-epidemic era, convenience store enterprises have established diversified supply channels, such as direct purchase by manufacturers, to ensure the accuracy of stocking and supply efficiency in the case of explosive demand; Establish storage centers, fresh food factories and baking factories to reduce logistics costs, ensure high-speed, multi-variety and small-batch distribution, and ensure product freshness; At the same time, it is also one of the important goals to improve the logistics management system and realize the refined management such as standardization and green warehousing and supply with the goal of digital drive and green development.
On the downstream consumer side: in the existing convenience stores, the offline logistics distribution of most convenience stores mainly relies on the take-away distribution platform for commodity distribution; At the same time, some convenience stores, such as Box Horse, have their own logistics and distribution teams, which are more secure in delivery time and quality; In the post-epidemic era, it is particularly important to establish a variety of logistics distribution methods, thus solving the "last mile" problem.
The course of industrial development: Digitalization is still in the primary stage.
From the development process, convenience stores originated in the United States, with the original intention of selling bottled gasoline, and the functional development is relatively simple; Since then, the format has gradually matured in Japan and its convenience and timeliness have been further developed. According to relevant data, an average of 2,268 people in Japan own a convenience store, while an average of 1 1438 people in China own a convenience store, which is highly mature. At present, the digitalization of convenience stores in China is still in its infancy, and it needs to be upgraded and transformed in three steps, from business digitalization to process digitalization, and finally to management digitalization, so as to realize digitalization in an all-round way, completely exceeding the level of competitors.
Upstream supply situation:
-Product type supplied upstream: fast daily necessities.
Commodities operated by convenience stores can be mainly divided into four categories. The first category is fast food, including box lunch and Guandong cooking. The second category is daily fresh food, mainly bread and desserts with short shelf life, which are basically self-owned brand products; The third category is processed food, including bread and dessert. , and this kind of product is divided into its own brand products; The fourth category is non-food, including daily necessities.
The goods provided by traditional Japanese convenience stores are mainly food. Take 7-ELEVEn as an example, fast food has become the largest part of its merchandise sales and gross profit, with sales accounting for 42.9% and gross profit contributing 46.6%. Overall food accounts for more than 90% of sales and gross profit.
In contrast, the main categories of convenience stores in China are processed food and non-food daily groceries, and there is little involvement in fast food, fresh food and semi-finished food. As of 20 18, there are still nearly 35% convenience store enterprises whose fast food sales account for less than 10%. Sales of fresh and semi-finished products account for less than 20%, which is lower than the level of 30-40% in Japan. Up to 45% of domestic convenience stores account for less than 10%.
-Upstream distribution market: unified distribution is dominant.
According to the data of the National Bureau of Statistics, from 20 17 to 20 19, the proportion of unified distribution mode in the total purchase amount of convenience stores nationwide showed a downward trend, but it was still dominated by unified distribution. In 20 19, the total purchase amount of convenience stores in China accounted for 78.4%, and the purchase amount of unified distribution goods was 38.33 billion yuan.
-Downstream consumers: cooked food consumption is mainly after 90.
With the post-90s consumers gradually becoming the main consumers, the unique consumption characteristics of such consumers, such as early adopters and entertaining themselves, make them willing to try a chain convenience store with a slightly higher unit price, but more convenient and better quality.
According to the survey of consumers in more than 1800 stores in 20 cities across China, more than 60% users of convenience bees are post-90s and generation Z, of which post-90s consumption accounts for 32.2% and generation Z accounts for 28.6%. Among them, the hot rice consumers in the Z era have the fastest growth rate, and there is a tendency to catch up with the post-90 s.
Present situation of industrial development
1. supply: the growth rate of the number of stores has risen sharply, and the growth rate of large stores has slowed down.
In 20 19, the number of convenience stores in China continued to grow, reaching132,000, up 9% year-on-year, and the growth rate of stores slowed down. In 2020, the number of convenience stores in China will reach193,000. In 2020, about 6,500 new stores will be opened in the top ten stores, accounting for 45% of the total number of newly opened stores, including 20,000 convenience stores and platform convenience stores, and 44,000 traditional convenience stores/kloc-0, with an average growth rate of 8.9%, basically maintaining the level of 20 19.
2. Demand: The overall sales volume continues to grow, and daily freshness is emphasized.
-Sales: Overall sales continued to grow, while single-store sales declined slightly.
The sales of national brand chain convenience stores are 296,654.38+0 billion yuan, including 2,765.438+0.6 billion yuan of traditional convenience stores. Although affected by the epidemic, it still reached a growth rate of about 6%, and the epidemic did not have a great negative impact on the profit of convenience store industry in 2020. Moreover, enterprises with scale advantages and small-scale enterprises grow differently, and the head enterprises have recorded a growth rate beyond the industry.
