The development dilemma of Super Wenheyou: The capital market is difficult to gain a foothold, and there are still many "pits" to step on in the future

During the Qingming holiday, Shenzhen Super Wenheyou officially opened a store to welcome customers.
With the pop-up store of the online black tea drink chain brand "Tea Yanyue Se", which set foot in South China for the first time, Wen Heyou quickly rushed to the Weibo hot search list.

From: Visual China

The Times Weekly reporter saw at the scene that on the first day of opening on April 2, more than 50,000 consumers were waiting to enter Shenzhen Super Wenheyou with a number.

The queue of people stretched from the entrance to the Buji River next to them and turned a few.
In this corner, the traffic police department was even concerned because of traffic jams, and Wen Heyou also claimed to be very anxious internally about this issue.

At the same time, tea Yanyue color is also in short supply.

A Times Weekly reporter learned from a second-hand trading platform that the purchasing agent of Shenzhen Chayanyuese learned that the price of off-market cattle buying Chayanyuese was as high as 168 yuan per two cups on the 2nd, and on the 3rd, Chayanyuese was implemented.
After the purchase limit of two cups per person, the purchase price even rushed to 258 yuan per two cups.

But after the Ching Ming Festival holiday, the popularity of Shenzhen Super Wenheyou quickly dropped.

At 8 o'clock in the evening on April 6, a Times Weekly reporter found that the number of people waiting in line at that time had been "ankle-cut", and the number of people in the line was only single digits.

To recreate a super Wenheyou in Shenzhen, is it a copy and paste of Internet celebrity culture, or as Wenheyou said in response to a question from a reporter from Times Weekly, "We are digging out Shenzhen’s urban character to add prosperity and vitality to the city.

Smoke and fire"?

1.

It is hard to find a room nearby

1.
It is hard to find a room nearby

Luo Jingjing (pseudonym), a merchant in charge of Super Wenheyou in Shenzhen, witnessed the penetration and impact of this Internet celebrity brand on the surrounding business environment since its preparation.

One of the most direct is: the price of accommodation in nearby hotels has been rising.
.

"The rent is different before and after the year.

The rent of our staff dormitory can be clearly felt.
Last year it was 6000 yuan a month, and now it is 6800 yuan.

Such a strong enthusiasm for consumption is rare even in a prosperous business district like Luohu District in Shenzhen.

"Accelerating the construction of the core area of ​​the international consumption center city" is the development strategy set out in the 2021 Luohu District Government Work Report.

Last year, Shenzhen Dongmen Pedestrian Street was included in the second batch of the Ministry of Commerce's second batch of pedestrian street renovation and upgrade pilot projects.
Luohu District hopes to build it into a national demonstration pedestrian street and a high-grade pedestrian street.
The store site of Shenzhen Super Wenheyou is located in Dongmen Pedestrian Street.

Song Ding, Dean of Guangdong Cultural, Commercial and Tourism Planning Research Institute, analyzed in an interview with a reporter from Times Weekly that Luohu District will actively promote new consumption formats and new models based on the regional strategic positioning of building the core area of ​​an international consumption center city and combining the advantages of being close to Hong Kong.

development of.

Super Wenheyou, born in Changsha, Hunan, coincides with the development positioning of Luohu District-Wenheyou is not so much a large-scale catering complex, as it is a public space for urban food and culture.

And its unique nostalgia, retro tone, has a huge appeal in current social media and young people.

In July 2020, Guangzhou became the first stop for super writers and friends to leave Changsha.
Similar to the style of Changsha Super Wenheyou, Guangzhou Super Wenheyou spent 200 million yuan to build a nearly 5,000 square meter food theme amusement park in the center of Guangzhou.
When it opened, there were 3,000 tables in line and an average of 4 hours in line.
The pomp.

Guangzhou's huge consumer market is the primary goal of attracting writers and friends.
The "Guangzhou Blue Book: Guangzhou International Trade Center Development Report (2020)" pointed out that in 2019, Guangzhou's accommodation and catering industry achieved retail sales of 127.
017 billion yuan, a year-on-year increase of 8.
1%.
Guangzhou's per capita food and beverage consumption expenditure has remained the first in the country for many years.

Wen Heyou also deployed in Shenzhen this time, with its iconic concrete floors, colorful signs, rusty iron windows, etc.
, once again re-engraving its distinctive characteristics.
Shenzhen also has a diversified catering consumption market and huge market potential.
According to the "Statistical Report of Shenzhen Catering Service Industry Association 2020", Shenzhen’s catering service industry operates more than 130,000 stores with an annual turnover of nearly 90 billion yuan.
scale.

