村里的小卖部才是中国_老虎社区_美港股上老虎 - 老虎社区

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于饕餮
08-06

村里的小卖部才是中国便利店鼻祖

外卖大战再现？大厂争抢便利店

来源|字母榜外卖之后，大厂的战火烧到了便利店。不过，据字母榜从接近美团人士处了解，松鼠便利今年并未设立开店数量目标。大厂或许无意与传统便利店抢生意，本质上争夺的是藏在街边后巷的仓库。除此以外，零食、日用品、自有品牌商品毛利显著高于外卖餐饮，也有助于改善大厂即时零售长期亏损难题。大量资本涌入便利店赛道。便利也于2022年启动“冬眠计划”，关闭近700家门店，截至目前全国门店仅剩800余家门店。

外卖大战再现？大厂争抢便利店

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href=\"https://laohu8.com/S/MPNGY\">美团</a>旗下的松鼠便利同样火力全开，截至今年3月已落地700余家门店，覆盖76座城市，有消息称其年内冲刺1500家门店。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5224i4\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，据字母榜从接近<a href=\"https://laohu8.com/S/03690\">美团</a>人士处了解，松鼠便利今年并未设立开店数量目标。 </span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521bon\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">巨头们争夺的便利店，与我们熟知的7-Eleven并非同一种业态，而是披着便利店外衣的“仓”。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52jl1\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这些便利店大多隐匿在商圈两公里外的非临街铺位，24小时纯线上经营，甚至没有醒目的招牌。但比起传统便利店2000-3000的SKU，这类便利店SKU能达到5000-10000个，覆盖食品饮料、日用百货、美妆个护、3C数码、母婴用品等多品类。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5219p9\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">过去一年，互联网巨头之间的厮杀已从餐饮外卖延伸至全品类零售。收编线上便利店，对大厂而言，不仅能补齐万亿即时零售仓网密度，还能拉高毛利和承接用户应急消费，把远场的货架和更丰富的供给，搬到了离消费者更近的仓库里。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52awl\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">即时零售下半场，谁先搭建起高密度、供给丰富的仓网，谁就能掌握下半场的主动权。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52nan\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这并非便利店第一次被互联网巨头盯上。上一轮新零售浪潮里，便利店一夜之间成了大厂和资本竞相追逐的香饽饽，<a href=\"https://laohu8.com/S/JD\">京东</a>便利店、天猫小店和苏宁小店如雨后春笋般涌现，热钱涌向便利蜂和邻家等连锁便利店。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52hcy\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但最终，规模化扩张的野心被供应链和运营的复杂拖垮，轰轰烈烈的改造运动早早收场。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521drr\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如今，在即时零售的<a href=\"https://laohu8.com/S/600081\">东风</a>下，沉寂已久的便利店业态，能否再次迎来“复兴”？</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521sg9\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">答案很可能是否定的。大厂或许无意与传统便利店抢生意，本质上争夺的是藏在街边后巷的仓库。但不可否认的是，即时零售的近和快，正在消解传统便利店的优势。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521tl7\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">以前大家半夜买泡面、买充电线，第一反应是下楼找便利店。现在淘宝或美团点一下，30分钟送到家门口。巨头们不仅用仓网密度把“近”做到极致，还复用自家货盘顺带补上“全”这块拼图。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52uc0\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">传统便利店不仅没能借这股<a href=\"https://laohu8.com/S/600006\">东风</a>起飞，反而连生存空间都在被挤压。</span></span></p><p><strong><span leaf=\"\">01</span></strong></p><p><strong><span leaf=\"\">大厂补齐仓网，从来不是单线作战，而是多路并行</span><span leaf=\"\"></span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5221lm\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">外卖大战下，巨头们对即时零售万亿市场的长期确定性，达成共识。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52ja0\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而仓网履约作为底层基础设施，直接决定订单交付能力、用户体验与经营成本，谁先搭建起高密度、供给丰富的仓网，谁就能掌握下半场的主动权。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521mg6\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也解释了为什么沉寂许久的生鲜电商再度火热，从盒马归队到叮咚卖身，再到朴朴待售，大厂看重的正是这些生鲜电商平台的前置仓网络，收编后，大厂把它们从前置仓赛道的独立玩家，降维成即时零售大盘里的基础设施，内嵌到生态之中。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5247c\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大厂补齐仓网，从来不是单线作战，而是多路并行。