Strategic Management Case Study Betta Stores

Transcription

1 Betta Stores ( 贝达连锁便利店 ) Your team is the board of Directors for a small chain of convenience stores in Shanghai called Betta Stores. They have been operating for almost 8 years. It is a family owned business that prides itself on knowing its customers. The current owner spent a lot of time in the US and they have introduced American standards of service but with a local twist. Customers are always greeted when they walk into the store and the staff are trained not to argue with a customer but also not to violate the rules of Betta Stores. All stock in the store is price marked and these are not negotiable. If staff are doing something else (for example, restocking), they are to halt this if a customer is waiting at the till. Betta Stores 你的团队是上海一家小型连锁便利店 Betta Stores 的董事会 他们已经运作了将近八年 这是一家家族企业, 并且标榜 了解顾客 的理念 现在的老板曾经在美国待过很长一段时间, 引进了美国服务标准, 并在此基础上进行了一些本地化改革 员工会和所有进店的顾客打招呼, 不能和顾客争吵, 也不能违反 Betta Stores 的规定 如果员工在做其他的事情 ( 比如在重新进货 ), 但是有顾客在收银台点等候, 他们也必须停下手中的工作 Current Strengths Their customer service is seen as a strength in the local area. The prices are comparable with other convenience stores. They do have some loss leaders that encourage people into the store where it is felt, the customers will buy other things. The major loss leader (Sold at cost price) is a flavoured yogurt drink. The stores stock daily purchase items (e.g. bread, milk etc), impulse purchases (e.g. coffee, sweets etc), lunch items, fast food (hot freshly prepared food) and a range of healthy items (low fat, low sugar etc) 现有优势 客户服务在当地占优势 商品价格和其他便利店不相上下 他们也出售一些削价商品, 鼓励顾客进店, 同时也会买些其它的东西 主要的促销品 ( 以成本价出售 ) 是一种风味酸奶 商店储存日常采购用品 ( 如面包 牛奶等 ), 冲动购买用品 ( 如咖啡 糖果等 ) 午餐用品 快餐 ( 新鲜烹制的热食 ) 和一系列的健康用品 ( 低脂低糖等 ) They have 15 stores based around the Pudong Area. Betta Stores. Up until now, the company is betting that a welcoming atmosphere, along with high-quality products, will soon help Betta Stores stiff competition in Shanghai. The current purpose and mission of Betta Stores is to make life a little easier for our guests by being where they need us, whenever they need us. Betta Stores, as can be seen, from the financial documents attached, is making a profit. The owners want Betta Stores to grow and they have thought about following the lead of BingoBox. 现在在浦东新区有 15 家分店 目前为止, 公司始终确信热情的氛围以及高质量的产品有助于 Betta Stores 在上海激烈的竞争中脱颖而出 现在 Betta Stores 的目标和任务就是让顾客的生活更简单, 在他们需要的时候出现在他们身旁 从附加的财务文件中可以看出 Betta Stores 正在盈利 老板思考跟随缤果盒子的模式继续发展

