china retail - convenience stores

CHINA RETAIL
- CONVENIENCE STORES
J uly 2014
Overview
The development of the convenience store (CVS) in China
has gained increasing momentum. As small format retailers
CVSs have the advantage over their competitors of having
closer access to their target consumers. CVSs are also able
to offer quicker services along with their attractive product
selection and added convenience.
China’s usual CVSs are also joined in this category by the
country’s many mini stores operated by supermarkets and
are spread across the country, especially in less developed
areas or in older cities. Additionally, this format includes
forecourt retailers located next to petrol stations and
they too are a common sight. Forecourt retailers such as
Sinopec Group’s Easy Joy and PetroChina Co. Ltd.’s uSmile
leverage on the extensive network of petrol stations
controlled by their parent companies; hence, they are able
to achieve national networks. Easy Joy has over 23,300
stores and uSmile has over 14,000 stores across the
country 1. However, for the purposes of this report, mini
supermarkets and forecourt retailers are not the focus,
so as to concentrate on the newer and increasingly more
profitable developments and trends.
Indeed, this changing sector deserves renewed analysis.
Total sales revenues for CVSs rebounded in 2012 after
three consecutive years of decline, reaching 26.4 billion
yuan, according to the National Bureau of Statistics. The
latest figures published by the Ministry of Commerce
(MOFCOM) in 4Q13 shows that CVS was the retail sector’s
fastest-growing format with average year-on-year (yoy)
growth of 13.8%, followed by supermarkets (12% yoy) and
specialty stores (9.3% yoy).
The average gross profit margin for CVSs was 20.2% in
4Q13, slightly higher than for all other major retail formats.
CVS operators are able to earn higher gross margins by
selling products with larger markups. On average, products
sold in CVSs are 30% higher than in hypermarkets 2. On the
other hand, operating costs for CVSs are relatively high;
long opening hours, multiple daily deliveries and frequent
replenishment of small batches of products have all
contributed to escalating running costs.
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C H I N A R E TA I L - C O N V E N I E N C E S T O R E S
Total sales revenue
(billion yuan)
Exhibit 1: Total sales revenues of convenience stores, 2005-2012
30
25
20
15
18.3
22.3
23.2
27.6
27.0
24.7
26.4
22.6
10
5
0
20052006200720082009201020112012
Source: National Bureau of Statistics
Exhibit 2: Total retail sales growth by format, yoy, 4Q13
%
Department stores
0 2 4 6 8 10121416
7.5
Convenience stores
12.0
Supermarkets
Hypermarkets
Specialty stores
Professional stores
8.0
13.8
9.3
7.8
Source: MOFCOM
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Exhibit 3: Key performance index of convenience store sector, yoy growth, 4Q13
%
Retail sales
0 5 101520 25
13.8
2.5
Number of employees
Operating area
Gross profit margin
7.3
20.2
2.4
Net profit margin
Increase in rental costs
21.4
Source: MOFCOM
Exhibit 4: Profit margins for different retail formats, 4Q13
%
Department stores
Convenience stores
Supermarkets
Hypermarkets
Specialty stores
Professional stores
0 5 10 15202530
20.2
3.6
2.4
1.4
4.1
15.9
17.7
4.6
5.1
Gross profit margin
20.2
22.4
24.3
Net profit margin
Source: MOFCOM
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Exhibit 5: Comparison of the convenience store sector in China, the United States and Japan, 2012
China Average sales revenue per store (yearly) (million yuan)
Average sales revenue per store (daily) (yuan)
Average operating area (sqm)
Gross profit margins (%)
Profit margins (%)
Average number of customers (daily)
Average customer spending per order (yuan)
Average sales per sqm (yuan/sqm/year)
United States Japan
2.2
10
15
5,785
28,548
42,032
82
268
113
26.2%
31.4%
30.0%
1.1%
1.6%
1.5%
434
893
919
15
30
46
26,000
38.000
14,000
Source: China Chain Store and Franchise Association. 2014. “Development of convenience stores in China.” P.12.
