同日三店齐开，美团盒马京东竞速线下，谁能主宰“最后一公里”？

上观新闻01-05

外卖大战的硝烟未散，互联网巨头又加速向线下实体店布局。　　上个月，就在同一天，京东七鲜超市石家庄首店亮相裕华万达广场，美团在北京华联万柳购物中心开出小象超市全国首家线下店，盒马深圳光明区首店同步开业——三店齐发的景象，引发业界高度关注。　　这不仅是巨头们在即时零售赛道的又一次正面交锋，更折射出中国零售业正从“效率战”全面转向“价值战”，一场围绕供应链、商品力与用户近场体验的全域整合已经展开。三...

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Who can dominate the \"last mile\"?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"03690":1.95,"METmain":0.6,"BABA":1.93,"09618":1.91,"MPNGY":1.95,"09988":1.93,"HMTD.SI":0.6,"JD":1.91},"content_text":"外卖大战的硝烟未散，互联网巨头又加速向线下实体店布局。　　上个月，就在同一天，京东七鲜超市石家庄首店亮相裕华万达广场，美团在北京华联万柳购物中心开出小象超市全国首家线下店，盒马深圳光明区首店同步开业——三店齐发的景象，引发业界高度关注。　　这不仅是巨头们在即时零售赛道的又一次正面交锋，更折射出中国零售业正从“效率战”全面转向“价值战”，一场围绕供应链、商品力与用户近场体验的全域整合已经展开。 三巨头角逐生鲜赛道　　随着线上流量增长趋于天花板，曾以颠覆线下零售为目标的互联网企业，发展重心也从追求规模的“效率优先”，转向注重可持续与体验的“价值优先”，通过反向布局线下，寻找新的增长空间。美团、盒马与京东方向一致，却各有侧重，彰显出不同的发展节奏与战略考量。　　依托本地生活流量入口与庞大骑手配送网络，主打前置仓模式的美团小象超市，仅用两年时间就实现年营收300亿元。在去年二季度财报电话会上，美团管理层明确表示，小象超市增长强劲，计划将其覆盖所有一线和二线城市。　　本次开业的小象超市线下首店，选址海淀万柳核心区，定位城市中产及以上家庭，主打“新鲜品质、有机健康、手工现做”，设有烘焙、简餐等现制区，注重自营商品研发。与此同时，美团旗下自营社区折扣超市“快乐猴”加速布局，继杭州、廊坊、北京之后，即将落地绍兴首店，采用覆盖大众市场的硬折扣模式，定位价格敏感型人群。不难看出，不管是产品特点，还是覆盖群体，美团似乎都在与盒马对齐。　　盒马的扩张势头同样迅猛。2025年，盒马鲜生进入了40个新城市，超盒算NB新开门店超过200家。“盒马的优势在于‘商品力+体验’，是生活方式品牌商。”上海商情信息中心主任原立军指出，自去年全面关停非盈利会员店后，企业聚焦盒马鲜生及盒马NB业态，依托强大的数据管理及供应链能力，升级商品力与消费体验，强化“盒马工坊”“日日鲜”等自有品牌，持续扩大市场份额。　　2026年首日，盒马CEO严筱磊在全员信中提及，2025年盒马整体营收同比增速超40%，盒马鲜生与超盒算NB双业态已服务了超1亿消费者。基于40%增速数据，结合去年盒马的GMV（商品交易总额），预计到2026年3月财年结束，盒马GMV将超过1000亿元。　　京东的核心优势在于“供应链+物流”，此前聚焦3C、家电等标品领域，尽管较早布局生鲜，但受战略摇摆、组织调整频繁影响，进展相对滞后，在生鲜所需的快速周转、高损耗控制、鲜食研发等方面仍有短板，目前业务主要集中于北方市场。　　不过，行业发展也为京东提供了追赶机会——经过美团、阿里系多年培育，生鲜品类的标准化程度已显著提高。倘若京东能补强鲜食研发、深化区域选品、优化柔性供应链，并结合其庞大的用户基础与物流网络，仍有望在生鲜赛道实现局部突破。　　值得关注的是，近两年市场屡传京东接触叮咚买菜考虑收购的消息，这让外界对其生鲜业务发展生出另一种想象——以收购方式直接按下生鲜零售“加速键”。对于相关传言，记者曾向叮咚买菜与京东双方求证，均未获得明确回应。 即时零售走向全域协同　　加码高复购、强黏性的生鲜赛道，本质是巨头们在即时零售领域的持续深耕。可以看出，经过多年发展，行业逻辑已从依赖补贴的流量争夺，转向数据驱动与生态协同的价值深耕。　　