</span></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/44eed000d96a41128c208715d37a2c9f\" type=\"block\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5233c\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">生鲜电商的前置仓是第一路，补的是生鲜高频、冷链供应链、重资产履约能力。但光有生鲜不够。生鲜是高频刚需，却是低毛利、高损耗的苦生意，前置仓单仓投入50万起，生鲜损耗达8%-15%，毛利率仅15%-20%。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521yeo\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">光靠卖菜，大厂算不过来这笔账。盒马、小象和叮咚上，叠加了大量日用、标品百货，试图拉高毛利，但在用户消费心智里，买日用品、应急小件和零碎标品，还有一个高频场景，那就是便利店。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb522399\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">虽然比起外卖和生鲜电商，日用百货的消费频次没有那么高，但无论是美团要守住本地生活优势，还是淘宝要完成向“全场景消费入口”的转变，便利店都是一个绝佳的载体。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52rof\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">除此以外，零食、日用品、自有品牌商品毛利显著高于外卖餐饮，也有助于改善大厂即时零售长期亏损难题。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52626\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">更重要的是，便利店作为城市公共服务的延伸和补充，拥有高密度的网点布局，覆盖商圈、社区、写字楼和交通枢纽等。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5223cb\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">双方贴身竞速，足见竞争烈度。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52c2s\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">淘宝便利店走的是轻资产路线，全部采用品牌授权模式。淘宝闪购对外明确，平台 “不建仓、不开店、不与商家争利”。现有闪电仓商家达到标准即可 “带店入伙”，平台输出品牌、流量、数字化系统与供应链渠道，商家保留经营自主权。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52rsj\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">松鼠便利则采用自营和加盟托管并行的方式，截至2026年3月拥有100余家直营门店，其余门店依靠加盟托管拓展。虽然同样是加盟模式，但美团采用强管控托管模式，货品采购、定价标准、履约规范、售后体系全部由美团统一管控，加盟商负责场地投入与仓内管理。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52hx0\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不难看出，这一轮便利店争夺，大厂比拼的不仅是配送时效，还有货盘和门店管控能力。</span></span></p><p><strong><span leaf=\"\">02</span></strong></p><p><strong><span leaf=\"\">这不是便利店第一次被大厂看中</span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52ikt\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">1992年，7-Eleven在深圳开出中国大陆第一家门店，到今天，便利店进入中国已经30年。在这30年里，便利店之所以能稳稳占据城市街角，是因为它同时具备两个稀缺能力：离消费者近带来的即时响应能力，以及受线上冲击较小带来的线下流量稳定性。这两个能力，在2016年前后刮起的那场“新零售”风暴里，被互联网巨头们一眼看中。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521mn5\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2016年10月，马云在云栖大会提出“新零售”概念。随后的2017年，便利店赛道迎来最狂热的一年，<a href=\"https://laohu8.com/S/BABA\">阿里</a>推出零售通改造夫妻老婆店，京东喊出“五年100万家京东便利店”的豪言，就连苏宁也亲自下场开起了苏宁小店。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521170\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">彼时，大厂做的事情，是给线下小店“翻牌”。挂上平台的招牌，接入线上系统，试图把门店变成新零售的流量入口和体验场。天猫小店、京东便利店如雨后春笋般出现在街头巷尾。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521w3h\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大量资本涌入便利店赛道。2017年才开出第一家店的便利蜂，三年拿下累计15亿美元的融资，背后不乏<a href=\"https://laohu8.com/S/00700\">腾讯</a>和高瓴资本的身影，邻家和131便利店等也获得资本青睐。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52r84\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但大厂很快发现，改造线下远比想象中复杂。轻度翻牌未能触及供应链和运营的深层痛点，计划中的规模化扩张未能兑现。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52c62\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">最终，京东的“百万便利店”计划雷声大雨点小，<a href=\"https://laohu8.com/S/09988\">阿里</a>零售通最终在2024年3月关停，苏宁小店更是持续巨亏，最终被剥离出苏宁体系。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52ith\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">资本退潮的速度和涌入时一样快。邻家、131便利店等项目因资金链断裂一夜之间关停上百家门店。便利也于2022年启动“冬眠计划”，关闭近700家门店，截至目前全国门店仅剩800余家门店。</span></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/79b30dec483d4b808e5ec744438ca636\" type=\"block\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521xfn\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">时隔数年，巨头再度扎堆入局便利店，能否让赛道再次升温？