On March 11, Rainbow Digital Commercial Co.Ltd(002419) released the 2021 report. The company achieved an operating revenue of 12.268 billion yuan, a year-on-year increase of 3.97%; The net profit attributable to shareholders of listed companies was 232 million yuan, a year-on-year decrease of 8.41%, and the deduction of non net profit loss attributable to shareholders of listed companies was 88 million yuan, a year-on-year decrease of 385.58%.
It is worth noting that this is also the first 2021 annual report disclosed by the department store industry. Previously, a number of Listed Companies in the department store industry in Shanghai and Shenzhen have issued performance forecasts. Except that the two companies expect the net profit to decline year-on-year in 2021, the net profit of the other 10 companies increased to varying degrees year-on-year.
The industry believes that the department store industry has been circulating the saying of "death through transformation and death without transformation", but for enterprises aiming to become leaders and benchmarks, transformation is the only way out.
digital reform is less than expected
Everbright Securities Company Limited(601788) analyst Tang Jiarui believes that more than 60% of the revenue of Rainbow Digital Commercial Co.Ltd(002419) 2021 came from South China. In the first quarter and the fourth quarter of 2021, repeated outbreaks occurred in Guangzhou and Shenzhen, which had a certain impact on the company's revenue and profits, and the overall performance was lower than expected.
According to the annual report, the operating revenue of the company's supermarkets, shopping centers and convenience stores totaled 12.021 billion yuan in 2021, a year-on-year increase of 5.8%. Three shopping centers, three supermarkets and 56 convenience stores were closed throughout the year. Tianhong Holdings said that due to the business adjustment of the owner, the failure to deliver the leased property as agreed, and the operation did not meet expectations, the company closed or terminated some projects.
In this regard, CO director of digital economy and financial innovation research center of International United Business School of Zhejiang University Researcher pan Helin told the reporter of Securities Daily: "In 2021, the company's offline retail business was greatly affected by the epidemic and the impact of new retail formats. At present, the company's business focus is still offline Tianhong shopping mall and chain retail. Affected by the epidemic, the offline business performance is poor and the growth is weak. In addition, although the online business shows a growth trend, the online business is still in the investment period and needs continuous investment. At present, the e-commerce platform is relatively weak There are many and the competition is fierce. "
According to the annual report, in 2021, Tianhong Holdings' online commodity sales and digital service revenue Gmv exceeded 5.1 billion yuan, of which the platform service revenue increased by 72% year-on-year, and the number of digital members exceeded 36 million. Some research reports pointed out that although the online business showed a growth trend, the effect of the company's digital reform was still less than expected.
In this regard, Li Yingtao, senior analyst of Analysys brand retail industry, said: "The Matthew effect of 'the strong is always strong' in online channels is stronger. At present, several online retail giants siphon almost all traffic and businesses. The retail pattern has been set, and it is difficult for new e-commerce retail platforms to make profits. In addition, although online and offline retail belong to the same retail business, they are two different playing methods, whether online to offline or offline to online On the whole, they will face the painful period of transformation, but on the whole, it is more difficult to switch from offline to online. "
department store listed companies performance differentiation
Recently, it is reported that Shanghai New World Co.Ltd(600628) department store Chengdu store will close on March 20. This is another well-known department store closed after Guangzhou Wangfujing Group Co.Ltd(600859) , modern department store and Chongqing Far East department store.
In this regard, Wu Daiqi, CEO of Shenzhen siqisheng Culture Communication Co., Ltd., told the reporter of Securities Daily: "Since the outbreak of covid-19 epidemic in early 2020, the consumer industry has been hit hard, and department stores bear the brunt. At the same time, with the continuous upgrading of consumer demand, consumers pursue a more personalized and diversified shopping experience, and the single business format of traditional department stores is less popular. The rapid development of the Internet and the continuous increase of online shopping channels also affect traditional department stores Caused an impact. "
However, it is worth noting that many traditional department stores are "rejuvenated". As of March 11, 12 listed companies in the department store industry in Shanghai and Shenzhen have issued performance forecasts. The net profit of the other 10 companies increased to varying degrees year-on-year, except that the net profit of two companies is expected to decline year-on-year in 2021. Among them, Xinjiang Winka Times Department Store Co.Ltd(603101) , Wangfujing Group Co.Ltd(600859) expected net profit growth rate exceeds 200%. A number of listed companies said that focusing on strengthening the main business and actively complying with the changes and development trend of the market environment of the retail industry, the return of overseas high-end consumption is the main reason for the improvement of performance. In addition, the low base in the same period in 2020 is also one of the reasons.
Pan Helin believes that the ultimate approach of offline entities is user experience. For example, supermarkets now pay more and more attention to entertainment and catering facilities, rather than simply selling goods. The function of selling goods is more transferred to online. We should transform the department store industry, change the exclusive store into an experience store, and add more entertainment and catering facilities to meet the changes of current consumer preferences. At the same time, we should also emphasize the development of localization on the Internet, transform the goods preparation of stores into localized front warehouse, establish local logistics, reach commodity transactions through product distribution, include more consumers through online marketing, and drive the user flow of online platforms through hot money.
Li Yingtao believes that there are three ways to play in the retail industry, namely, the platform mode, the preferred retailer mode and the self operated retailer mode. For offline traditional retailers, in view of the strong Matthew effect, they can only achieve several enterprises. Instead of benchmarking the platform model, they should take the differentiation route, that is, the latter two models, clarify the enterprise's own target customer group, organize the corresponding product supply chain system, and form differentiated competition with other platforms.