以去年爆发的外卖大战为例，淘宝闪购订单量的快速攀升，背后不仅是500亿元真金白银的支持，还依赖于阿里在数据洞察、爆品策略与AI算法上的深度整合能力。比如在商务楼宇投放“多楼多面”广告，精准匹配区域消费偏好，都是数字化能力的直观体现。“经过多年积累，互联网巨头已具备将成熟用户数据、智能算法，深度嵌入商品流通与消费体验全链路的能力。”在原立军看来，这正是行业逻辑转变的核心支撑。　　美团旗下“歪马送酒”的案例，更清晰地揭示了数据驱动如何重构传统流通链条。一瓶线下商超售价280元的品牌酒，在即时零售平台仅售200元左右，平台通过压缩仓店成本、降低毛利要求快速打开市场——这一模式之所以可行，得益于其基于数据的需求预测、库存优化，以及以前置仓等为支点的高效履约体系。在国内酒行业承压的背景下，歪马送酒交出一份成绩单，2025年全年GMV预计突破60亿元，较2024年的30亿元翻了一番。　　值得注意的是，此次三巨头集体布局实体零售，并非简单“回归线下”，而是基于零售本质的战略补位与生态重构——通过深度融合线上积累的数字化能力、供应链效率，与线下场景的体验价值、信任价值，推动零售从“单一渠道交易”向“全渠道价值协同”升级。　　在此过程中，实体零售的发展形态也在持续更迭。企业先后经历了从大规模开店抢占市场，到试水前置仓追求更快履约速度，再到发现前置仓盈利难题后，探索仓店一体以平衡体验与效率。2022年第四季度，叮咚买菜成为首家实现整体盈利的生鲜电商平台，其核心打法是强化商品力、推进产地直采、发展自有品牌、优化履约成本，同时依托算法实现精准需求预测与智能调度，这让行业看到了前置仓模式的优化方向与希望。　　如今，随着数据能力的进一步提升与消费者即时需求的日益明确，行业策略迎来再度调整：将大店作为连接线上线下的关键场景，以此提升用户黏性；同时围绕大店部署前置仓，进一步强化履约效率和辐射范围。目前，山姆的“大店+云仓”、京东七鲜的“1+N”模式均在验证此路径的有效性，盒马也已重启前置仓业务，将其纳入“1店+N仓”的立体生态，作为鲜生大店的“卫星仓”协同发力，全域协同的行业格局愈发清晰。 变革下的生存焦虑　　在这场关于零售行业未来的战局中，原立军认为，企业的两大核心能力至关重要——　　一是端到端的柔性供应链能力。这意味着通过智能预测、动态补货等方式，实现“以销定产、以需定配”，大幅降低损耗、提升响应速度。例如某全渠道供应商为适配新零售市场，每月申报两款新品，年迭代达86款，产品更新从“年度”提速至“月度”甚至“周度”。　　二是对真实场景和用户价值的闭环解决能力。通过数据洞察实现“千店千面”，在不同区域匹配差异化的商品组合与服务体验，让消费者“在体验中产生数据，在数据中优化体验”。　　面对巨头们的攻势，其他平台的生存焦虑也如影随形。2025年7月，叮咚买菜CEO梁昌霖在供应链生态峰会上表示，用户和流量的抢夺越来越惨烈。同时，在会上正式对外发布“4G”战略（好用户、好商品、好服务、好心智），明确以“商品和生态思维”取代“流量与平台思维”，专注深耕供应链。　　此前，叮咚买菜在上海松江区落地线下“折扣店”，主要依托“叮咚买菜”供应链优势，销售生鲜民生类商品。深耕前置仓多年的朴朴超市也传出消息，计划在福州开设5000—6000平方米的线下首店，偏向品质体验型，与盒马、鲜风生活等品牌直接对标。　　业内人士认为，对于已适应标准化前置仓运营的企业而言，向线下拓展并非易事。这意味着面对一系列新课题：更复杂的库存管理、面对面的服务流程、门店日常运维及线下客流转化等。同时，组织与管理压力也随之增加——如何协同运营前置仓、线下店乃至餐饮等多业态，不仅对供应链协同提出更高要求，也对现有人才结构与管理体系带来实质考验。　　而对于许多传统零售企业而言，“大象转身”则更为艰难。数据驱动能力的欠缺、即时配送服务支撑不足、供应链响应迟缓等问题，已成为其发展道路上的突出障碍。“如果现在还不主动拥抱新零售，未来恐怕很难生存。”原立军直言。　　在这场围绕“最后一公里”的终极较量中，谁能建立更密、更韧、更智能的零售网络，谁就有可能在下一个零售时代掌握话语权。（文章来源：上观新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2601007831","isCrawlerRequest":true}