2 Convenience Stores in China Convenience stores have become a big feature of China s increasingly affluent, youth-oriented consumer cultureand run the gamut from hole-in-the wall, mom-and-pop shops crammed with soft drinks and snacks to modern purveyors using sophisticated analytics to keep their shelves stocked with all kinds of food. Total annual revenue at China s 380,000 rural and urban c-stores is RMB 425 billion (US$62 billion), according to estimates by consultancy Access Asia using data from the China Chain Store and Franchise Association. 中国的便利店中国的消费文化日渐富足, 并且以年轻人为主, 便利店也是其中一大特点 有狭小阴暗的夫妻老婆店, 货架上充满了饮料和小吃零食 ; 也有现代的供应商, 利用复杂的分析方法在货架上摆满各种各样的食物 上海辉一咨询公司根据中国连锁经营协会给出的数据估计, 中国 家农村和城市的便利店总年收益将会达到 4250 亿人民币 (620 亿美元 ) Shanghai leads the way, with about 5,000 outlets serving its 20 million inhabitants. It's not unusual for a single block in the city to have as many as three c-stores, sometimes one next door to another. Local chains there include All Days (Haode), Kedi, Quik (Kuaike) and Buddys. Quik, which is owned by Lianhua Group, is the biggest, with 1,300 outlets and about 25% of total sales in Shanghai. Quik has become the largest [among home-grown firms] in terms of number of stores, having leveraged its local government connections and relationships, says YujunQiu, retail analyst at Planet Retail, a London-based industry information provider. But it's other large Asian rivals, notably Family Mart, which has 7-Eleven looking over its shoulder. Executive teams at both companies are now leveraging expertise honed overseas in what could become a retail showdown for Shanghai s c-store sector. 上海作为其中的领头羊, 有 5000 家便利店, 为两千万的居民提供服务 在上海, 一个街区里有三家便利店是及其常见的, 有时候还可能 本地的连锁便利店有好德, 可的, 快客和良友 快客是联华集团旗下的品牌, 也是本地最大的连锁便利店, 有 1300 家分店, 占上海总销售额的 25% 邱玉军( 音译 ) 是星球零售咨询公司 (Planet Retail) 的零售分析师, 他认为 : 快客在商店数量上已经成为了 ( 本地企业 ) 中最大的便利店, 充分利用了它和当地政府的关系 星球零售咨询公司是一家行业信息提供企业, 总部位于伦敦 但是快客还有其他大型的亚洲便利店对手, 最著名的就是全家,7-11 也在一旁虎视眈眈 两家公司的执行团队都充分利用他们在海外市场磨练的专业知识, 投入到中国便利店行业, 准备最后一战 Competitors - Family Mart Family Mart has had a head start in Shanghai opening its first store there in 2004, and it now has 400 outlets. It chose Shanghai to launch its China strategy for several reasons. The city has the biggest purchasing power in China and Shanghai is a city where you have to walk because of its many small alleys and roads, compared with Beijing, says Mitsuyoshi Harada, vice president of Family Mart. Its Europeinfluenced layout makes it easier for shoppers to stop by convenience stores for quick purchases than in Beijing, with its bigger scale, broad boulevards and heavier reliance on private cars to get aroundwhat's more, Shanghai also has a high population density and a vibrant shopping culture. 竞争者 全家全家在上海便利店中处于领先地位 2004 年它在上海开设了第一家商店, 现在发展到了 400 家 它选择上海作为启动中国策略的原因有许多 全家副总裁原田光吉 (Mitsuyoshi Harada) 说道 : 上海是中国最具购买力的城市 而且上海有很多小街小巷, 人们必须步行. 北京的规模更大, 马路更

