This is the third time that Zhang Jindong and Wang Jianlin have created headlines together. Over the past three years, their frequent hands have admired the outside world.
On February 12, Zing Jindong, chairman of Suning Tesco, announced at the New Year's meeting Suning Tesco officially acquired all 37 department stores under Wanda Department Store Co., Ltd. (hereinafter called the Wanda Department Store) to build a complete online and offline store. Department store retail format.
The fascinating thing about history is that you can always explore some kind of "opportunity" in the fog. From September 2015, Suning Yunshang and Wanda Commercial started for the first time. In early 2018, Suning bought about 3.91% of Wanda Commercial, and then went to win the Wanda Department Store and Suning and Wanda, who have tried to change, have repeatedly selected each other in important collaboration. Suning and Wanda are definitely a couple of "old irons" in the tide of new dealer sprints below the giant frequency line. Behind China's largest real estate developer and China's largest retailer, the two giants are constantly trying to find a transformation in the current detail reform.
Turn to business with friends
Referring to Wang Jianlin's circle of friends, besides the "White Knight" Sun Hongbin who spent $ 63.1 billion to take over Wanda's journey, he also mentioned Zhang Jindong, head of Suning Group.
Between Da Yu, Zhang Jindong and Wang Jianlin appear to be relatively closer. There are also many stories about the relationship between the two. However, it is clear that the common topic between Zhang Jindong and Wang Jianlin is partly due to the two unanimous goals. At least, when it comes to industrial expansion, the two ambitions are not small.
Earlier, Wang Jianlin said that he would build 1000 Wanda Plazas within 10 years when he released the Suning Strategy platform. The same arrogant Zhang Jindong is also about to open the store, the faster and faster. This time, Zhang Jindong at the corporate group meeting said that in 2019, Suning will set a goal of 15,000 for the entire scene's development strategy for "two big two small and more special".
The close relationship between the two giant heads has also led to frequent collaboration between Suning and Wanda.
As recently as January 29, 2018, Tencent Holdings had joined Suning Yunshang, Sunac China and JD.com to acquire Wanda Commercial for $ 34 billion. Among them, Suning invested 9.5 billion yuan and after the transaction was completed, it contained 3.91% of Wanda Commercial's shares and Wanda Commercial also officially changed its name to Wanda Commercial Management. This has also become an important shadowing of Wanda's sales of department stores to Suning, since then Wanda Department Store has officially become a new member of Suning's offline retail map.
The "Daily Economic News" reporter learned from Suning that Suning will break through the traditional department store concept by exporting the smart retail CPU capability, transforming the supply chain from both digital and experience, and creating a new department store core competition. Improve the department store as an important puzzle to further enhance the overall scene and entire layout category.
It is worth noting that as soon as a year ago, the market reported that Yintai was trying to take over the Wanda Department Store, but it was not settled for various reasons. After turning around, Wang Jianlin finally chose the old familiar Zhang Jindong. This is considered an initiative by Suning to benefit from Wanda's more than 200 Wanda Plaza property benefits across the country. At the same time, it is also an investment by Suning for the big profits that Wanda Commercial can generate in the future.
After investing in Wanda Commercial last year, Zhang Jindong said that the cooperation between Suning and Wanda will rise to the ecological strategy. The collaboration model "Does not cooperate with a city and a pool, but the cooperation with resources throughout the industry". Sure enough, one year later, Suning Wanda won the department store. Previously, Suning and Wanda wrote "Strategic Cooperation Agreement for Chain Development" and carried out extensive collaboration within the professional business area Electric 3C and equipment and children's accessories in Wanda Plaza nationwide.
Less than four years in hand, from collaboration to acquisition of Wanda Commercial, and then to "takeover" Wanda Department Store, it seems that between Zhang Jindong and Wang Jianlin, they increasingly rely on each other.
Zhang Jindong's offensive and defensive game
Looking back at 30 years of China's retail, I have experienced the scene from department store to chain and chain to e-commerce. Currently, the entire Chinese retail trade is affected by a logic: traffic is king and behind this concept is the increase in e-commerce. Undoubtedly, the great effect of the Internet era on the traditional retail industry over the past decade has been evident in the evolution of the retail trade.