Despite their smaller operating areas, CVSs sell a wide range
of products with large numbers of stock-keeping units (SKUs),
and offer a variety of value-added services. In 2012, 64.7%
of CVSs’ revenues were from selling food, while 34.6% were
generated from non-food items and less than 1% was derived
from other value-added services. The average number of SKUs
3
in a typical China-based CVS stood at about 2,325 in 2012,
according to the China Chain Store and Franchise Association
(CCFA).
ratio of CVSs operating 24 hours daily in Southern China
is higher than in the North, and the ratio is higher in coastal
cities than in inland cities. This is due, in part, to the different
climates and lifestyles in various regions and cities.
Effective logistics management, including an order fulfillment
process, is a critical success factor for CVS operators. In fact,
4
according to the CCFA , around 70% of CVS chains have their
own logistics centres, hoping to better control their operations.
Over half the CVSs in China operate around the clock.
According to the CCFA, 51% operate 24 hours per day. The
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Exhibit 6: Percentage of convenience stores operating 24 hours per day, March 2014
%
Xianmen
Wenzhou
Dalian
Xuzhou
Nanning
Xian
Guangzhou
Shenzhen
Beijing
Putian
Huhhot
Shanghai
Kunming
Shijiazhuang
Qingdao
Dongguan
Tianjin
Urumqi
Taiyuan
Chengdu
Yichang
Changsha
Nanjing
Linfen
Wuhan
Harbin
0 10203040 5060 708090100
0
7
13
20
20
17
17
36
33
47
44
55
60
71
70
70
69
67
65
63
80
77
75
75
83
90
Source: China Chain Store and Franchise Association. March 2014.
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Competitive landscape
The development of China’s CVS operations has been
somewhat unbalanced. Guangdong and Shanghai were
the provinces with the highest concentration of CVSs in
2012, each with more than 5,000 outlets 5. At city-level the
development of CVSs has been more mature along coastal
cities such as Shanghai, Hangzhou, Guangzhou and Shenzhen,
yet this trend has been fragmented. Take Shanghai as an
example. There are many CVS brands in the municipality,
including 7-11, Lawson, C-Store, Family Mart, Alldays,
Kedi, and Quik. The operating environment remains tough
in these cities. Some retailers reportedly closed a number of
unprofitable stores in 2012 amid fierce competition and high
operating costs 6.
Exhibit 7: A competitive landscape for convenience stores in China, 2012
HEILONGJIANG
JILIN
LIAONING
XINJIANG
BEIJING
INNER
MONGOLIA
GANSU
SHANXI
NINGXIA
HEBEI
TIANJIN
SHANDONG
QINGHAI
HENAN
SHAANXI
TIBET
Store Counts
SICHUAN
HUBEI
CHONGQING
Below 500
HUNAN
YUNNAN
1,000-5,000
SHANGHAI
ZHEJIANG
GUIZHOU
500-1,000
JIANGSU
ANHUI
GUANGXI
JIANGXI
FUJIAN
GUANGDONG
TAIWAN
Above 5,000
HAINAN
Source: Kantar Retail. May 2012. “Convenience channel in China: Are you ready?”
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Leading players
Most leading players in China’s CVS sector are regionally
based. Currently, there is no national leader. According to
UBS Investment 7, top CVS players in Guangzhou, Chengdu
and Shenzhen have a relatively high market share. Meiyijia,
the market leader in Guangdong province, accounted for more
than 60% of Shenzhen’s market share and 30% in Guangzhou.
Hongqi, the market leader in Sichuan province, accounted for
43.6% of Chengdu’s market share. Meanwhile, the market in
Chongqing, Beijing and Shanghai is somewhat fragmented Chongkelong has a 26.6% market share in Chongqing, while
Easy Joy has a 23.8% market share in Beijing; Quik has a
17.9% market share in Shanghai.