</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521wct\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">答案很可能是否定的，因为比起上一轮，大厂入局的逻辑变了。这一轮，大厂要的是“仓”而非“店”，大厂想要的不是给夫妻老婆店挂个牌，把线下客流引到线上，而是把他们的店变成自己的仓库，把自己的货盘放进去。而在这一过程中，大厂相当于品牌方，只要坐等加盟商上门就可以了。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521hfp\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大厂甚至不会像收购叮咚那样收编传统便利店品牌。传统便利店品牌手里的资产，对大厂来说反而是负担，连锁便利店的临街旺铺点位太贵，大厂也无意把自家货盘塞进门店。连锁便利店成熟的加盟体系，也容不下大厂“统一采购、统一定价”的强管控要求。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52178j\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一轮争夺战中，传统便利店连被大厂当做“棋子”的资格都没有，更遑论借势复兴。</span></span></p><p><strong><span leaf=\"\">03</span></strong></p><p><strong><span leaf=\"\">即时零售对便利店生意的影响，让人无法忽视</span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521o6p\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">表面上看，大厂争夺便利店，并非是要和传统便利店抢生意，但即时零售对便利店生意的影响，却让人无法忽视。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52uy1\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">过去三十年，便利店靠一个“急”字活。半夜馋泡面、下雨忘带伞、手机没电要充电线，面对这些突发需求，消费者的第一反应就是下楼找便利店。但现在，淘宝、美团点一下，30分钟送上门，连门都不用出。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521enw\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">便利店曾经引以为傲的“近和快”的优势正在被即时零售瓦解，如今就连“全”上，这些新型线上便利店也不遑多让。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521rhx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">从数据上看，国内便利店规模仍在扩张，但单店效益是下滑的。中国连锁经营协会（CCFA）2026年4月发布的2025年中国便利店行业调查数据显示，截至2025年12月31日，全国便利店Top100企业门店总数达20.8万家，比上年净增约1.1万家，增幅为5.6%。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52oiz\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">另据《2026年中国便利店发展报告》，受客流量和客单价持续下跌影响，2025年中国便利店单日营收下降态势进一步扩大，单日销售额降至4453元，同比下降3.9%；包括美宜佳、<a href=\"https://laohu8.com/S/06868\">天福</a>、罗森、全家、7-ELEVEn等在内的样本企业，单日来客数（人/店/日）同比下降8.7%，客单价（元/人/单）同比下降0.2%。</span></span></p><p><span leaf=\"\"><img arial=\"\" auto=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/51b06fa1dd1447b98d009ea1732678b6\" start=\"\" system-ui=\"\" ui=\"\" yahei=\"\"/></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52ikr\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">门店越开越多，客流却持续减少，成为国内便利店行业的现状。面对即时零售的冲击，越来越多便利店选择“打不过就加入”。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521ane\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">据中国连锁经营协会针对2025年便利店行业样本企业的调查，截至2025年年底，已有近四成样本企业开通即时零售业务；样本企业整体即时零售销售占比接近四成，同比增长11%。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521sdf\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，对于便利店而言，即时零售是一把双刃剑。在带来线上增量订单的同时，进一步削弱了到店意愿，导致咖啡、熟食等高溢价线下场景消费萎缩，品牌力被稀释。更重要的是，平台佣金、流量推广费、骑手配送成本层层叠加，大量门店陷入“营收涨、利润不涨”的窘境。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5218v7\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">另一边，大厂的日子也不好过。线上仓店扩张，打的依旧是一场补贴战。租金减免、订单激励、配送优惠……平台依靠高额补贴来招揽加盟商，大量合作仓店目前的良性流水高度依赖平台输血。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb528ut\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一旦补贴退坡，单仓能否依靠进销差价覆盖房租、人工、分拣成本，将直面大考。若盈利无望，加盟商极易跨平台经营，大厂渴望的“统一货盘、统一管控”也将沦为一纸空谈。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521fqx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">上一轮新零售浪潮，巨头幻想改造线下收割流量，最终惨淡收场；这一轮巨头放下门店执念搭建仓网，同样要直面零售亘古不变的考题：如何在扩张速度与可持续利润间找到平衡。