3 宽敞, 出行更加依赖私家车, 而上海与之相比由于受到欧洲影响, 更容易在便利店旁停下来快速买点东西 另外, 上海的人口密度很大, 购物文化也很活跃 Meanwhile, having fallen flat in earlier attempts to win market share in China's mainland, Japan s 7-Eleven recently licensed full franchise rights for its Shanghai operations to President, a subsidiary of Taiwan s biggest food conglomerate, Uni-President Group. For its China strategy, the Japanese firm focused first on Beijing,, where it now has about 92 outlets, and two in nearby Tianjin. Its Shanghai business, however, is catching up after launching in the city in 2006, with 54 outlets. 同时, 日本的 7-11 之前尝试在中国大陆赢得市场份额, 但最终完全失败了 近期 7-11 将特许经销权完全下放给台湾最大的食品企业统一集团 (Uni-President Group) 旗下的统一商超 这家日本公司的中国战略首要集中在北京 在北京已经有了 92 家分店, 有两家在附近的天津 它在上海的业务也追赶上来, 从 2006 年开设第一家之后, 已经发展到了 54 家 It's no coincidence that Shanghai's big c-store rivals hail from Japan, via Taiwan over several decades, Japanese c-stores have built up formidable businesses in Taiwan, which has many cultural and language similarities with China. Replicating their Taiwanese strategies makes a lot of sense. Both companies saw a great opportunity and a treasure trove in China, says Harada. But tapping that treasure trove has been easier said than done. Unlike relatively small and homogenous markets like Japan and Taiwan, China is vast and consumer tastes and buying patterns vary widely from city to city. If you bring the business format you used in Japan to China, it won t work, says Harada, who was head of the overseas division at Family Mart s headquarters in Tokyo before moving to Shanghai two years ago. "You have to develop a business format for Chinese lifestyles and tastes." 上海便利店的竞争对手来自取道台湾的日本商家, 这并非巧合 在过去的几十年里, 日本的便利店在台湾的业务发展势不可挡 台湾和中国大陆在文化上和语言上有着许多共同点 复制他们在台湾的战略是明智之举 原田说 : 两家公司都看到了中国的巨大机会以及珍贵价值 但是开发这些宝藏却是说来容易做起来难 日本和台湾的市场都相对较小并且都是同根同源的 但中国市场很大, 不同城市间的消费者品味和购买方式也都不同 在日本的业务模式在中国并不可行, 你必须根据中国的生活方式和品味建立一个新的商业模式 原田两年前来到上海, 在此之前, 他是全家东京总部海外事业部的负责人 Although Shanghai is notoriously difficult in terms of bureaucracy and fickle consumers, the biggest challenge for the foreign c-stores is hiring and training staff. At the moment, it s a "buyers' market," with jobs scarce for China s increasingly plentiful college graduates. Some of the Family Mart shop managers have studied at universities in the U.S., Europe or Japan. Family Mart invests heavily in training staff how to handle customers. We have to teach [staff] basic manners, from saying, Thank you for coming to our shop, to things such as not just tossing purchases at shoppers, Harada says. 众所周知, 上海因为官僚主义和消费者变幻无常使得经营困难重重, 但是对于外资便利店来说最大的挑战却是在于招聘和训练员工 现在的劳动市场是 买方市场, 中国的大学毕业人数越来越多, 工作缺口也越来越大 有些全家经理在美国 欧洲 日本上大学 全家在训练员工应对客户方面投资巨大 我们必须教员工一下基本礼仪, 要说 : 谢谢光临, 不能把顾客买的东西扔给他们等

4 Family Mart aims to expand across China, though Harada says the company is still plotting its strategy. The company s Tokyo-based president, Junji Ueda, has said Family Mart is aiming for 4,500 shops by 2015 and 20,000 by It now has 400 outlets in Shanghai, 31 in the Suzhou and 80 in Guangzhou. There are many cities we want to expand into, but we have not decided where yet, says Harada. 全家旨在将业务扩展到全中国, 虽然原田说公司仍在实施它的战略 全家东京总部的董事长上田后藤 (Junji Ueda) 曾说全家目标在 2015 年开设 4500 家分店, 到 2019 年达到 家 现在全家在上海有 400 家分店, 深圳 31 家, 广州 80 家 原田说 : 我们有许多想要扩展业务的城市, 但是还没决定到底是哪儿 Competitors Locally owned stores Locally owned stores tend also to stock low-quality products and offer less choice, shortcomings that the foreign-owned and managed companies are exploiting to their advantage. Daily sales tend to be between RMB 3,000 and RMB 4,000 at a locally owned shop or about half that of Family Mart or Lawson, another rival foreign chain. 竞争者 当地便利店当地便利店会进一些低质量的产品, 选择更少, 而外资企业就利用这一点充分发挥自己的优势 当地便利店的日销售额一般在 3000 元到 4000 元之间, 大概是全家或罗森日销售额的一半 罗森是另一家外国竞争连锁便利店 Future Direction for Betta Stores A new pioneering, effective and cheaper convenience store has opened its doors in Shanghai. BingoBox, an unmanned 24-hour, self-service store, has been launched near the parking lot of Auchan Supermarket's Changyang Road shop in Yangpu District. It is the first BingoBox store in Shanghai. Betta Stores is looking to do the same thing. The shop, which is more than 10 meters square, has no staff and customers can only enter the store if they scan a QR code on the door. Once you enter, the door locks behind you and shoppers can wander around unattended and purchase products on their own. The store is not large but it still features a great variety of goods, although BingoBox has emphasized quality rather than quantity to ensure all of its products remain fresh. Although the store operates without staff, customers can contact an assistant through a video screen. BingoBox told local media that they have completed over 50,000 transactions without any theft or damage recorded. This could be explained by the stores locations in high-end areas, 24-hour video control and Chinese government s efforts to push real-name registration

