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    Home > Biochemistry News > Biotechnology News > The chain bistro Helens can also be listed, and the average per capita drink is 50. In the end, it is better for young people to make better business.

    The chain bistro Helens can also be listed, and the average per capita drink is 50. In the end, it is better for young people to make better business.

    • Last Update: 2021-04-16
    • Source: Internet
    • Author: User
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    "Today I want to challenge the national uniform posture!" A long-haired girl with a Chongqing accent, facing the camera, picked up a tin bucket full of brown liquid, full of confidence.
    When the music and the picture change, it is her twisted posture after the "fragment".



    What she holds in her hand is #Helen's# on the vibrato.


    This kind of highly alcoholic beverage that looks like Coke on the surface, but actually added whiskey, comes from Helens, a cost-effective chain bistro that specializes in "50 drinks per capita".


    Today, this tavern is going on the market.



    On March 30, Helen's, the largest offline pub chain in China, formally submitted its prospectus to the Hong Kong Stock Exchange.


    According to the prospectus, in terms of the number of pubs, Helens has continuously maintained the largest market leadership position in the Chinese pub industry since 2018, with a compound annual growth rate of 47.
    2%.




    It is worth noting that before the listing, Helens has only introduced one financing: In February this year, Helens announced that it had obtained the first financing from Black Ant Capital and CICC's co-investors, investing 30.


    794 million US dollars and 2.
    010 million US dollars respectively.




    From the perspective of growth rate, Helens before financing can achieve a considerable growth rate.


    The prospectus shows that from 2018 to 2020, the revenue of Helens increased from RMB 114.
    8 million to RMB 817.




    In 2020, under the influence of the epidemic, Helens will still open 105 new pubs, and its monthly revenue has continued to increase from RMB 36.


    3 million in April to RMB 139.
    6 million in December, achieving a year-on-year growth of 44.




    How did the business of such a tavern start?



    01Owned beverages, own supply chain

    01Owned beverages, own supply chain



    Generally speaking, China's tavern industry is mainly composed of a large number of independent taverns (referring to taverns with less than 3 venues).


    As of the end of 2020, there are approximately 35,000 pubs in China, of which more than 95% are independent pubs.
    In terms of revenue in 2020, the combined market share of the top five tavern operators in China's tavern industry accounts for approximately 2.
    2%.




    Therefore, pubs that adopt chain management methods, especially chain pubs that have been in the market for a long time, have a prominent advantage in terms of market share.


    In 2020, Helens ranked first in the Chinese tavern industry, with a market share of 1.
    1%.




    Boss Qian Xiangquan, the host of Podcast Cup Tongue Addiction, said that it is difficult for the bistro business to become a chain.



    First of all, if you don’t consider catering and just operate a traditional bar, the business hours are generally 6 and 3 in the evening.


    Compared with the cafes that are 8 in the morning and 8 in the evening, the housing utilization rate is very low, and the rental cost is high.
    Opening a chain store will require capital.
    higher.
    Secondly, the storage cost of wine and beer raw materials is high, and the equipment investment is high, making it difficult to ensure a single store's profitability.




    In addition, if you can provide fresh snacks, you can also increase your gross profit margin.
    According to Boss Qian, many small bars only have business licenses for liquor, but no business licenses for cooking.
    "If you can't cook in a small bar, it's very difficult to live.
    "



    Judging from the prospectus, Helens, which has an advantage in scale, can make a profit on alcohol.



    With a strong supply chain, Helens can not only provide snacks, but also, the sales revenue of draft beer, craft beer, fruit beer, milk beer and other self-owned alcoholic beverages accounted for more than 60% of the total alcoholic beverage revenue, which has an advantage in price.
    status.
    At the same time, the prices of the third-party well-known beer brand products such as Budweiser, Corona, and 1664 are lower than those in supermarkets.



    At present, the price of all bottled beer products is less than 10 yuan per bottle, which is obviously competitive with the price of similar products in the same industry.



    For example, the price of 275ml Helens craftsmanship is RMB 7.
    8 per bottle, and the price of 275ml Budweiser beer is RMB 9.
    8 per bottle.
    According to Frost & Sullivan, the same industry’s price for this Budweiser beer The average selling price is RMB 15-30 per bottle.
    The selling price of Helens is about 35%-67% lower than the average selling price of this Budweiser beer in the same industry.



    Because the intermediary link is removed, the gross profit margins of Helens’s own products in 2018, 2019 and 2020 are 71.
    4%, 75.
    3%, and 78.
    4% respectively, which are higher than the gross profit margin of third-party alcoholic beverages during the corresponding period.
    Interest rates are 39.
    2%, 52.
    8%, 51.
    5%.



    An industry insider close to Helen's IPO business revealed that Helen's cash flow is very good and "very profitable.
    "

    02 Young people’s business is more profitable

    02 Young people’s business is more profitable



    Helens makes no secret of its desire for a younger market.



    From the lightening of beverage tastes to the younger age of the shop staff (the average employee age is 22 years old), Helens is doing its utmost to cater to the needs of young people.



    Different from the traditional "no drunk and no return" wine table culture, young people nowadays are pursuing "drinking pleasure" and "a sense of drunkenness".
    The social functions carried by the tavern are more inclined to relax, comfortable and comfortable after get off work.
    Casual atmosphere.



    From the perspective of official propaganda methods, Helens’s positioning is not just a mere tavern, but also sells a sense of space and atmosphere, focusing on the nighttime social needs of young people.