</span></span></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><img src=\"https://static.tigerbbs.com/0ade623bf7d143cb92b0cc3ceb0bc142\"/></span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span mpa-font-style=\"ms4pekcs1tat\"><span><span mpa-font-style=\"ms4pekcs1tat\"><span><span leaf=\"\">【</span></span></span><span leaf=\"\"><span textstyle=\"\">扫码</span></span><span mpa-font-style=\"ms4pekcs1tat\"><span><span leaf=\"\">】</span></span></span><span leaf=\"\">或点击</span></span><span><span leaf=\"\">【阅读原文】</span></span><span><span leaf=\"\">投上你宝贵的一票！谁是你心中的最佳上市公司？</span></span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" mpa-font-style=\"ms4pekcs2007\"><span textstyle=\"\">“2026<a href=\"https://laohu8.com/S/600716\">凤凰</a>之星上市公司评选”候选名单已公布，大众投票正式开启。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span mpa-font-style=\"ms4pekcs24db\"><span leaf=\"\"><span textstyle=\"\">用户可通过投票，助力优质企业提升品牌影响力。企业报名通道同步开放，组委会将动态更新候选名单。最终结果于“凤凰<a href=\"https://laohu8.com/S/00737\">湾区</a>财经论坛2026”揭晓。期待您的参与！</span></span></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/8d6bc86898dc4b92bd9aa4d19916eda5\" type=\"block\"/></p></div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>外卖大战再现？大厂争抢便利店</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n外卖大战再现？大厂争抢便利店\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/56\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/63f98f2e899d607a12011e4ecf9c0ac7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">凤凰网港股 </p>\n<p class=\"h-time\">2026-08-05 22:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p><span leaf=\"\" mpa-font-style=\"msfss3q6plg\"><span textstyle=\"\">来源|字母榜</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5244p\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">外卖之后，大厂的战火烧到了便利店。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52g4s\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">自去年10月入局后，淘宝便利店已落地700余家门店，半年内两度拔高拓店目标，在初始千店目标基础上持续加码。另一边，<a href=\"https://laohu8.com/S/MPNGY\">美团</a>旗下的松鼠便利同样火力全开，截至今年3月已落地700余家门店，覆盖76座城市，有消息称其年内冲刺1500家门店。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5224i4\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，据字母榜从接近<a href=\"https://laohu8.com/S/03690\">美团</a>人士处了解，松鼠便利今年并未设立开店数量目标。 </span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521bon\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">巨头们争夺的便利店，与我们熟知的7-Eleven并非同一种业态，而是披着便利店外衣的“仓”。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52jl1\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这些便利店大多隐匿在商圈两公里外的非临街铺位，24小时纯线上经营，甚至没有醒目的招牌。但比起传统便利店2000-3000的SKU，这类便利店SKU能达到5000-10000个，覆盖食品饮料、日用百货、美妆个护、3C数码、母婴用品等多品类。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5219p9\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">过去一年，互联网巨头之间的厮杀已从餐饮外卖延伸至全品类零售。收编线上便利店，对大厂而言，不仅能补齐万亿即时零售仓网密度，还能拉高毛利和承接用户应急消费，把远场的货架和更丰富的供给，搬到了离消费者更近的仓库里。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52awl\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">即时零售下半场，谁先搭建起高密度、供给丰富的仓网，谁就能掌握下半场的主动权。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52nan\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这并非便利店第一次被互联网巨头盯上。上一轮新零售浪潮里，便利店一夜之间成了大厂和资本竞相追逐的香饽饽，<a href=\"https://laohu8.com/S/JD\">京东</a>便利店、天猫小店和苏宁小店如雨后春笋般涌现，热钱涌向便利蜂和邻家等连锁便利店。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52hcy\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但最终，规模化扩张的野心被供应链和运营的复杂拖垮，轰轰烈烈的改造运动早早收场。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521drr\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如今，在即时零售的<a href=\"https://laohu8.com/S/600081\">东风</a>下，沉寂已久的便利店业态，能否再次迎来“复兴”？</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521sg9\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">答案很可能是否定的。