5 for online services. Ever since the Guangdong-based pioneer of convenience opened its first test shop in Shanghai in June, the approximately 15-square-meter building has attracted numerous visits from investors seeking economic alliances and locals seeking a blend of convenience and innovation. According to a report on Chinese unmanned retail stores by market data platform iimedia Research Group, 2017 sales will amount to 39 billion yuan by the end of this year. Betta Stores 的发展方向现在上海开设了一种创新型 有效率并且更便宜的便利店 缤果盒子是一家 24 小时无人值守便利店 上海首家缤果盒子开设在杨浦区长阳路欧尚超市停车场附近 Betta Stores 也在做同样的事情 缤果盒子商店占地 10 平米, 没有任何的员工, 顾客只能通过扫描门上的二维码进入商店 一旦进入商店, 门会自动关上 顾客可以在无人值守的情况下逛便利店, 自行购买商品 虽然缤果盒子相较数量更强调质量, 要确保所有的产品都是新鲜的, 这家不大的商店商品还是很丰富的 店内没有员工, 但是顾客可以通过电视屏幕联系到售货员 缤果盒子告诉当地媒体, 他们已经完成了超过 次交易, 没有一起偷窃和损坏的记录 这可能是由于商店坐落于高端小区并且有 24 小时监控以及中国政府提倡网上服务的实名制 自从这家广东的先驱便利店今年六月在上海开设了第一家试营业商店, 这个接近 15 平方的建筑已经吸引了许多投资者来寻求商业合作, 许多当地商户也在探索便利与创新的结合 市场数据平台艾媒咨询的报告预测中国今年年底中国无人值守零售店 2017 年的销售额将达到 390 亿人民币 Another highlight of BingoBox is that the goods in are cheaper than those in other convenience stores. Betta Stores want to duplicate this cost efficiency. For example, a bag of Lay's potato chips costs 7 yuan in Family Mart while costing only 5 yuan in BingoBox.An exclusive label on each product allows the customer to calculate the price of each item at the electronic cashier and once the shopper has paid they can leave the store. 缤果盒子的另外一个亮点就是里面的商品相比其他便利店要便宜 Betta Stores 想要复制这种成本效率 比如全家一袋乐事薯片要 7 元但在缤果盒子里只要 5 元 每个商品上都有一个价格标签, 顾客可以在电子收款机上计算每样商品的价格, 付完款后即可离开 It is possible to browse around the store without purchasing anything. The business model relies on a mixture of mobile phone technology, facial recognition software, and a smattering of personal accountability. Potential customers must first register with the company using their real identity. Once approved, they can enter by using their mobile phone camera to scan a QR code at the door, sending the data over WeChat. Inside, they choose the items they want, scan them at the register and pay either through WeChat or Alipay. A camera scans customers on the way out and anyone carrying items they do not pay for is recorded in a company database. A quick QR scan on the wall at the entrance will open the locked door. If anyone tries to leave the shop with any unpaid products an alarm is triggered at the door. Customers need to be aware that they have to register via their mobile phone before they can use BingoBox. However, there have been some problems with BingoBox. However, when a reporter stood in front of the sealed shop on Monday, they observed that the refrigerator inside was nearly empty. The reporter questioned one customer. She said, she took her daughter on a 1.5-hour trip by subway just to experience the cutting-edge

