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Suning's purchase of Wanda Department Store, my views on five key issues

2019-2-13 14:30| 发布者: 左二爷| 查看: 222| 评论: 0|来自: 成都夜网www.cdwanshua.com

摘要: The Spring Festival started, two consecutive days, the two major e-commerce giants Jingdong, Suning respectively because of a purchase case caused concern.Jingdong's 2.7 billion acquisition of Cuigong ...
The Spring Festival started, two consecutive days, the two major e-commerce giants Jingdong, Suning respectively because of a purchase case caused concern.

Jingdong's 2.7 billion acquisition of Cuigong Hotel is mainly to buy this golden building for internal office, which is well understood.
Suning has less than 8 billion yuan (estimated by the industry, but not confirmed by Suning) to acquire all 37 stores of Wanda Department Store, which is used for external operation. There are many directions to be interpreted.
I wrote this comment in my circle of friends: it is a coincidence that the two acquisitions of Jingdong and Suning were released at the same time, but from the general trend, it is a necessity. Sometimes the old and new models are not in one dimension and need not confront each other. The times will eliminate one side, and at the same time, the other side will rise. In the vast snow, there is more than one Cuiguang Palace and more than one Wanda. And BAT Beijing East Suning Dropping Beauty Regiment's headline carriers are really only a few. The Internet is bound to continue to develop greatly, but the development of the Internet pattern may not be great.
As in the past, there are still a lot of media, industry friends and me to discuss this matter. I summarized the six issues that you most concerned about, and I would like to share some of my views.
1. Suning Easy to buy Wanda Department Store. What do you think of Wanda's purpose?
First of all, it is clear that Suning Easy Buy Wanda Department Store, not Wanda Plaza, not to mention the "Suning Buy Wanda" in some party headlines.
For Wanda, Wanda Department Store is a downhill business, from more than 100 stores down to 37 stores today, which shows the extent of its poor performance. In Wang Jianlin's foreign speeches in the past two years, few of them touched on Wanda Department Store, which also confirmed the performance of Wanda Department Store from one side. In fact, in the new retail era, the traditional department stores represented by Wanda Department Store have long been no longer adapted to the development of the consumer market, either transforming and developing, or starting as soon as possible, or closing down.
For Wanda, the transformation of department stores is very difficult, so the sale of this underperforming and temporarily powerless asset, on the one hand, can reduce the burden and focus on the focus of business, on the other hand, it can reduce the debt ratio by withdrawing funds.
2. In 2018, Wanda sold 17% of Madrid Athletic Club, Australian Gold Coast Project and Sydney Project, and sold 100% of Wanda Culture Management to Rongchuang. What is Wanda doing now that he has withdrawn his capital and abandoned the financial sector and sold his department store business? The mystery behind Wanda's "slimming" movement?
Throughout the past few years, Wanda is accelerating its shift towards light assets. According to the relevant data of Wanda in 2018, the revenue of the cultural sector has surpassed that of the major sectors such as commercial real estate, and has become the core of Wanda's new growth. It is not difficult to predict that Wanda will further optimize its asset structure and business structure, even at the expense of profits, to achieve a leapfrog transformation.
Of course, according to data from all sides, Wanda's achievements in "slimming down" in recent years are not ideal. In China's private enterprise rankings, the ranking has been declining, falling to 17th place in 2018. From the stock market point of view, the performance of Wanda's listed companies is also good, and even has ranked first in Wanda's revenue cultural sector, Wanda's film and television market value has evaporated more than 70% from the peak period.
3. What are the considerations for Suning? Why buy Wanda's underperforming assets?
As the saying goes, garbage is the "baby" in the wrong place. This metaphor is not very pleasant, but it can answer this question.
The same asset, for A is chicken ribs, but to B can become a baby. The declining Volvo cars, sold to Geely, rebounded to the bottom and reached the peak again; the huge literature with abundant resources but chaotic management, sold to Tencent after upgrading to Reading Group, landed on the Hong Kong Stock Exchange, with a market value of more than 60 billion yuan. There are many such cases in Chinese business circles.
Wanda Department Store is selling "department stores", while Suning Easy-to-buy is also selling "department stores", just a downhill, a downhill. Suning's acquisition of Wanda Department Store clearly wants to upgrade the traditional department store giant through Suning's methodology.
Intelligent retail is the core strategy of Suning. Through holding hands with Wanda and other enterprises, Suning's retail concept can be accelerated to land. Although Wanda Department Store has gone downhill, its location is the core of the city, which is expected to bring its value into full play for Suning, which has the ability of intelligent retail management and operation.
4. Will Wanda, a face-loving company, continue to require Suning to maintain its brand independence?
Wanda "sells" a lot of assets, although the industry is widely concerned, but most of our consumers are not aware, because the sign is Wanda's sign. For example, in 2017, Wanda transferred 13 cultural tourism projects and 76 hotels to Rongchuang, involving 63.2 billion yuan. The announcement specifically mentioned that after the two sides agreed to deliver the cultural tourism project, the brand remained unchanged, and the property held by the project still used the brand of Wanda Cultural Tourism City.
Will Wanda keep its brand after it is sold to Suning?
The answer is obviously negative. In my opinion, after the delivery of Wanda Department store, the brand will soon be upgraded into a brand of Suning brand. Specifically, is suning.com's flagship store or red child mother child shop or other form of storefront? This is determined by Suning and will be upgraded according to sunning's Festival. In this transaction, Wanda Department Store is the best choice to take money away.
Of course, this acquisition is only the strategic layout for Suning.

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