大厂或许无意与传统便利店抢生意，本质上争夺的是藏在街边后巷的仓库。但不可否认的是，即时零售的近和快，正在消解传统便利店的优势。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521tl7\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">以前大家半夜买泡面、买充电线，第一反应是下楼找便利店。现在淘宝或美团点一下，30分钟送到家门口。巨头们不仅用仓网密度把“近”做到极致，还复用自家货盘顺带补上“全”这块拼图。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52uc0\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">传统便利店不仅没能借这股<a href=\"https://laohu8.com/S/600006\">东风</a>起飞，反而连生存空间都在被挤压。</span></span></p><p><strong><span leaf=\"\">01</span></strong></p><p><strong><span leaf=\"\">大厂补齐仓网，从来不是单线作战，而是多路并行</span><span leaf=\"\"></span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5221lm\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">外卖大战下，巨头们对即时零售万亿市场的长期确定性，达成共识。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52ja0\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而仓网履约作为底层基础设施，直接决定订单交付能力、用户体验与经营成本，谁先搭建起高密度、供给丰富的仓网，谁就能掌握下半场的主动权。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521mg6\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也解释了为什么沉寂许久的生鲜电商再度火热，从盒马归队到叮咚卖身，再到朴朴待售，大厂看重的正是这些生鲜电商平台的前置仓网络，收编后，大厂把它们从前置仓赛道的独立玩家，降维成即时零售大盘里的基础设施，内嵌到生态之中。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5247c\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大厂补齐仓网，从来不是单线作战，而是多路并行。</span></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/44eed000d96a41128c208715d37a2c9f\" type=\"block\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5233c\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">生鲜电商的前置仓是第一路，补的是生鲜高频、冷链供应链、重资产履约能力。但光有生鲜不够。生鲜是高频刚需，却是低毛利、高损耗的苦生意，前置仓单仓投入50万起，生鲜损耗达8%-15%，毛利率仅15%-20%。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521yeo\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">光靠卖菜，大厂算不过来这笔账。盒马、小象和叮咚上，叠加了大量日用、标品百货，试图拉高毛利，但在用户消费心智里，买日用品、应急小件和零碎标品，还有一个高频场景，那就是便利店。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb522399\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">虽然比起外卖和生鲜电商，日用百货的消费频次没有那么高，但无论是美团要守住本地生活优势，还是淘宝要完成向“全场景消费入口”的转变，便利店都是一个绝佳的载体。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52rof\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">除此以外，零食、日用品、自有品牌商品毛利显著高于外卖餐饮，也有助于改善大厂即时零售长期亏损难题。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52626\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">更重要的是，便利店作为城市公共服务的延伸和补充，拥有高密度的网点布局，覆盖商圈、社区、写字楼和交通枢纽等。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5223cb\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">双方贴身竞速，足见竞争烈度。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52c2s\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">淘宝便利店走的是轻资产路线，全部采用品牌授权模式。淘宝闪购对外明确，平台 “不建仓、不开店、不与商家争利”。现有闪电仓商家达到标准即可 “带店入伙”，平台输出品牌、流量、数字化系统与供应链渠道，商家保留经营自主权。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52rsj\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">松鼠便利则采用自营和加盟托管并行的方式，截至2026年3月拥有100余家直营门店，其余门店依靠加盟托管拓展。虽然同样是加盟模式，但美团采用强管控托管模式，货品采购、定价标准、履约规范、售后体系全部由美团统一管控，加盟商负责场地投入与仓内管理。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52hx0\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不难看出，这一轮便利店争夺，大厂比拼的不仅是配送时效，还有货盘和门店管控能力。</span></span></p><p><strong><span leaf=\"\">02</span></strong></p><p><strong><span leaf=\"\">这不是便利店第一次被大厂看中</span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52ikt\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">1992年，7-Eleven在深圳开出中国大陆第一家门店，到今天，便利店进入中国已经30年。在这30年里，便利店之所以能稳稳占据城市街角，是因为它同时具备两个稀缺能力：离消费者近带来的即时响应能力，以及受线上冲击较小带来的线下流量稳定性。这两个能力，在2016年前后刮起的那场“新零售”风暴里，被互联网巨头们一眼看中。