6 BingoBox location. She told the reporter she was so frustrated when the door of the store wouldn t open for her, and her 5-year-old daughter seemed equally vexed after the long trip, pressing her face to the glass and shouting, Mom, I want to eat! 你也可以不买东西随便逛逛 这种商业模式依靠手机技术 人脸识别软件和些许的个人责任感 潜在的客户必须首先在公司用他们的真实身份注册 一旦, 他们可以使用手机相机扫描门口的二维码, 通过微信发送数据 在商店里, 他们选择需要的物品, 在柜台扫描后通过微信或支付宝支付 会有一台摄像机在顾客离开时扫描顾客, 任何将未付款物品带出商店的顾客会被记录在公司数据库中 只要在入口处扫一扫二维码就可以打开大门 如果有人想要不付钱出门就会引发门口的警报器 需要注意的是顾客需要先通过手机注册才能使用缤果盒子 但是缤果盒子也有一些缺陷 有记者周一到这家密封的商店时发现, 冰箱几乎是空的 记者采访了一个顾客 顾客说她带着女儿坐了一个半小时的地铁才到这儿, 想要体验一下这个前卫的缤果盒子, 结果却 让人失望, 商店的大门居然不打开 她五岁的女儿在长途跋涉后也一样生气, 她把脸贴到玻璃上, 大喊 : 妈妈, 我想吃! Problems with BingoBox Two of the stores operating in Shanghai were forced to close temporarily as a result of poor air conditioning. Some residents are still sceptical about whether the new wave of snack stores will be embraced. "This kind of business model should rely on the personal credibility system, which is still immature in China. So it s very hard to prevent theft," one internet user commented on Weibo. Some users have been locked in because the doors malfunctioned Security and theft is an issue The shelves are mostly stocked with fruit, packaged takeaway foods and toiletries. Will people enter just to buy them? BingoBox is not yet tested in less well off areas 缤果盒子的问题 上海开设的两家缤果盒子由于空调问题被暂时关停 仍有一些市民对这波便利店新浪潮表示怀疑 微博用户评论 : 这种商业模式应该基于个人信用系统, 但个人信用系统在中国还不成熟, 很难防止偷窃 由于大门有时发生故障, 有顾客被锁在门内 安全和偷窃的问题 货架上基本上都是水果 包装的外带食物以及化妆品 真的有人进店只为了买这些东西么? 缤果盒子在不太富裕的地区还未试行过 Your Task You will be asked to work in groups and the task is to decide whether the existing Future Direction is appropriate and if not, develop a new future direction. What is decided, you will also create a strategic plan for Betta Stores using the tools and techniques learnt from the classes. 你的任务小组任务 : 确定现有的 发展方向 是否适当 如果不, 制定一个新的发展方向 确定好发展方向后, 使用在课堂上学习到的工具以及方法为 Betta Stores 制定战略计划

7 Exhibit 1 - STATEMENT OF FINANCIAL PERFORMANCE 表格 1 财务业绩报告 For the Financial Year Ended June 30, 年 6 月 30 日财年数据 2016 Budget 预算 2015 Income 收入 RMB RMB RMB Revenue 收益 6,432,818 6,369,845 7,192,690 Expenditure 支出 Cost of Goods Sold 已出售商品成本 2,577,716 2,577,556 2,600,211 Gross Profit 毛利润 3,855,102 3,792,289 4,592,479 Staff Expenses 员工费用 2,667,506 2,636,871 2,409,319 Store Refurbishment 商店整修费用 408, , ,795 Marketing Expenses 市场推广费用 413, , ,876 Other expenses 其他费用 293, , ,126 Total operating expenditure 总营业支出 6,360,181 6,507,832 6,173,327 Profit (Loss) for the year 年利润 ( 年亏损 ) 72,637 (137,989) 1,019,363