    For example, on Douyin, the official has opened up two sections: "Confessions Squad Series" and "Gathering Game Guide".
    Coser, JK girl, manga boy, Rapstar, hip-hop boy.
    .
    .
    Beautiful men and beauties with different "personal settings" played tavern confession.
    This is the most popular "emotional skit" to highlight the social attributes of Helens .



    At the same time, the challenge of #Helen's# also set off a wave of imitation at the end of 2020.



    Various "personal design" young people staged "confession drama"



    From this perspective, the core customer group of Helens is "the young group that values ​​cost-effectiveness".
    Therefore, the pursuit of maximum cost-effective products is also to satisfy the core strategy of "establishing an offline social space for young people".



    In offline social gatherings of young people, there is a great demand for low-alcohol beer with diversified tastes.
    Therefore, Helens also introduced a series of beverage-based alcohol drinks, such as white peach, grape, strawberry, fruit beer, etc.
    , and gradually formed Helen's characteristic fruit beer series.



    In 2009, the founder of Helens, Xu Bingzhong, went to Laos to open a Pub.
    After earning his first pot of gold, he returned to China and started his business in Beijing.
    At that time, the main customer group of the bistro was foreigners, and the store opened around the university.
    It relied on foreigners to distribute flyers, low-cost strategies, and "real guns and live ammunition direct delivery" free activities to attract original customers.
    Later, the pub expanded to Shanghai, Tianjin, Xiamen, and Wuhan, doing business with foreign students around colleges and universities.



    Xu Bingzhong has been tightly controlling the site selection.
    In an interview between him, he mentioned that when Helens opened its first store in 2009, he chose a remote location in Wudaokou.
    "At that time, the annual rent was 200,000 yuan, 500 meters away from here, the annual rent was 2 million yuan.
    "



    Helens started in a remote place and promoted the growth of customer traffic with its low price advantage.
    The growth of passenger traffic can have a scale effect, and the purchase cost and fixed expense amortization can be reduced, which in turn can feed back to the price.
    To maintain the price advantage.



    03How to standardize pub business

    03How to standardize pub business



    It is not difficult to see that Helens, who self-positions itself as a "Starbucks at night", also hopes to do "space business" and create a platform-based offline social and leisure space for young people.
    From the perspective of the business model of the coffee shop chain, the two are indeed similar.



    From the comparison of consumer groups, the core consumer groups of Helens are mainly young people between 20 and 35 years old.
    The needs of this group of products and space atmosphere are more similar to those of Starbucks and other coffee shops.
    They prefer familiar brands with a sense of trust, standardized space atmosphere, and storefronts that can be seen everywhere.



    In the process of expansion, Helens also intends to occupy the minds of young people with agglomeration effect.



    For example, in terms of location strategy, a number of taverns are operated at the same time in high-quality commercial areas where young customers are concentrated to fully stimulate and meet customer needs.
    For example, there are 10 Helen's pubs in the Jiefang West Road business district in Changsha.



    From the perspective of scale, there is currently no strong opponent of Helens in the market.
    However, from the perspective of consumption scenarios, the consumption needs and consumption habits of bistros and coffee shops are not the same.



    At first, coffee was just a cheap drink sold in McDonald's.
    But Howard Schultz pioneered the concept of "third space" and made coffee "compulsory" by creating a Starbucks physical store.
    On the other hand, Starbucks' high ping efficiency comes from its strong take-out business and high turnover rate.



    The prospectus shows that the total construction area of ​​the pub directly operated by Helens is generally between 300 and 500 square meters, which can accommodate about 150 to 200 customers at the same time.
    Each pub generally has 36-50 tables, and each table can hold an average of four to six people.



    In contrast, Helens, which has a very spacious storefront, cannot maintain a high passenger flow continuously and beer cannot be taken out.
    Compared with coffee, which is consumed more frequently, floor efficiency may be a problem.



    In 2018, 2019 and 2020, the number of new pubs opened by Helens was 62, 93 and 105 respectively.



    At present, Helens has a total of 371 directly-operated pubs in China, covering 22 provincial administrative regions and 83 cities, and another directly-operated pub is located in Hong Kong, China.
    As of December 31, 2020, the number of Helen's pubs in first-tier, second-tier and third-tier cities were 56, 200, and 94, respectively, accounting for 16.
    0%, 57.
    0%, and 26.
    8% of the total number of pubs.



    This is because Helens has achieved relatively standardized scale operations.



    Among them, the self-developed Future BI system allows the headquarters operation center to obtain real-time data on the revenue, SKU sales and cost structure of more than 300 pubs across the country at any time.



    The data collected through Future BI, combined with data such as the cumulative number of users placing orders and queuing status of existing pubs, can confirm whether it is suitable to set up a new Helen's pub around the pub.
    This method enables Helen's to quickly improve in the core The agglomeration effect of business districts.



    At the same time, Helens designed a national unified music library for the tavern and built an intelligent music management system.
    Currently, only 5 employees are required to control the background music of every tavern nationwide.



    On the one hand, such standardized management is doing a large number of subtractions in the business model, and while reducing operating costs, it also pushes the price advantage to a price band that a small self-employed business cannot match.
    By 2020, the renovation of the Helens store will only take about 40 days, and the break-even period of the new store will only take 3 months.



    The prospectus shows that Helens expects to use cash flow to support the opening of new taverns, and will expand its taverns in a direct-operated tavern model, in order to ensure unified business management and high-quality tavern services.



    04 Forced to sink the market

    04 Forced to sink the market



    In fact, the growth of taverns in first-tier cities in Helens is far less than that in second- and third-tier cities.



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