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521mn5\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2016年10月，马云在云栖大会提出“新零售”概念。随后的2017年，便利店赛道迎来最狂热的一年，<a href=\"https://laohu8.com/S/BABA\">阿里</a>推出零售通改造夫妻老婆店，京东喊出“五年100万家京东便利店”的豪言，就连苏宁也亲自下场开起了苏宁小店。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521170\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">彼时，大厂做的事情，是给线下小店“翻牌”。挂上平台的招牌，接入线上系统，试图把门店变成新零售的流量入口和体验场。天猫小店、京东便利店如雨后春笋般出现在街头巷尾。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521w3h\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大量资本涌入便利店赛道。2017年才开出第一家店的便利蜂，三年拿下累计15亿美元的融资，背后不乏<a href=\"https://laohu8.com/S/00700\">腾讯</a>和高瓴资本的身影，邻家和131便利店等也获得资本青睐。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52r84\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但大厂很快发现，改造线下远比想象中复杂。轻度翻牌未能触及供应链和运营的深层痛点，计划中的规模化扩张未能兑现。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52c62\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">最终，京东的“百万便利店”计划雷声大雨点小，<a href=\"https://laohu8.com/S/09988\">阿里</a>零售通最终在2024年3月关停，苏宁小店更是持续巨亏，最终被剥离出苏宁体系。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52ith\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">资本退潮的速度和涌入时一样快。邻家、131便利店等项目因资金链断裂一夜之间关停上百家门店。便利也于2022年启动“冬眠计划”，关闭近700家门店，截至目前全国门店仅剩800余家门店。</span></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/79b30dec483d4b808e5ec744438ca636\" type=\"block\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521xfn\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">时隔数年，巨头再度扎堆入局便利店，能否让赛道再次升温？</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521wct\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">答案很可能是否定的，因为比起上一轮，大厂入局的逻辑变了。这一轮，大厂要的是“仓”而非“店”，大厂想要的不是给夫妻老婆店挂个牌，把线下客流引到线上，而是把他们的店变成自己的仓库，把自己的货盘放进去。而在这一过程中，大厂相当于品牌方，只要坐等加盟商上门就可以了。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521hfp\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大厂甚至不会像收购叮咚那样收编传统便利店品牌。传统便利店品牌手里的资产，对大厂来说反而是负担，连锁便利店的临街旺铺点位太贵，大厂也无意把自家货盘塞进门店。连锁便利店成熟的加盟体系，也容不下大厂“统一采购、统一定价”的强管控要求。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52178j\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一轮争夺战中，传统便利店连被大厂当做“棋子”的资格都没有，更遑论借势复兴。</span></span></p><p><strong><span leaf=\"\">03</span></strong></p><p><strong><span leaf=\"\">即时零售对便利店生意的影响，让人无法忽视</span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521o6p\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">表面上看，大厂争夺便利店，并非是要和传统便利店抢生意，但即时零售对便利店生意的影响，却让人无法忽视。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52uy1\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">过去三十年，便利店靠一个“急”字活。半夜馋泡面、下雨忘带伞、手机没电要充电线，面对这些突发需求，消费者的第一反应就是下楼找便利店。但现在，淘宝、美团点一下，30分钟送上门，连门都不用出。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521enw\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">便利店曾经引以为傲的“近和快”的优势正在被即时零售瓦解，如今就连“全”上，这些新型线上便利店也不遑多让。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521rhx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">从数据上看，国内便利店规模仍在扩张，但单店效益是下滑的。中国连锁经营协会（CCFA）2026年4月发布的2025年中国便利店行业调查数据显示，截至2025年12月31日，全国便利店Top100企业门店总数达20.8万家，比上年净增约1.1万家，增幅为5.6%。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52oiz\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">另据《2026年中国便利店发展报告》，受客流量和客单价持续下跌影响，2025年中国便利店单日营收下降态势进一步扩大，单日销售额降至4453元，同比下降3.9%；包括美宜佳、<a href=\"https://laohu8.com/S/06868\">天福</a>、罗森、全家、7-ELEVEn等在内的样本企业，单日来客数（人/店/日）同比下降8.7%，客单价（元/人/单）同比下降0.2%。</span></span></p><p><span leaf=\"\"><img arial=\"\" auto=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/51b06fa1dd1447b98d009ea1732678b6\" start=\"\" system-ui=\"\" ui=\"\" yahei=\"\"/></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb52ikr\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">门店越开越多，客流却持续减少，成为国内便利店行业的现状。