8 Exhibit 2 - STATEMENT OF FINANCIAL POSITION 表格 2 财务状况报表 As at June 30, 年 6 月 30 日财年数据 2016 Budget 2015 Current assets 现有资产 RMB RMB RMB Cash and cash equivalents 现金与现金等价物 6,467, ,355 5,867,360 Trade and other receivables 应收账款和其他应收款 181, , ,410 Inventories 库存资产 153, , ,174 Prepayments 预支 602, ,871 Total current assets (1) 总流动资产 (1) 7,405, ,325 6,787,815 Non-current assets 固定资产 Other financial assets 其他金融资产 3,782,282 7,455,615 4,419,321 Property, plant and equipment 物业 工厂 设备 15,765,629 16,733,801 16,723,427 Total non-current assets (2) 总固定资产 19,547,911 24,189,416 21,142,748 Total assets (3) = (1) + (2) 总资产 (3)=(1)+ (2) 26,953,232 24,942,741 27,930,563 Current liabilities 流动负债 Trade and other payables 应付贸易和其他应收款 468, , ,797 Employee entitlements 员工应付权益 819, ,298 Total current liabilities (4) 总流动负债 (4) 1,287, ,563 1,390,725 Total liabilities (5) = (4) No long term Liabilities 总债务 (5)=(4) 无长期负债 1,287, ,563 1,390,725 Net assets (6) = (3) (5) 净资产 (6)=(3)-(5) 25,665,719 24,563,178 26,539,838 Equity 净值 Reserves 储备 10,674,458 8,461,525 10,543,847 Capital 资金 14,991,261 16,101,654 15,995,991 Net assets 净资产 25,665,719 24,563,178 26,539,838

9 Exhibit 3 - STATEMENT OF RECOGNIZED INCOME & EXPENSE 表格 3 确认的收入和费用报告 For the Financial Year Ended June 30, 年 6 月 30 日财年数据 Available-for-sale financial assets 可供出售金融资产 valuation gain/(loss) taken to equity 股票的估值收益 /( 损失 ) Net income recognized directly in equity 金融资产直接收益 RMB RMB -946, , , ,695 Profit (loss) for the year 年利润 ( 损益 ) 72,637 1,019,363 Total recognized income & expense for the year 总已确认年度收入 & 费用 -874, ,668 Statement of changes in equity for the financial year ended June 30, 年 6 月 30 日财年所有者权益变动表 Equity at beginning of year 年初股本 26,539,838 26,320,170 Total recognized income & expense for the year 总已确认年收入 & 费用 -874, ,668 Equity at end of year 年末股本 25,665,719 26,539,838 Exhibit 4- CASH FLOW STATEMENT 表格 4 现金流报告 For the Financial Year Ended June 30, 年 6 月 30 日财年 2016 Budget 预算 2015 Cash flows from operating activities 经营活动产生的现金流 RMB RMB RMB Sales 销售额 5,890,126 6,035,942 6,101,572 Dividends 分红 125,206 79, ,222 Interest received 收入利息 603, , ,954 Payments to employees 劳动者报酬 -2,573,082-2,577,556-2,500,324 Payments to suppliers 供应商付款 -2,736,138-2,823,240-2,146,411 Net cash inflow/(outflow) from operating activities (1) 经营活动产生的净现金流入 / 流出 1,309,976 1,148,434 2,186,013 Cash flows from investing activities 投资活动产生的现金流 Proceeds from maturity & sale of other financial assets 1,160,712 2,483,441

10 其他金融资产的到期和出售所得 Proceeds from sale of property, plant & equipment 固定资产出售所得 Purchase of property, plant & equipment 固定资产购买 Purchase of other financial assets 其他金融资产购买 Net cash inflow/(outflow) from investing activities (2) 投资活动产生的净现金流入 / 流出 (2) -196,378-1,104, , , , ,115 1,530,050 Net increase in cash & cash equivalents (3) = (1) + (2) 现金及现金等价物净增长 (3)=(1)+(2) 2,100,091 43,834 3,716,063 Cash & cash equivalents at the beginning of the financial year (4) 年初现金及现金等价物 (4) 4,367, , ,297 Cash & cash equivalents at the end of the financial year (5) = (4) + (3) 年末现金及现金等价物 (5)=(4)+(3) 6,467, ,354 4,367,360