GOME, suning, both familiar and strange two major home appliance chain-like giant, one in the capital markets on the sleeves, full of arrogance; a capital in the commercial or industrial capital on both ways.
They appear to override the appliance retail market pattern, they both allow the development of enviable and doubts.
They rise of origin where they future trend?
Similar development track and the difference in points
1987 1st January, Cantonese Huang guangyu to Beijing Zhushikou a 100 square meters of small stores, founded the GOME, simple operation imports joint brand TV.
Zhang jindong was founded in 1990, suning appliance (market comment information), then it is a company located in Nanjing of air conditioning in small firms.
Nobody thought that the two families-the humble little enterprise, later more than ten years, adapted Chinese appliance retail market pattern, China retail market round and round with stormy. In the Chinese home appliance retail market development in the early stages, in addition to the traditional department stores, one-class electrical operation is almost the only format. Initial prototype of electric appliance chain-like Enterprise, strictly speaking even be called a home appliance chain-like, but it is precisely these embryonic form, plus Zhang jindong, Huang guangyu and others hard and historical opportunity of mindfulness, electrical household appliances market bred suning, GOME, Lo, five-star, triple and big.
Home appliance retail chain of great development begins at the turn of the century, GOME and suning truly rapid development is in the special window. In July 1999, the United States for the first time out Beijing, opened in Tianjin, the two chains were local ten business strong resistance, which it accomplish GOME, GOME visibility greatly increased; in December 1999, the United States into Shanghai, Beijing, Tianjin, Shanghai and three-point line of home appliances chain structure, began a rapid expansion of the road.
In 2000, to establish an integrated electrical SUNY upgrade, chain expansion speed for strategic business plan for the second time; in 2003, opening of Shanxi road, Nanjing 1.8 million square meters of flagship store means suning appliance from air conditioning franchise to integrated appliance business, information appliance extended once again.
The next few years, faced with increasingly fierce internal competition and retail markets fully open external threats, GOME, suning, home appliance chain-like Enterprise began to seek capital support to expand the size and strength, objectively to further enhance the home appliance chain-like formats and an entire domestic electrical appliance retail market strength, eventually forming a chain of home appliances now.
In June 2004, GOME realization through borrowing Eagle Hong Kong-listed. In July 2004, as the first successful login form in the IPO of the gem market in Shenzhen electronics retailers, suning raised funds nearly four billion, making it into the SME Board first.
As the two major home appliance retailing typical representative, GOME and suning's growth essentially reflects China's home appliance retailing chain development tracks:
Both were established in the late 1980s and early 1990s, home appliance sales channels by multi-level wholesale, plans to supply to the market model transition phase. Are developed in the traditional business more developed cities, in the late 1990s to enter the national phase of high-speed expansion;
From the ownership of properties and economic sectors, both of which belong to the past ten years the economic area and the most active private sectors of the economy;
From both the development of the region, they basically Ujamaa, current outlets mainly in primary and secondary cities, although this point is China's economy and consumer of the decision of the regional differences;
From recent expansion mode, both of which have adopted the "Happy Valley circle to" Quick Shop network strategy;
In the product structure, they also have to follow the market trends, and continuously improve gross margin commodities (such as electrical appliances), high rate of turnover of goods (such as digital products) the proportion of sales;
From profit structure, combined with other commodity sales business profits is both one of the important source of profits;
Even at sale time, the two companies are both selected in 2004!
In broadly similar operating mode, from history and a number of financial indicators, the two companies also exhibit considerable differences.
Suning to air conditioning monopoly, since 1994 the continuous 10-year domestic air conditioning sales, so up to now, the air conditioning products still suning's commodity structure occupies a considerable proportion. 2004 interim report shows, the air conditioning sales revenue and gross margin of the main accounting company respectively of the total 30.25 33.74 percent. Air conditioning is the traditional home of the Maori highest category, therefore, SUNY, in terms of brand air conditioning sales, supply chain resource accumulation is a differentiated competitive advantage. GOME in audio and video products (TV, stereo, DVD, etc.) of sales gain 31.11% operating income. However, audio-visual products and integrated far below the air conditioning, Maori and this is perhaps the high gross profit margins more GOME suning, one of the main reasons. From the management costs (administrative expenditure) and two of operating expenses and the proportion of total revenues, the cost of management capacity of the United States is clearly higher than the SUNY.
Two companies achieved parity in strength, on both the game very compelling. In the United States and gree conflict, suning immediately and domestic air-conditioning manufacturers conducted a large-scale promotional activities, this event from the side reflect suning and household appliance manufacturers and supplier relationship seems to be even more harmonious. In fact, GOME in conferences and Haier, gree, etc to create "guru" wrestling, attitudes have behaved more tough. Many similar cases reflect the beauty and suning abroad in the supply chain relationship management and consolidation process of different styles and attitudes.
Vendor relations coordination: SUNY
A notch above theOverview of international suppliers and Super chain-like Enterprise relationship history similar GOME and gree's "break up" case. But the outcome of the game, ultimately established a long-term strategic partnership, scored a win-win situation. For example, p and Wal-Mart also "turned" face ", but the eventual establishment of a new supplier and dealer relations, and even for computer information sharing on the Internet, resulting in a win-win.
But the United States and abroad that extreme commercial chain enterprises has very different: first of all, Wal-Mart's "grow up" by improving efficiency, and the United States are more "grown up" cost to manufacturers. Second, the relationship between businesses and manufacturers should be both struggle and cooperation, the benefits should be a "win-win" outcome, this is Wal-Mart, IKEA suppliers with some great time establish good relations. While the growth of the United States nearly is a manufacturer of "hardship". Market often see some brand from GOME wielding the product mass is "blood sacrifice", prices do not drop the knife held high. By constantly suppressing enterprises, made their own "expansion" of the capital. Wal-Mart cultivation is a lasting competitive advantage is in line with the business ethics, and the United States means the greater use of a temporary benefit game, and no access to enterprise growth, the need for cooperation and support.