Exhibit 8: Market leaders and respective market share in selected cities
Beijing
23.8%
Market leader;
Easy Joy
Chengdu
43.6%
Market leader;
Hongqi
Chongqing
26.6%
Market leader;
Chongkelong
Guangzhou
30.0%
Market leader;
Meiyija
Shanghai
17.9%
Market leader;
Quik
Shenzhen
61.3%
Market leader;
Meiyijia
Source: UBS Investment. October 29, 2013. “Report on Chengdu Hongqi Chainstore Co., Ltd.”
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Meiyijia is the market leader in terms of store count, with
5,580 stores in Guangdong (excluding the count for forecourt
retailers Easy Joy and uSmile); followed by Tianfu, Gongxiao
and Jialian, 7-Eleven, and Quik. The leading players by
number of stores are shown in Exhibit 9.
Exhibit 9: Top 10 convenience store operators by number of stores, 2013
Ranking
Enterprise
Convenience store
brand
Country of orgin
Store
location
No. of
stores in
2013
1
Sinopec Group
Easy Joy
China (Beijing)
National
23,300
2
PetroChina Co., Ltd.
uSmile
China (Beijing)
National
14,000
3
Dongguan Sugar &
Liquor Group Meiyijia
Convenience Store
Co., Ltd.
Meiyijia
China (Guangdong)
Guangdong
5,580
4
Guangdong Tianfu
Chain Business Co., Ltd.
Tianfu
China (Guangdong)
Guangdong
2,300
5
Zhejiang Gongxiao
Supermarket Ltd.
Gongxiao; Jialian
China (Zhejiang)
Zhejiang
2,123
6
7-Eleven
7-Eleven
United States
Beijing,
Shanghai,
Shenzhen,
Guangzhou,
Tianjin,
Chengdu
1,925
7
Shanghai Lianhua
Quik Convenience
Stores Co, Ltd.
Quik
China (Shanghai)
Shanghai,
Liaoning,
Zhejiang,
Beijing,
Jiangsu
1,905
8
Guangdong Sunhigh Convenience
Store Co., Ltd.
Sun-high
China (Guangdong)
Guangdong
1,703
9
Nonggongshang
Group
Kedi; Alldays
China (Shanghai)
Shanghai,
Suzhou,
Wuxi,
Hangzhou
1,700
10
C&U Group
Shizu; Zhishang
China (Zhejiang)
Zhejiang
1,491
11
Chengdu Hongqi
Chain Co., Ltd.
Hongqi
China (Chengdu)
Sichuan
1,460
12
Shanxi Taiyuan
Tangjiu Supermarket
Co., Ltd.
Tangjiu
China (Shanxi)
Shanxi
1,250
*Note: Estimated value.
Source: China Chain Store and Franchise Association. April 21, 2014. “Convenience store operators among the Top 100s.” http://www.ccfa.org.
cn/pages/upload/up_fj/NmJTEXwWnyGz1398248837562.pdf (accessed April 22, 2014) (modified by Fung Business Intelligence Centre)
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While foreign CVS chains are more active in expanding
nationally, domestic enterprises are mostly regionally focused.
Foreign chains such as Lawson, a Japanese CVS chain, has
established stores in Shanghai, Hangzhou, Beijing, Dalian
and Chongqing; Family Mart, another Japanese CVS chain,
has stores in Shanghai, Guangzhou, Suzhou, Wuxi, Chengdu,
Hangzhou and Shenzhen. By contrast, domestic players tend
to focus their operations in areas near their places of origin.
For instance, Tianfu operates mainly in Guangdong, Hongqi in
Sichuan, and Suguo in Nanjing.
Domestic retailers often adopt a multi-format strategy, hoping
to leverage the sourcing capabilities of stores across different
retail formats. A typical example is Lianhua Supermarket
Holdings Co., Ltd. The retailer’s businesses in China span
three retail formats – supermarkets, hypermarkets and CVSs.
The company adopts a national sourcing strategy for selected
products that are sold through these sales channels and in all
regions 8. Hence, sourcing costs can be lowered 9.
