[Early Edition] Snack Industry Restructures to Address Consumption Downgrade, Merger Wave Quietly Emerges (AI Translation)
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文｜财新周刊 孙嫣然
By Caixin Weekly's Sun Yanran
2023年末，零售折扣行业迎来一家“独角兽”公司。12月18日，好想你（002582.SZ）、盐津铺子控股（002847.SZ）入股零食很忙集团，10.5亿元投资获近10%股份，意味着后者整体估值达到105亿元。
At the end of 2023, the retail discount industry welcomed a new "unicorn" company. On December 18th, Haoxiangni (002582.SZ) and Yanjin Shop Holding (002847.SZ) invested in Snack Busy Group, acquiring nearly 10% of shares with an investment of 1.05 billion yuan, implying a total valuation of the company at 10.5 billion yuan.
One month ago, the snack chain "Snack Busy," which already boasts 4,000 stores, acquired another snack chain brand, Zhao Yiming, with 2,600 stores. On the Linkshop's 2023 annual ranking of bulk snack chain brands, these two chains ranked first and third in terms of store count.
所谓“零食量贩”，多售卖散装食品，定价比传统超市便宜20%—30%；比电商旗舰店同类产品的克重则降低10%—15%；主要靠加盟模式轻资产快速开店，形成一定规模后再与上游议价，然后以更低成本向加盟店供货，实际相当于传统零售的“一级批发商”角色。据艾媒咨询数据，截至2023年10月，全国零食折扣门店数达到2.2万家，全年市场规模预计809亿元，比三年前增长了10多倍。
The so-called "snack bulk retailers" mostly sell unpackaged food items, pricing them about 20% to 30% cheaper than traditional supermarkets; the weight of similar products compared to those in e-commerce flagship stores is reduced by 10% to 15%. They primarily rely on a franchise model for rapid store expansion with light assets. After reaching a certain scale, they negotiate with upstream suppliers and then supply franchised stores at even lower costs, effectively acting as "primary wholesalers" in traditional retail. According to data from iResearch Consulting Group, as of October 2023, there were 22,000 snack discount stores nationwide, with the market size expected to reach 80.9 billion yuan for the year, more than a tenfold increase from three years earlier.
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- The snack discount retail industry in China has seen significant growth, with the merger of two major snack chain brands, "Snack Busy" and "Zhao Yiming," creating a new unicorn company valued at 10.5 billion yuan. This industry operates on a franchise model, offering lower prices than traditional supermarkets and e-commerce flagship stores, and has grown more than tenfold over three years to an estimated market size of 80.9 billion yuan by October 2023.
- Rapid expansion through mergers and acquisitions is a key strategy for companies in this sector to scale up quickly and increase their valuation in private and public markets. However, the intense competition and homogenization make it challenging to build brand loyalty among consumers, leading to price wars and financial strain for franchisees.
- The rise of discount snack stores reflects a shift from consumption upgrading to consumption downgrading within just three years. Established snack brands like Bestore are adjusting their strategies to compete with discount retailers by lowering prices or transforming their business models. Meanwhile, the trend towards consolidation continues as companies seek mergers to survive in an increasingly competitive market.
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