In the early stage of Shenzhen's rapid economic development, relying on the advantages of industrial foundation and the superior location advantage adjacent to Hong Kong, the Luohu District chosen by Wen Heyou has always been a well-deserved CBD area in Shenzhen, with many skyscrapers.
The continuous development process also gave birth to the export shore sector, the Dongmen sector and the China Resources Vientiane City sector, which together formed the Golden Triangle commercial consumption space in Luohu District.
In Song Ding's view, these basic conditions have laid a very good foundation for Luohu's commercial development.
"From the current commercial transactions, the Mixc is still the commercial center with the largest annual transaction volume in Shenzhen, and Luohu's commercial confidence is still very strong.
"

What's interesting is that, 700 meters away from Shenzhen Super Wenheyou, Luohu Dongmending Commercial District has been standing for nearly 30 years, where the first McDonald's in mainland China was born.
On the first day of the McDonald’s opening, the queues waiting to eat often lined up from the second floor to the first floor, and sometimes circled around the Guanghua Building next to it.
This scene is deja vu today.

When a reporter from Times Weekly visited the Dongmen Ding commercial district, he noticed that compared with the huge super Wenheyou, the density of shops in the Dongmen Ding commercial district food street is higher.
The skewers, barbecue, and stinky tofu are all available.
It is crowded and prosperous.
A flower beetle powder shop owner told Times Weekly that he was not worried that Wen Heyou, 700 meters away, would affect his business.
On the contrary, he believed that Wen Heyou would be more helpful to businesses around Daiwang.

But the shopkeeper said that he is not optimistic about the future development of Wen Heyou-in his view, Wen Heyou is doing a high-risk "capital business".

In Song Ding's view, the emergence of Wen Heyou is both a clear stream and a spoiler for the traditional business forms in Luohu District and even Shenzhen.
Compared with traditional shopping malls, Wenheyou is a major change, breaking the routines and models of traditional shopping malls.

"Wen Heyou is a very bold attempt in commercial and cultural consumption.
If we follow this route and effectively introduce this innovative concept, innovative format and new scenes, I think Luohu will develop into an international consumption center in the future.
There will be a larger space scene, which makes me full of expectations.
" Song Ding said.

2.
The VC circle is popular, merchants use their feet to vote

2.
The VC circle is popular, merchants use their feet to vote

But the question of the flower beetle powder shop owner is not an isolated case.
There are still many controversies in the market regarding the development prospects of Super Wenheyou.

But even so, many venture capital institutions (VC) still want to circle the "dark horse" of Chinese and You.
Among them, Canadia Capital Management Co.
, Ltd.
, which focuses on the field of large consumer services, "killed" one competitor in 2020, and invested nearly 100 million yuan exclusively in Wenheyou, who is "not short of money".

A person close to Jiahua LP (investor) revealed to a Times Weekly reporter that Wen Heyou's core competitiveness lies in that it has gathered a bunch of trendy shops and created a place for young people to visit.
In this person's opinion, Wen Heyou now has enough "potential energy", "As for the content operation mode inside, you can slowly explore.
"

This person believes that a brand with "potential energy" already has certain media attributes, such as the ability of a brand to attract traffic, the ability to lead and educate users, the ability to generate content, and the ability to output cultural connotations.
"Wenheyou is a sacred place for users of Xiaohongshu.
There is no doubt that it has certain cultural output capabilities.
"

In an interview with a reporter from Times Weekly, Yang Ning, director of Vision Capital, also believes that Wen Heyou is a good stage to "let go".
"Now is the best time for Wen Heyou to explore the business model.
You can take advantage of the potential.
At the highest point, all potential "pits" were stepped on.
"

Compared with Guangzhou Super Wenheyou, which opened a store last year, the Shenzhen store has added a lot of offline experience items.
For example, a Dongmen game hall was created on the B1 floor; the trendy cultural shopping scene was laid out jointly with Bubble Mart on the 3rd floor; and the immersive drama "Dream" was run through the entire Shenzhen Super Wenheyou store.

Obviously, Wen Heyou's development plan is far from limited to the catering industry.

At present, most of the VC circles have voted in favor of Wenheyou's development path.
"I think Wen Heyou's current thinking and evolutionary state is very healthy.
When the first batch of department stores in China opened, isn't the state of the influx of people exactly the same as the current Wen Heyou? In the future, Wen Heyou will definitely do it too.
Evolve towards a more enhanced entertainment offline experience.
" Yang Ning said.

However, with the investment cost of hundreds of millions of yuan, whether Wen Heyou can form a clear and sustainable profitable business model as soon as possible is still worth questioning.

Traditional shopping malls can attract stable and diversified sources of income because they can attract many brands of different categories and sizes.
However, the majority of Wenheyou's shops are concentrated in various small and medium gourmet restaurants.
A major problem frequently encountered in the operation of gourmet restaurants is that because of the rapid change in speed, the cash flow is unstable.