Trends
Trend #1: CVSs venturing online
Online retailing is becoming increasingly popular in the CVS
sector. Some operators such as 7-Eleven have launched their
own online platforms, while others have set up online stores
on third party B2C platforms. For instance, Tangjiu, the largest
CVS operator in Taiyuan formed a partnership with JD.com in
December 2013; Tangjiu launched an online mall on JD.com,
selling more than 30,000 SKUs under eight product categories.10
The two companies have also launched a data-sharing scheme
to collectively enhance their understanding of customers 11.
Trend #2: Facilitating and implementing O2O initiatives
Partnering with online retailers to provide pick-up
services and faster delivery
The role of CVSs has been changing recently. An increasing
number of CVSs now act as “facilitators” in the online-tooffline (O2O) loop. Given the vast network of CVSs, more
online retailers now use CVSs as pick-up points. For instance,
Amazon China has teamed up with Family Mart since March
12
2013 to offer pick-up services at the latter’s outlets in Shanghai.
Yihaodian, an online retailer owned partially by Wal-Mart,
has recently formed a partnership with Family Mart to allow
customers to pick up packages at 300 participating Family Mart
Stores in Shanghai. Tangjiu stores also serve as pick-up points
for products ordered on JD.com. Consumers have the flexibility
to pick up their online orders at any CVS of their choice, and at
any time they wish. They can choose to pay by cash, credit card
or debit card at the store.
Besides offering pick-up services, JD.com has also teamed up
with CVSs to provide faster and more efficient delivery. In fact,
in March 2014, JD.com reportedly partnered with more than
10,000 CVSs in 15 cities, under 12 brands. JD.com hopes to
build an integrated system that allows consumers to make online
purchases and receive the products within one hour of placing
the orders 13. Examples of JD.com’s partners include Quik,
Renben, Meiyijia, and Guoda365 14.
Such services benefit customers but also assist the CVS chains
as well as online retailers. CVSs can benefit from the potential
increase in customer flow, while online retailers enjoy lower
logistics costs. It is clearly a “win-win-win” situation.
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Exhibit 10: Examples of convenience stores partnering with online platforms
to offer pick-up services, December 2012 - July 2014
Japan
CVS
Online platforms
December 2012
Dongguan Meiyijia
Tmall
April 2013
Hangzhou C Store
Tmall
March 2013
Shanghai Family Mart
Amazon China 17
June 2013
Zhejiang Shizu
Tmall, Taobao
July 2013
Kedi, Alldays
Tmall
November 2013
Taiyuan Tangjiu CVS
JD.com
July 2014
Shanghai Family Mart
Yihaodian 21
15
16
18
19
20
Source: Internet sources; Compiled by Fung Business Intelligence Centre
Partnering with courier companies
In addition to offering pick-up services for online platforms, some CVS chains have also
cooperated with courier companies to serve as the collection points for parcels and posts. For
instance, Suguo teamed up with SF Express in December 2013 to offer parcel collection and
22
pick-up services in Nanjing . It handled more than 2,000 orders within about two weeks of the
23
service’s launch . Other examples are listed in Exhibit 11.
Exhibit 11: Examples of convenience stores partnering with courier enterprises
to offer pick-up services, October 2011 - May 2014
Date
CVS
Courier enterprise
October 2011
Shenzhen 7- Eleven
SF Express 24
December 2011
Chengdu Wudongfeng
YTO Express 25
December 2012
Guangzhou Circle K, Family Mart
DHL 26
September 2013
Chengdu Hongqi
EMS 27
November 2013
Chengdu Hongqi
SF Express 28
2013
Shanghai Haode, C Store,
Guangming
SF Express 29
December 2013
Nanjing Suguo
SF Express 30
May 2014
Taiyuan Tangjiu
SF Express 31
Source: Internet sources; Compiled by Fung Business Intelligence Centre
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Trend #3: Beyond the basics - extending value-added
services
Guangzhou by scanning the QR code on the back of the can;
0.01 yuan is then deducted from their WeChat accounts.