From this perspective, other retail giant is one of the great blessing of the market, manufacturers of enhanced language power is one of the great blessing of the market. Awakening of the manufacturers refuse to stop profit don't succumb to "brand". They gradually take support other dealers, other Super commercial channels, building their own shop and other commercial means, reduce dependence on chain channels. In 2003, the United States due to unilateral price behavior twice and Association, etc. IT Giants face, because the Association has adopted a system of multistage agent pathway, not shake legend guomeibing in taking on the position in the market. The price in the United States, Lenovo introduced may resort to the legal warning and stock measures, slow the GOME impact the pace of the IT market.
Both ends against the middle. In the United States and household electrical appliance enterprises struggle, away from the stage of suning then took the harmony of the policy, not a small interest.
Is an urgent need to go beyond the brand traps
Chinese enterprises are often spread the brand and brand positioning of the lack of performance, business activities and the image of the brand should have departed, often lead to brand out of the operation behavior, brand management and marketing departments, and the result is: brand into a beautiful coat. GOME and suning has a reflection on its brand strategy should be.
GOME? if you use this phrase to ask consumers, most consumers would say: GOME cheaper prices, products and services. The same problem if you swap with suning, the consumer is another view: suning's service is also good, product price than traditional stores have the advantage.
In public on GOME suning behind the brand evaluation, we see a fully rely on marketing promotions and massive hype formation of brand, the most direct consequence is the brand promise to accumulate slowly. And suning's brand image is relatively calm, despite a lack of brand loyalty. From a macro perspective of brand connotation, both the lack of theoretical elements support. The lack of this kind of packaging, public opinion and the community in a variety of naturally occur, especially in an industry trends and uncertainties, the speculation to enterprises, sometimes causes a significant harm. This is currently experiencing GOME suning brand growth.
We know that the competition has three strategies: low-price strategy, differentiation strategy and centralized policy. Retail trade and other formats, a new shop, if in the short term cannot be developed, it is easy to start out, once again, essentially impossible. As a result, price became the United States market preferred weapons, only the price lower and the formation of local businessmen, the only difference of lower prices in order to attract the most attention, only the lower price is speculation.
Therefore, the United States in the national market expansion, but rely on scale formation of strong capital strength and the price policy of formation. Its level of service to consumers, the natural local businesses like. Price policy on GOME fast market, there are very important.
However, the United States to recognize the different phases of the enterprise have different goals and strategies to better grasp the pulse of enterprise development. Already listed in the United States, only give up a price war and focus on doing brand, service, in order to achieve real sustainable long-term development.
Financing capacity comparison: one with GOME chess
In June 2004, the HK-China Eagle to 88 million yuan of acquisition costs, acquisition of shares of O-ceanTown100% and will have "OceanTown GOME" 65% of the shares. Purchase price for all to issue new shares and convertible bond payment, no cash. At this point, the United States after nearly three years of trouble, and eventually achieved a Hong Kong-listed purposes.
Just one month later, suning has a successful initial public offering, and smoothly picked up a first plaque — — the first domestic IPO of home appliance retailer. Listed stock on the first day, suning praised by investors: suning appliance 2500 million shares of stock in Shenzhen SME Board formally opening transactions, opening price as high as $ 29.88, day trading the most flourishing, rising to $ 33, exceeds 100%. Suning successful subscription to 3.95 billion.
According to the "circulation of 30 million shares following the principle of" small and medium-sized, suning was designated as the "SME", but in fact, suning appliance and in small and medium-sized companies listed, is a "big" — in 2004, "China's 500 most valuable brands ranking" ranked 78 in SUNY.
GOME and suning coincidentally select 2004 as their final time to market.
In addition to the listing process and other reasons, mainly because of the 11 December 2004, recently, China's retail industry will be fully open to the public, while foreign electrical appliance retail giant capital scale huge than domestic enterprises, in the face of such a situation, suning, GOME, etc. have to be at the last moment before the arrival, in the capital market to build a financing channels. GOME intervention by listing the capital markets, not only can relieve manufacturers of such contradictions, but also reduces the GOME use bank lending patterns of risk, thus allowing the GOME enclosure foundation built on sound financial footing. From this perspective, GOME, suning, a centralized listing of enterprises led to the expansion of the electric appliance chain-like Enterprise mode changes, more rational and health turned to the "rings".From the listing and the listing of the GOME selected landing by indirect through Shell Hong Kong capital markets; and suning after years of efforts and finally realized the Mainland's stock market A IPO, both choices have their advantages.
In the short term, suning one-time gain sufficient to support its future one to two years of financial flows, but in the long run, the Mainland refinancing is not optimistic about the environment: on the one hand the refinancing of the amount of time, funds are limited, it is difficult to meet the chain's expansion of demand for funds; on the other hand, the mainland capital market investors for refinancing of negative impression of the continuing impact of the launch of direct financing. As for the United States, short term borrowing listing for the company itself has no capital, but the Hong Kong market relatively relaxed refinancing policy will enable the United States for ongoing financial support.
This point in the supermarket industry's two leading companies Lianhua Supermarket and Hualian supermarket (market comment information) of direct financing of history has become more obvious: Hualian supermarket the additional delay that has caused the company to a certain extent, missed opportunities, and the development of Lianhua Supermarket gap compared to 2003 was gradually expanding trend.
From financing ability, GOME is undoubtedly a taller than suning chess, for their own long-term development has laid a solid foundation.
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