Also affected by the epidemic, the daily sales of convenience stores decreased slightly in 2020, mainly due to the slight increase in customer unit price and the decrease in passenger flow.
-Japanese fresh goods are valued.
From 20 19 to 2020, cigarettes and daily fresh products accounted for the largest proportion in the sales of sample convenience store enterprises, among which the share of daily fresh products increased the fastest, and the overall sales contribution increased by 2% in 2020.
3. Cost composition: rent, water and electricity, labor and commodity abandonment are the three major head costs of convenience stores.
The epidemic did not have a major negative impact on the overall profitability of the industry. The gross profit and net profit level of sample enterprises have improved, and the head enterprises still have high gross profit performance. Employees' salaries and rents account for more than 60% of the total expenditure, and the digital investment of enterprises has further increased. In 2020, the proportion of digital investment will be ~4.5%, slightly higher than the level of 20 19 ~4. 1%.
4. Digitalization process: the digitalization process has been accelerated.
Most convenience store brands have realized the importance of supply chain construction. In recent years, the focus of convenience store brand digitalization mainly lies in the intelligence of logistics distribution. 202 1 China Chain Store & Franchise Association has continuously followed up the digital transformation of convenience stores in recent years. From 20 16 to 20 19, the proportion of online business opened by convenience stores showed a gradual and steady upward trend, and the growth rate was obvious from 20 19 to 2020, which further catalyzed the development of online business.
Note: online rate = online business/heavy business * 100%.
5. Membership convenience stores are gradually increasing.
Effective membership management can help enterprises to know where the users of stores come from, obtain effective user portraits, achieve the effect of marketing for thousands of people, track marketing data and member consumption data, and force enterprises to optimize products and operations and seize new development opportunities in the process of new retail transformation. At present, convenience store enterprises pay more attention to the construction of membership system. More than 70% enterprises have established membership system, and the unit price of customers has increased by about 50% compared with non-members. It is expected that the development of membership system will become an important measure to support the growth of convenience store enterprises in the future.
Industrial competition pattern
1. Regional competition: the format shows a trend of regional concentration, and first-and second-tier cities are relatively dense.
In recent years, the total number of convenience stores in China has been increasing, but it is limited by the lack of digital operation ability and supply chain construction ability. So far, apart from the convenience store brand of petroleum department, there is not a well-known national chain brand in China, and most brands still focus on the expansion and operation of their target areas and nearby areas. Enterprises such as private enterprises prefer non-Beishangguang areas; The whole family of foreign investors and 7-ELEVEn are mainly distributed in Beishangguang area and other first-and second-tier cities with the most developed economy in China.
From the perspective of urban distribution, gold medal convenience stores are mainly concentrated in second-tier and above cities, among which the new first-tier cities show stronger vitality, and the proportion of new stores opened in 0-5 years is larger, which shows that the new stores are old and new to a certain extent, which determines the selectivity of consumers. The high proportion of direct sales also shows that quality control is the key to the store's recognition by consumers.
2. Enterprise competition: Yi Jie, Meiyijia and Kunlun Hospitality are located in the first echelon of the industry.
Among the leading convenience store brands in China, Yi Jie, Meiyijia and Kunlun Hospitality are in the first echelon of the industry. Among them, state-owned enterprises have the largest scale and the largest number of stores. Yi Jie, a subsidiary of Sinopec, and Kunlun Hospitality, a subsidiary of PetroChina, face the national layout and mainly operate around gas stations. These two convenience store brands rank in the top three, Meiyijia ranks second in the industry with 22,394 stores, accounting for 36.4% of the top three markets, and CR 10 accounts for 47%.
Industrial development prospect and trend forecast
1. Development prospect of convenience store industry in China: it is estimated to exceed 550 billion yuan.
With the improvement of residents' consumption level and the increasing variety of convenience stores, it is expected that the sales scale of convenience stores will be further improved in the future. At the same time, the speed of digital transformation is also accelerating. In the short term, it is predicted that the compound annual growth rate of convenience store sales in China is expected to reach 1 1% from 2026 to 2025, and the sales of convenience stores in China is expected to exceed 550 billion yuan in 2025.
2. The development trend of convenience store industry in China: shopping convenience, experience scene, category upgrade and digital drive.
In the next 3-5 years, the sustainable development driven by the improvement of operational capacity will be the important development direction of convenience store enterprises in the future. Among them, store operation is the core to support future development, and enterprises need to improve the overall store operation level around store expansion, product iteration and digital capabilities. Shopping convenience, experience scene, category upgrade and digital drive are the four core development trends of convenience store enterprises.
The above data refer to the Analysis Report on Market Foresight and Investment Strategic Planning of Convenience Store Industry in China by Forward-looking Industry Research Institute.