Earlier, it was revealed by the media that the first batch of more than 20 merchants that settled in Guangzhou Super Wenheyou adopted a revenue-sharing cooperation method, that is, they did not pay for rent and utilities, but had to cooperate with Wenheyou at 30% of the turnover.
Share (generally, the share ratio should not exceed 25%).
However, due to the waning trend of Guangzhou’s super-literature and friends in the later period, the sales of the shops were not as expected, which triggered the opening of less than half a year, and many well-known merchants have already withdrawn.

A creative director of a 4A advertising company believes that Wen He Younei's store is not unique enough.
"According to the current situation, the goods sold here do not require people to make a special trip to the offline Wenheyou store to buy.
"

"In fact, it is very easy for Wen Heyou to become a'one-time' photo check-in place.
To get rid of this dilemma, Wen Heyou needs to give customers a reason to come here.
For example, through the introduction of a limited sale of street fashion brands The shop attracts groups with purchasing power to repeatedly line up to participate.
” said the creative director.

From a commercial point of view, this means that in the future, Wen Heyou can not just stay at the current stage to be a "chartering wife" in the catering industry, but needs to establish a user stickiness that can bring stable cash to the overall revenue.
Streaming business model.

3.
How far can selling culture go?

3.
How far can selling culture go?

To establish a new business model, Wen Heyou is also doomed to remove the original label.

Song Jie, director and director of the commercial real estate department of DTZ Shenzhen Branch, pointed out in an interview with Times Weekly that what Wen Heyou needs to do is to remove most of the cultural labels of its own "Changsha, Hunan" and re-label a national consumer consensus.
Cultural label.
"Otherwise, if you just copy Changsha Wenheyou to major cities across the country, you are essentially doing something to make Changsha's market culture bloom all over the country.
" In her opinion, this is almost impossible.

But finding new cultural labels is not easy.
For example: Wen He You introduced the new concept of "Urban Wen He You" this year to replace the original "Super Wen He You".
For example, the menu of Wenheyou Store in Shenzhen has removed the crayfish characteristic of Changsha, and has reshaped a localized brand-"Shen Sheng Hao".

But for Shenzhen, where the non-registered population accounts for more than 60%, Oysters does not seem to be the "common memory" of Shenzhen people.
Some netizens left a message on the review site that they did not buy Wen Heyou's oysters.

At the beginning of the Guangzhou Super Wenheyou store opened, some locals also mentioned that the most iconic arcade and Xiguan House in Guangzhou were not visible in the store.

In fact, in terms of interior decoration style, Wenheyou's three branches in Changsha, Guangzhou and Shenzhen are almost the same.
Especially when the same market culture is placed in the north and south, it will also present different scenes.
Take Beijing, the representative city of the north, for example.
In addition to the familiar hutongs and courtyards, the city culture also includes the Jiuqi Drum and Tianqiao City, which is very different from the city culture in the south.
Whether those who are trying to integrate into the local literary and friends have enough local attributes, it seems that it has become an obstacle that is difficult to break through.

However, Zhi Dongliang, director and senior director of Savills South China's commercial department, believes, "I think the outside world should give Wen Heyou more time to observe.
After all, as a super IP, Wen Heyou has not appeared for a long time.
Since it is a new thing, we have to give it some room for trial and error.
"

Song Ding also believes that Wen Heyou chose to explore an adaptive development route all the way south, instead of rushing northward.
Obviously, it is also considering that Wen Heyou's commercial format is suitable for growing in a more market-oriented and densely populated space.

But Wen Heyou's pace of expansion continues.
According to the recruitment information released by Wenheyou's WeChat official account, Super Wenheyou has a new host-Nanjing.

On February 2, the signing ceremony of the "Changle Road Cultural and Commercial Tourism Project Strategic Cooperation Agreement" was held at the People's Government of Qinhuai District, Nanjing, announcing that the fourth super Wenheyou will land in Nanjing.
Public reports show that Nanjing Super Wenheyou is located at No.
132 Changle Road, Qinhuai District, in the middle area between Confucius Temple and Laomen East.
The total investment of the project is 500 million yuan and it is planned to open at the end of 2021.

In this regard, Song Ding believes that Nanjing is located between the north and the south, and culturally still belongs to the Yangtze River basin.
"It is not ruled out that on the basis of the success of Nanjing Wenheyou, Wenheyou will continue to expand northward in Beijing, Tianjin, Wuhan, and Xi’an.
More formats.
"

In accordance with Wen Heyou's previous strategic plan, with the Changsha Hisense store model as the prototype, Wen Heyou will open 10 super stores in Beijing, Shanghai, Hong Kong, Los Angeles and other global first-tier cities in the future.
Regarding future plans in the northern region, Wen Heyou said in response to a reporter from Times Weekly, “The future is infinitely possible.
If there is an appropriate opportunity to go northward.
”

It is worth noting that a person close to Wen Heyou revealed to a Times Weekly reporter that Wen Heyou has plans for an IPO in the second half of this year.
However, Wen Heyou said in response to a reporter from Times Weekly that it is inconvenient to reply to this question.

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