Leveraging mobile payment for convenience
Mobile payment services offered by Internet companies are
quickly gaining ground in China. These have sparked concerns
on security issues. In March 2014, the People’s Bank of
China (PBOC) temporarily blocked mobile payments through
33
scanning QR codes via mobile devices . The move by the
PBOC is intended to better regulate the Internet finance market
and protect consumers. Yet, many industry experts believe
that the PBOC will soon reverse its policy and allow mobile
payments.
Some large CVS chains have started rolling out mobile
payment services by partnering with third-party online
payment providers. For instance, Meiyijia, C-Store in Eastern
and Southern China, 7-Eleven in Guangzhou, Youyizhan in
Hangzhou, and Hongqi have partnered with Alipay, Alibaba’s
third-party online payment platform, to provide a mobile
payment service in their stores. Consumers can settle payment
by using the Alipay app on their mobile devices. The whole
payment process takes just seconds.
Installing self-service kiosks
Tencent’s WeChat Payment has also teamed up with CVS
chains to launch a mobile payment service. For instance,
Guangzhou 7-Eleven is one of the pilot CVS chains
32
trialing the mobile payment service on WeChat . During
the early promotional stage in December 2013, consumers
could purchase Coca-Cola drinks at any 7-Eleven store in
CVS operators are looking for ways to extend their services
and boost customer loyalty. Thanks to the installation of selfservice kiosks in-store, CVSs are able to offer a wide range
of services that support everyday life including utilities bill
payments, purchases of air tickets, train tickets, concert tickets
and many other transactions.
Source: 7-Eleven Guangdong Sina Weibo
Source: http://cd.himovie.com/Information.
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Self-service kiosk: Lakala
34
Lakala is a leading player in the self-service kiosk business . Lakala offers services such as bank
account balance enquiries, payments of bills for credit cards and utilities, money transfers and
movie ticket orders. As of October 2013, Lakala was estimated to have over 180,000 terminals in
CVSs in over 300 Chinese cities35. However, some experts believe that profitability in providing
such self-service kiosks is rather limited, as profit margins are low 36.
Source: http://ycnews.cn/homepage/2014-01/06/content_1782036.htm
Alading
Alading is a self-service kiosk provider that serves consumers in Shanghai, Nanjing and Chengdu.
38
Since 2011, Alading has offered a specialist, home electronics recycling service in Shanghai.
Residents can register to recycle electrical appliances via Alading kiosks in more than 600
Shanghai convenience stores, with the registration process taking only a minute. Staff from the
recycling company will contact the customer within 24 hours to arrange for the collection of
unwanted home electronics devices, with televisions and computers being the most common.
Consumers get a cash rebate for each item.
37
Source: http://www.alading.com/news4.html
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More on-site catering services
CVSs have been offering fresh, prepared foods for years, but
the trend has become more pronounced as increasing numbers
of time-conscious consumers look for on-the-go meals. Some
retailers have revamped their stores and added on-site catering
to provide hot and cold food and drinks. For instance, some
Circle K outlets provide in-store catering to offer meals and
drinks under its own Hot & In brand. Circle K believes its
Hot & In service is the main revenue driver in the Guangzhou
market, contributing approximately 40% of its sales mix in
39
FY2013 . Suguo has also increased its offering of fresh food,
40
and provided fresh ground coffee in-store . In general, profit
margins for catering services are higher than for many other
categories of merchandise. Indeed, an increasing number of
CVS operators have set up their own central kitchens or use
their own manufacturing or supplier units to directly supply
meals to stores.
Hongqi, on the other hand, has introduced fast food and
catering services via its new “Hongqi Express” stores 41. Foods
are prepared in the central kitchen and reheated in-store.
Consumers can eat in-store or order takeaways, with free
delivery services available for orders above five sets. Ten
42
“Hongqi Express” stores were launched by the end of 2013 .
Gross profit margins for “Hongqi Express” stood at about 35%,
43
higher than for normal CVSs (at 27%) .