面对即时零售的冲击，越来越多便利店选择“打不过就加入”。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521ane\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">据中国连锁经营协会针对2025年便利店行业样本企业的调查，截至2025年年底，已有近四成样本企业开通即时零售业务；样本企业整体即时零售销售占比接近四成，同比增长11%。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521sdf\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，对于便利店而言，即时零售是一把双刃剑。在带来线上增量订单的同时，进一步削弱了到店意愿，导致咖啡、熟食等高溢价线下场景消费萎缩，品牌力被稀释。更重要的是，平台佣金、流量推广费、骑手配送成本层层叠加，大量门店陷入“营收涨、利润不涨”的窘境。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb5218v7\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">另一边，大厂的日子也不好过。线上仓店扩张，打的依旧是一场补贴战。租金减免、订单激励、配送优惠……平台依靠高额补贴来招揽加盟商，大量合作仓店目前的良性流水高度依赖平台输血。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb528ut\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一旦补贴退坡，单仓能否依靠进销差价覆盖房租、人工、分拣成本，将直面大考。若盈利无望，加盟商极易跨平台经营，大厂渴望的“统一货盘、统一管控”也将沦为一纸空谈。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"msfrqb521fqx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">上一轮新零售浪潮，巨头幻想改造线下收割流量，最终惨淡收场；这一轮巨头放下门店执念搭建仓网，同样要直面零售亘古不变的考题：如何在扩张速度与可持续利润间找到平衡。</span></span></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><img src=\"https://static.tigerbbs.com/0ade623bf7d143cb92b0cc3ceb0bc142\"/></span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span mpa-font-style=\"ms4pekcs1tat\"><span><span mpa-font-style=\"ms4pekcs1tat\"><span><span leaf=\"\">【</span></span></span><span leaf=\"\"><span textstyle=\"\">扫码</span></span><span mpa-font-style=\"ms4pekcs1tat\"><span><span leaf=\"\">】</span></span></span><span leaf=\"\">或点击</span></span><span><span leaf=\"\">【阅读原文】</span></span><span><span leaf=\"\">投上你宝贵的一票！谁是你心中的最佳上市公司？</span></span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" mpa-font-style=\"ms4pekcs2007\"><span textstyle=\"\">“2026<a href=\"https://laohu8.com/S/600716\">凤凰</a>之星上市公司评选”候选名单已公布，大众投票正式开启。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span mpa-font-style=\"ms4pekcs24db\"><span leaf=\"\"><span textstyle=\"\">用户可通过投票，助力优质企业提升品牌影响力。企业报名通道同步开放，组委会将动态更新候选名单。最终结果于“凤凰<a href=\"https://laohu8.com/S/00737\">湾区</a>财经论坛2026”揭晓。期待您的参与！</span></span></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/8d6bc86898dc4b92bd9aa4d19916eda5\" type=\"block\"/></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","09988":"阿里巴巴-W","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) 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ACC"},"source_url":"http://mp.weixin.qq.com/s?__biz=MzU5ODU1Mjg5Nw==&mid=2247831339&idx=5&sn=938835136928b2582e2da357601ac7c4&chksm=ffc7d9e5989ce1c720dc95c84f1a33acc94e6c6dd20b0f92fd5bae70ad3eb4af9138fc0b3821&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2657524835","content_text":"来源|字母榜外卖之后，大厂的战火烧到了便利店。自去年10月入局后，淘宝便利店已落地700余家门店，半年内两度拔高拓店目标，在初始千店目标基础上持续加码。另一边，美团旗下的松鼠便利同样火力全开，截至今年3月已落地700余家门店，覆盖76座城市，有消息称其年内冲刺1500家门店。不过，据字母榜从接近美团人士处了解，松鼠便利今年并未设立开店数量目标。 巨头们争夺的便利店，与我们熟知的7-Eleven并非同一种业态，而是披着便利店外衣的“仓”。这些便利店大多隐匿在商圈两公里外的非临街铺位，24小时纯线上经营，甚至没有醒目的招牌。但比起传统便利店2000-3000的SKU，这类便利店SKU能达到5000-10000个，覆盖食品饮料、日用百货、美妆个护、3C数码、母婴用品等多品类。过去一年，互联网巨头之间的厮杀已从餐饮外卖延伸至全品类零售。收编线上便利店，对大厂而言，不仅能补齐万亿即时零售仓网密度，还能拉高毛利和承接用户应急消费，把远场的货架和更丰富的供给，搬到了离消费者更近的仓库里。即时零售下半场，谁先搭建起高密度、供给丰富的仓网，谁就能掌握下半场的主动权。这并非便利店第一次被互联网巨头盯上。上一轮新零售浪潮里，便利店一夜之间成了大厂和资本竞相追逐的香饽饽，京东便利店、天猫小店和苏宁小店如雨后春笋般涌现，热钱涌向便利蜂和邻家等连锁便利店。但最终，规模化扩张的野心被供应链和运营的复杂拖垮，轰轰烈烈的改造运动早早收场。如今，在即时零售的东风下，沉寂已久的便利店业态，能否再次迎来“复兴”？答案很可能是否定的。大厂或许无意与传统便利店抢生意，本质上争夺的是藏在街边后巷的仓库。