With an annual income of 20 billion, China's most "earthy" department store relies on the counterattack of the county girl
How many steps are there in total to keep up with the mental state of today's young people?
Step 1: Go crazy with them.
Step 2: Help them save as much money as possible.
Step 3: Keep up with their aesthetic.
These three steps seem incredible, but they can perfectly poke the high point of young people.
In the past two years, words such as "crazy literature", "revenge" to save money, and "the uglier the more you love" have become frequent visitors on hot searches, and they have also brought fire to many brands.
For example, I understand KFC by playing the poor ghost package and the drama around the spirits.
Relying on a "grilled sausage beaver" to explode the MINISO product.
Sanfu Department Store, which relies on ugly toys and ten-yuan stores with an annual income of 10 billion.
When it comes to Sanfu, many people's first reaction is that it is still alive?
After all, a few years ago, Sanfu was still a county department store with a bit of dirt in everyone's impression.
Searching on Baidu is also highly bound to tags such as closure and store closure.
I didn't expect this inconspicuous grocery store to not only live but also make a fortune quietly.
Today, Sanfu Department Store has more than 1,000 stores across the country, from the county seat all the way to Beijing, Shanghai and Guangzhou.
On social platforms, it also has a large following.
They call themselves "Sanfu Girls" and are keen to share various shopping tips.
Sanfu, whose name is a little rustic, how did he quietly make a lot of money?
The earthy and low county department store,
Amazing young people all over the network
Many people in first-tier cities may not have heard of Sanfu, but in second- and third-tier cities, it is the youth of many girls.
In 1994, Sanfu Department Store was established in Fuzhou, Fujian Province, although it has the suffix of "department store", but Sanfu has been focusing on clothing retail for the first 20 years, with the goal of becoming China's ZARA and H&M.
With the transformation of the business, Sanfu has become a combination of affordable ZARA and 10 yuan stores.
Snacks, accessories, clothing, cosmetics are all sold, which can be called the originator of domestic fast fashion grocery stores, more than ten years earlier than MINISO.
Just when everyone thought it had long disappeared, Sanfu quietly transformed into "Niu Hulu Sanfu" to amaze everyone.
First of all, the store has changed from "2 yuan store style" to "Internet celebrity style".
In the past, although the store was not ugly, it always had a non-mainstream rural feeling.
Today's stores have a large area and fashionable glass walls, as if they are a luxury brand.
Walking into the store, Sanfu has also become trendy, and the clothing area is comparable to a professional fashion brand.
The doll area not only has a variety of IP co-branding, but also designed check-in points for consumers to take photos and check in.
Secondly, Sanfu has become a popular manufacturing machine, and it is popular all over the Internet.
In the past two years, the "ugly economy" has been rampant, and Sanfu began to produce a series of explosive new products such as ugly dolls, ugly rings, and ugly bags at the right time, instantly pinching young people.
The most out of the circle is the fried hair doll produced by Sanfu, which once became the new top stream.
There are also Sanfu's ugly hats, each of which has a strong sense of design.
Like the Kitty hat, which has recently become famous on the Internet, there is a beauty of missing brain stem.
Half of them are questioning "who would wear this thing on their heads", while the other half is "their designers have a wild aesthetic." ”
Regarding the ugly things of Sanfu, the unified actions of netizens are, "It's so ugly, it's a little urgent to go to Sanfu".
In the tap water of various Sanfu girls, the ugly things of Sanfu once became the traffic password of store bloggers.
The most important thing is that now Sanfu can be called a shopping paradise for young people.
In other stores, young people only shop and don't buy, and no one can come out empty-handed in Sanfu fashion.
Because Sanfu's selection is too "net-sense", the main feature is "I will sell whatever is hot." ”
Taking clothing as an example, as long as it is a popular style on the Internet, Sanfu has it, and the speed of new products is faster than Zara.
Like the hot girl style, new Chinese style, and dopamine are all arranged, and even the Y2K retro-style boots that no one wears in reality have not fallen.
In addition to clothing, other categories of Sanfu are also closely following the fashion outlet.
Blind boxes of popular games, primary school students' favorite Gu card suits, 15 yuan a pair of wearing armor... Regardless of gender, young and old, they can be accurately handled.
Many young people in first-tier cities have spontaneously appealed on the Internet: "Sanfu will open more and come to my city." ”
Relying on Pinduoduo offline,
Make a fortune in a small county town
In recent years, both snack discount stores and beauty collection stores have opened, but despite the support of capital behind them, store closures are still happening.
The root cause is not making money.
After all, if you want to live for a long time on cost-effectiveness, popularity and wealth are indispensable.
On the other hand, Sanfu Department Store has neither been financed and listed in the 31 years since it was opened, nor has it been open to franchise, and more than 1,000 stores rely on direct sales.
In this case, Sanfu has made a lot of money, taking a store of Sanfu Fashion in Handan, Hebei Province as an example, with a sales revenue of up to 20 million yuan a year and a gross profit margin of more than 50%.
What is the concept of a store's income of 20 million?
MINISO's revenue in the third quarter of 2023 is 2.9541 billion yuan, and the average revenue of a single store is about 2.13 million.
Even in the special period of the first two years, Sanfu also had a stable cash flow, which many companies could not do.
Sanfu's way of making money is to be offline Pinduoduo.
Sink the hit and pry open the hearts of the county girls
Different from those fast fashion brands that gather in the bustling business district, Sanfuxuan's way is to surround the city from the countryside.