Similarly, Family Mart opened its first third generation
convenience store in Shenzhen in May 2014. The 100 sqm
store features a dining area and a variety of fresh food
offerings. Other value-added services such as mobile phone
top-ups and credit card payments are also provided at the new
store.44
Source: http://cd.qq.com/a/20130205/000543.htm
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Trend #4: Better connection with customers
Launching membership programmes
age repeat purchases. For instance, Circle K recently launched
a series of limited edition 2014 World Cup paper fans and
membership reward points can be used to redeem them.
While membership programmes are less common in China
than in other places such as Japan and Taiwan, some CVS
chains are putting more effort into launching these. Family
Mart and Circle K are among the pioneers. Members-only
special offers and promotions have been introduced to encour-
Successful membership programmes can enable retailers to examine the purchasing behaviour of customers and this results
in better products and services being offered according to their
preferences.
Source: http://www.familymart.com.cn/members
Source: http://www.circlek.cn/ok_web/vip.jsp
Source: http://www.circlek.cn/ok_web/
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Engaging customers via social media
Many CVS operators use social media to better engage their
customers. Most players have created accounts on Sina Weibo,
China’s most popular microblog. Lawson, Circle K, 7-Eleven,
Hongqi and many others often use their Sina Weibo accounts
to alert customers of their new products and latest promotional
activities. Some have also set up WeChat accounts for the
same purpose, with examples including Meiyijia, Family Mart,
Lawson and Tangjiu. Family Mart has developed a mobile app
for consumers to get the latest news.
Trend #5: Launching private labels
Currently, the development of private label products is not
particularly mature in China’s CVS sector. However, some
CVS operators are stepping up efforts to launch private labels,
hoping to differentiate themselves and to meet their customers’
higher expectations. The trend towards a growing assortment
of private labels as seen in Japanese CVS chains is likely
to become more pronounced in other Asian markets such as
China, as retailers continue their strategies to boost brand
45
loyalty and profit margins . For instance, Family Mart has its
own brand “YUMMY” in China. 7-Eleven has introduced a
private label series called “Seven Premium” 46, offering drinks,
instant soup, snacks and canned coffee among other products,
targetting the mass market.
Trend #6: Specialist theme stores to woo customers
Some CVS chains have opened specialist theme stores to
attract more potential consumers. For instance, Lawson
47
launched a Rilakkuma-themed store and a Detective Conan48
themed store in Shanghai in 2013 . Cartoon character-themed
products are offered in the stores.
Source: Lawson HP http://www.lawson.com.cn/news/2013/09/000584.html Source: Lawson HP http://www.lawson.com.cn/news/2014/03/000693.html
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Conclusion
The CVS has never been in the mainstream of China’s retail
industry in the past. Indeed, the scale of China’s CVS chains
remains relatively small compared with counterparts in Japan,
Taiwan, and South Korea, in terms of average sales revenues,
operating areas and numbers of customers. Having said that,
some CVS operators have a strong regional presence. In particular, CVSs in Guangdong and Shanghai are very concentrated,
and competition is fierce.
Over recent years, smaller-sized CVSs have made rapid gains
over traditional retailing channels amid rising operating costs.
Indeed, such costs have been escalating over the past few
years, with no sign of slowing. Compared with a large supermarket, running a CVS incurs less risk; the latter requires a
lower investment outlay and bears lower day-to-day operating
costs. Moreover, as consumers increasingly seek “shopping
convenience”, the CVS format is likely to attract more customers and foot traffic. Besides, the growing popularity of online
retailing has transformed the role of the CVS in China, from
merely selling grocery items to serving as the pick-up point for
online orders. Looking forward, the CVS format is set to play
a stronger role in reshaping China’s retailing landscape. CVS
operators will provide more value-added services and products
targetting specific groups of consumers, such as elderly people
or consumers seeking healthy, on-the-go lifestyles. Kantar Retail expects sales in the CVS sector to grow at 15% compound
annual growth rate (CAGR) through 2016, but the store count
will decelerate to 11% CAGR49, indicating CVS operators are
more rational in planning new store openings.
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Reference
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