At the end of 2016, Ali proposed the term "new sales", breaking the channel boundary and redefining "people, goods and fields". The e-commerce giant took the lead in the growth of e-commerce online and the development of retail. Innovated in retail format. China's retail trade is currently in the process of "Internet technology, online and offline integration". When the giants enter the fast track in the new retail sector, Suning and Wanda are clearly reluctant to lower themselves into the tide.
In Zhang Jindong's plan, the store in the Wanda Department Store is building a retail store for stores online and offline for the store, giving users a richer digital and scene-jumping experience. This is an important part of Suning's 2019 retail layout.
"Now the cost of online traffic is higher. In addition to the speed of the expansion of the giants, we need to make the most of the best traffic." According to industry inspectors, the Wanda Group's commercial real estate and department store operations are the goal of investing in high cost, Suning this time. The bottom-up acquisition, through the overall digital transformation of the Wanda department store, is expected to further enhance the service experience, enhance the department store's key puzzle and further enhance the overall scene, the entire category.
Yun Yangzi, a special researcher at the E-Commerce Research Center, said Suning Tesco has been paying attention to offline for the past two years. In the department store market it is relatively lacking. Suning's acquisition of Wanda Department Store is in line with its development needs. He believes that Suning's layout in the new retail business is ambitious. It's Ali and not Ali. Zhang Jindong hopes Suning will be the third pole in the new retail sector.
Currently, Suning continues to create a full-scale retail lifestyle experience, and has launched a variety of formats such as "Suning Objects", "Su Xiansheng", "Suning Store" and "Suning Retail Cloud". According to public information, Suning's goal is to reach 20,000 stores by the end of 2020, and Suning's store has top priority.
Wang Jianlins "Abacus"
Unlike Zhang Jindong, the "slimming" keyword of Wang Jianlin in recent years. But this time, the sale of Wanda Department Store can be more than just "slimming".
The reporter of the "Daily Economic News" found that around 2007, the department store industry in China was flourishing, and Wanda also began to exert its strength. But with the increase in the e-commerce industry and the department store's cold winter since 2015, the design of Wanda's stores in the country has decreased from more than 100 in its daily newspaper to 37 today.
A person near the Wanda group revealed that the Wanda Department Store is a product of a certain stage of development. In recent years, the degree of attention within the group has gradually weakened. Today's sales are based on this background. At the same time, Suning's current expansion of offline business is an important reason for this collaboration. A former Wanda group member said that Wanda's current presence throughout the Group will be lower and lower, and this sale is expected. In the future, Wanda will continue to dispose of marginal assets and increase the possibility of dieting.
In addition to discarding assets that are not valued, the sales of department stores by Wanda can also be another operation that led to Wanda's reduced transactions and faster A-share travel.
The reporter noted that in January 2015, Wanda Commercial was listed in Hong Kong but was officially sold after 637 days. After that, Wanda's determination to make A shares more and more fixed. After the investment of Suning and other companies in 2018, Wanda Group said that Wanda Commercial will no longer perform property development in the future and become a purely commercial management company. All parties will promote the listing of Wanda Commercial Management Group as soon as possible. Shortly thereafter, Wanda Real Estate Co., Ltd. was formed. formally and undertakes Wanda Group's real estate operations.
The reporter, however, examined the announcement of Wanda Commercial and the prospectus for A shares. Before 2016, Wanda Commercial and Wanda Department Store had related transactions such as commercial property leasing and commercial property management. In 2015, the transaction amount exceeded 1.2 billion yuan. Although commercial properties have been divested by Wanda Commercial Management, related property management transactions are still inevitable. After the sale of Wanda Stores, its related transactions will also be reduced.
In addition, according to the above analysis of persons near the Wanda Group, it is unlikely that Wanda will sell the department stores' property rights to Suning. But since Wanda Department Store's geographical location is within Wanda Plaza, Wanda Commercial Management will also take this opportunity to conduct a more in-depth business relationship with Suning.
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