但不可否认的是，即时零售的近和快，正在消解传统便利店的优势。以前大家半夜买泡面、买充电线，第一反应是下楼找便利店。现在淘宝或美团点一下，30分钟送到家门口。巨头们不仅用仓网密度把“近”做到极致，还复用自家货盘顺带补上“全”这块拼图。传统便利店不仅没能借这股东风起飞，反而连生存空间都在被挤压。01大厂补齐仓网，从来不是单线作战，而是多路并行外卖大战下，巨头们对即时零售万亿市场的长期确定性，达成共识。而仓网履约作为底层基础设施，直接决定订单交付能力、用户体验与经营成本，谁先搭建起高密度、供给丰富的仓网，谁就能掌握下半场的主动权。这也解释了为什么沉寂许久的生鲜电商再度火热，从盒马归队到叮咚卖身，再到朴朴待售，大厂看重的正是这些生鲜电商平台的前置仓网络，收编后，大厂把它们从前置仓赛道的独立玩家，降维成即时零售大盘里的基础设施，内嵌到生态之中。大厂补齐仓网，从来不是单线作战，而是多路并行。生鲜电商的前置仓是第一路，补的是生鲜高频、冷链供应链、重资产履约能力。但光有生鲜不够。生鲜是高频刚需，却是低毛利、高损耗的苦生意，前置仓单仓投入50万起，生鲜损耗达8%-15%，毛利率仅15%-20%。光靠卖菜，大厂算不过来这笔账。盒马、小象和叮咚上，叠加了大量日用、标品百货，试图拉高毛利，但在用户消费心智里，买日用品、应急小件和零碎标品，还有一个高频场景，那就是便利店。虽然比起外卖和生鲜电商，日用百货的消费频次没有那么高，但无论是美团要守住本地生活优势，还是淘宝要完成向“全场景消费入口”的转变，便利店都是一个绝佳的载体。除此以外，零食、日用品、自有品牌商品毛利显著高于外卖餐饮，也有助于改善大厂即时零售长期亏损难题。更重要的是，便利店作为城市公共服务的延伸和补充，拥有高密度的网点布局，覆盖商圈、社区、写字楼和交通枢纽等。双方贴身竞速，足见竞争烈度。淘宝便利店走的是轻资产路线，全部采用品牌授权模式。淘宝闪购对外明确，平台 “不建仓、不开店、不与商家争利”。现有闪电仓商家达到标准即可 “带店入伙”，平台输出品牌、流量、数字化系统与供应链渠道，商家保留经营自主权。松鼠便利则采用自营和加盟托管并行的方式，截至2026年3月拥有100余家直营门店，其余门店依靠加盟托管拓展。虽然同样是加盟模式，但美团采用强管控托管模式，货品采购、定价标准、履约规范、售后体系全部由美团统一管控，加盟商负责场地投入与仓内管理。不难看出，这一轮便利店争夺，大厂比拼的不仅是配送时效，还有货盘和门店管控能力。02这不是便利店第一次被大厂看中1992年，7-Eleven在深圳开出中国大陆第一家门店，到今天，便利店进入中国已经30年。在这30年里，便利店之所以能稳稳占据城市街角，是因为它同时具备两个稀缺能力：离消费者近带来的即时响应能力，以及受线上冲击较小带来的线下流量稳定性。这两个能力，在2016年前后刮起的那场“新零售”风暴里，被互联网巨头们一眼看中。2016年10月，马云在云栖大会提出“新零售”概念。随后的2017年，便利店赛道迎来最狂热的一年，阿里推出零售通改造夫妻老婆店，京东喊出“五年100万家京东便利店”的豪言，就连苏宁也亲自下场开起了苏宁小店。彼时，大厂做的事情，是给线下小店“翻牌”。挂上平台的招牌，接入线上系统，试图把门店变成新零售的流量入口和体验场。天猫小店、京东便利店如雨后春笋般出现在街头巷尾。大量资本涌入便利店赛道。2017年才开出第一家店的便利蜂，三年拿下累计15亿美元的融资，背后不乏腾讯和高瓴资本的身影，邻家和131便利店等也获得资本青睐。但大厂很快发现，改造线下远比想象中复杂。轻度翻牌未能触及供应链和运营的深层痛点，计划中的规模化扩张未能兑现。最终，京东的“百万便利店”计划雷声大雨点小，阿里零售通最终在2024年3月关停，苏宁小店更是持续巨亏，最终被剥离出苏宁体系。资本退潮的速度和涌入时一样快。邻家、131便利店等项目因资金链断裂一夜之间关停上百家门店。便利也于2022年启动“冬眠计划”，关闭近700家门店，截至目前全国门店仅剩800余家门店。时隔数年，巨头再度扎堆入局便利店，能否让赛道再次升温？答案很可能是否定的，因为比起上一轮，大厂入局的逻辑变了。这一轮，大厂要的是“仓”而非“店”，大厂想要的不是给夫妻老婆店挂个牌，把线下客流引到线上，而是把他们的店变成自己的仓库，把自己的货盘放进去。而在这一过程中，大厂相当于品牌方，只要坐等加盟商上门就可以了。大厂甚至不会像收购叮咚那样收编传统便利店品牌。传统便利店品牌手里的资产，对大厂来说反而是负担，连锁便利店的临街旺铺点位太贵，大厂也无意把自家货盘塞进门店。连锁便利店成熟的加盟体系，也容不下大厂“统一采购、统一定价”的强管控要求。这一轮争夺战中，传统便利店连被大厂当做“棋子”的资格都没有，更遑论借势复兴。03即时零售对便利店生意的影响，让人无法忽视表面上看，大厂争夺便利店，并非是要和传统便利店抢生意，但即时零售对便利店生意的影响，却让人无法忽视。过去三十年，便利店靠一个“急”字活。半夜馋泡面、下雨忘带伞、手机没电要充电线，面对这些突发需求，消费者的第一反应就是下楼找便利店。但现在，淘宝、美团点一下，30分钟送上门，连门都不用出。便利店曾经引以为傲的“近和快”的优势正在被即时零售瓦解，如今就连“全”上，这些新型线上便利店也不遑多让。从数据上看，国内便利店规模仍在扩张，但单店效益是下滑的。中国连锁经营协会（CCFA）2026年4月发布的2025年中国便利店行业调查数据显示，截至2025年12月31日，全国便利店Top100企业门店总数达20.8万家，比上年净增约1.1万家，增幅为5.6%。另据《2026年中国便利店发展报告》，受客流量和客单价持续下跌影响，2025年中国便利店单日营收下降态势进一步扩大，单日销售额降至4453元，同比下降3.9%；包括美宜佳、天福、罗森、全家、7-ELEVEn等在内的样本企业，单日来客数（人/店/日）同比下降8.7%，客单价（元/人/单）同比下降0.2%。门店越开越多，客流却持续减少，成为国内便利店行业的现状。面对即时零售的冲击，越来越多便利店选择“打不过就加入”。据中国连锁经营协会针对2025年便利店行业样本企业的调查，截至2025年年底，已有近四成样本企业开通即时零售业务；样本企业整体即时零售销售占比接近四成，同比增长11%。不过，对于便利店而言，即时零售是一把双刃剑。在带来线上增量订单的同时，进一步削弱了到店意愿，导致咖啡、熟食等高溢价线下场景消费萎缩，品牌力被稀释。更重要的是，平台佣金、流量推广费、骑手配送成本层层叠加，大量门店陷入“营收涨、利润不涨”的窘境。另一边，大厂的日子也不好过。线上仓店扩张，打的依旧是一场补贴战。租金减免、订单激励、配送优惠……平台依靠高额补贴来招揽加盟商，大量合作仓店目前的良性流水高度依赖平台输血。一旦补贴退坡，单仓能否依靠进销差价覆盖房租、人工、分拣成本，将直面大考。若盈利无望，加盟商极易跨平台经营，大厂渴望的“统一货盘、统一管控”也将沦为一纸空谈。上一轮新零售浪潮，巨头幻想改造线下收割流量，最终惨淡收场；这一轮巨头放下门店执念搭建仓网，同样要直面零售亘古不变的考题：如何在扩张速度与可持续利润间找到平衡。【扫码】或点击【阅读原文】投上你宝贵的一票！谁是你心中的最佳上市公司？“2026凤凰之星上市公司评选”候选名单已公布，大众投票正式开启。用户可通过投票，助力优质企业提升品牌影响力。企业报名通道同步开放，组委会将动态更新候选名单。最终结果于“凤凰湾区财经论坛2026”揭晓。期待您的参与！","news_type":1,"symbols_score_info":{"BABA":1.91,"BBYY":0.6,"ALBmain":0.6,"BABO":0.6,"MPNGY":1.9,"CLIX":0.6,"ONLN":0.6,"DRAG":0.6,"METmain":0.6,"KWEB":0.6,"BABU":0.6,"09988":1.91,"BABX":0.6,"HMTD.SI":0.6,"KBAB":0.6,"BABW":0.6,"03690":1.9}},"isVote":1,"tweetType":1,"viewCount":177,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":30,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}