Most of Sanfu's stores are located in second- and third-tier cities, for the simple reason that the ground rent is cheap and the crowd is sufficient.
Even if it opens to first-tier cities, the location is relatively remote, for example, Sanfu has 4 stores in Beijing, but the most open into the city center is actually in Wukesong in the fourth ring road, and the farthest is even in Fangshan Liangxiang outside the fifth ring road.
This makes it possible for Sanfu to paint a store of several hundred square meters in first- and second-tier cities, when other "ten-yuan stores" occupy the most expensive prime location with the most expensive rent.
In the third- and fourth-tier cities, Sanfu has made a "county MUJI", taking the county girl to the forefront of the trend.
2. Experience the popular style, which makes people addicted to shopping
Cheap products such as 10 yuan perfume spray, 5 yuan nail polish, 1 yuan nail clippers, and small hairpins are important factors for "10 yuan stores" to attract users.
But it is difficult to make a lot of money by counting on these things, and the two secrets of Sanfu's making money are just two words: more and faster.
On the premise that the store is large enough, the number of Sanfu fashion SKUs is also very large, with an average of more than 10,000 types in a single store.
You must know that the SKU of each store of MINISO is only about 3,000.
A large number of SKUs have given Sanfu the opportunity to control costs and trial and error of explosive products.
In addition, Sanfu's new speed is very fast, and the Internet celebrity items on the Internet will appear in the store within 10 days.
As long as the speed is fast enough to catch up with the outbreak period of Internet celebrity products, the benefits it brings are also very considerable.
For example, after Sanfu's little devil nail polish became popular on Douyin, tens of thousands of pieces were sold in three days.
A large number of and rapidly updated popular models ensure the shopping experience of young people.
Not only that, but after the transformation, Sanfu can also order takeout online.
Up to now, 745 Sanfu department stores across the country have launched Meituan, which consumers can use to buy online and have their orders delivered within 30 minutes at the earliest.
Sanfu, which is full of experience values, is difficult to think about without being addicted.
The explosion has not overturned for 29 years,
There is also a sharp blade in the back
The ridicule of "selling luxury goods to the elderly and selling land stalls to young people" has now become a reality.
Ten years ago, Sanfu slaughtered small counties, and the students who didn't have much money were keen to visit Sanfu.
Ten years later, those young people have grown up, but they still regard Sanfu as a spiritual paradise.
The design is not as fast as Zara and Uniqlo, and the expansion rate is not as fast as MINISO, why can Sanfu still be able to do 27 years without overturning, so that girls fall in love repeatedly?
The answer is simple: the ultimate value for money.
"200 yuan is enough to buy a body" and "the first stop to check in after returning from studying abroad is Sanfu" There are more and more shopping shares about Sanfu on social media, and consumers are repeatedly emphasizing how cost-effective it is.
In the past two years, with the explosion of member supermarkets and warehouse-style shopping, shopping has also begun to have a chain of contempt.
Once you enter Sanfu, it is a consumption scene where there is no chain of contempt, and the main focus is the equality of all living beings.
In Sanfu, 9.9 two pieces and 19.9 three pieces are no longer worth mentioning, and in Sanfu, even buying a bag can be bought one get one free.
Even if you are new to the city, without any coupons and membership discounts, every shelf of Sanfu is itself on sale.
Clothes may cost a few hundred last week, and dozens of dollars next week.
If you want a membership price, as long as you go to the second-hand platform, share cards with others, and borrow cards, it is a regular operation for Sanfu believers, and it is completely free.
Although some people are complaining that "cheap is not good", Sanfu girls have a sense of belief: "It's so cheap, but anything that can be used is counted as my earning." ”
Even if you need to drive to get there, the cheap price still makes young people flock to it.
But at such a low price, can you survive?
This is the strength of Sanfu, not only low price, but also low price, cost control is very good.
Sanfu adopts the direct sales model of direct procurement and direct sales, and its online and offline inventory system has long been opened, which greatly reduces the operational pressure for fast fashion brands to solve the inventory problem.
Coupled with the dense physical stores across the country, it can bring tens of millions of new members to the online mall every year, and also save the cost of drainage.
For Sanfu, which has made low prices a competitive advantage and has lived for 29 years, "affordable low prices" is its killer feature to outperform its competitors, and it also suppresses competitors in disguise.
Sanfu has gone from the originator of fast fashion grocery stores to today's gathering place for young people, and one of the ultimate killer features is enough.
Epilogue:
The process of contemporary young people going to the mall is generally as follows:
Take the number to eat, and when you wait for a seat, look for milk tea nearby that can be purchased in a 9.9 group.
After eating, visit Uniqlo and Lego, or try samples at Sephora or play with prototypes at the Apple store.
Finally, I went to Muji to inspect the circle, and ended with a reserved program of "guess the price", lamenting how today's prices can be so outrageous.
A set of operations can be summed up as: either just eat and don't shop, or just shop and don't buy.
Why are young people willing to spend time shopping in a "grocery store" style collection store like Sanfu?
The essence is that it is sinking enough, and the money of 1 cup of milk tea can become a customer, and spend the least amount of money to experience the pleasure of consumption.
Even if you don't end up with the items you want to buy, you won't feel ashamed or embarrassed to "just shop and not buy" in the grocery store.
The young people who visit Sanfu are not so much shopping as decompressing.
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