"A thing without vitality can only be left to fend for itself?"
One day’s plan is the morning buns.
Goubuli has been selling for 163 years.
This time-honored restaurant was born in 1858 during the Qing Xianfeng period.
It did not show the reservedness that a century-old restaurant should have.
Instead, it sold "expensive", "Poor service" waits for more and more arrogance.
Finally, after the "bad reviews" storm caused by the blogger's visit to the store last year, there was a climax of negative reviews.
Since then, Goubuli's offline stores have begun to shrink.
On March 29 this year, the last Goubuli Baozi store in Beijing closed to thank customers.
One or two days later, Goubuli's "base camp" Tianjin, Quanjude, a century-old brand selling Peking duck, also closed the last Tianjin store.
In other words, first "live" and then talk about how to "get better.
Quanjude put down his posture and bowed himself to reflect on the bleak business situation of the time-honored brands.
According to survey data from the China Brand Research Institute, China’s time-honored enterprises have grown from more than 16,000 in the early days of the founding of the People’s Republic of China to more than 1,600 now, with a survival rate of only 10%.
At present, there are only 1,128 time-honored brands recognized by the Ministry of Commerce, of which 365 and 187 are mainly engaged in food processing and catering and accommodation respectively.
The average duration of time-honored brands is more than 140 years.
Only 10% of the time-honored brands operate smoothly, 40% can only maintain breakeven, and 50% of them are struggling to maintain operations or continue to lose money.
The time-honored brand, whose vitality is exhausted, sinks in the dusk, and wants to penetrate the long river of time to last forever.
What kind of thorns will be in front of you?
Time-honored brand heading for sunset?Time-honored brand heading for sunset?
In the domestic A-share market, there are nearly 60 time-honored listed companies, but in the capital market, their performance is twofold.
Kweichow Moutai has become the leader in A-shares, with a total market value exceeding 2.
5 trillion yuan, and Haitian Flavor's market value has exceeded 600 billion yuan in seven years after its listing.
On the other hand, in recent years, the performance of Tongrentang, Donge Ejiao, and Quanjude have continued to decline, and revenue and profits have shown negative growth.
From the perspective of the industry distribution of time-honored brands, food and catering, daily necessities, and cultural and sports goods are the most involved.
Among them are Quanjude, Goubuli, Dabaitu, Wanglaoji, Wufangzhai, Guangming, Haitian and other well-known brands.
In addition, wine, medicine, and retail are also industries where many time-honored brands are located.
Kweichow Moutai and Haitian Flavour Industry are only a minority in the 10% survival rate.
In the capital market, Quanjude, a long-established restaurant giant, is in decline, and it has had a historic moment.
Quanjude is 157 years old this year.
It was listed on the Shenzhen Stock Exchange in November 2007.
As the “first share of a time-honored restaurant” and “the first share of roast duck”, Quanjude’s share price opened 223.
2% higher on the day of listing, and then continued to rise.
It was temporarily suspended after half an hour.
The suspension set a record for the fastest temporary suspension of new stocks on the small and medium-sized board on the first day of listing.
Thereafter, the stock price trend was basically the same as that of the broader market.
In the first six years of its listing, Quanjude’s revenue increased from 917 million yuan in 2007 to 1.
944 billion yuan in 2012.
Especially in 2011, Quanjude’s revenue soared from 1.
3 billion yuan to 1.
8 billion yuan, an increase of 34.
%, reaching the peak of history.
Fortune and misfortune depend on each other, and then Quanjude begins to usher in a turning point in his destiny.
The “Eight Central Regulations” issued at the end of 2012 to restrict official consumption, and the “bird flu” in 2013 had a violent impact on the catering industry.
These factors superimposed.
In 2013, Quanjude ushered in its first decline.
The financial report showed that the deduction was not net.
Profit was 120 million yuan, a decrease of 26,392,200 yuan from the previous year, a year-on-year decrease of 17.
88%; 7,305,500 guests were received, a year-on-year decrease of 3.
44%; per capita consumption decreased by 2.
22% year-on-year, and attendance decreased by 4.
Since then, Quanjude’s revenue has stagnated.
From 2013 to 2017, Quanjude’s revenue has been hovering at the level of 1.
8 billion to 1.
9 billion yuan, which has never exceeded the 2 billion yuan "mark" expected by investors.
Fiscal year revenue even went backwards.
Just in the past 2020, Quanjude expects to achieve operating income of 760 million to 800 million yuan, which is almost half compared with the previous year’s 1.
566 billion yuan, and a net profit loss of 240 million to 264 million yuan.
If the epidemic is a fig leaf, Quanjude’s performance in 2019 was not satisfactory.
This year’s revenue was 1.
566 billion yuan, a year-on-year decrease of 11.
87%; the net profit attributable to the parent was 44.
628 million yuan, a year-on-year decrease of 38.
In fact, since Quanjude’s revenue rushed to 1.
8 billion yuan in 2011, and the growth rate reached its historical peak, Quanjude’s performance fell into a downward channel afterwards, and the decline has accelerated in 2018 and beyond.
Quanjude’s roast duck and Goubuli’s steamed buns are difficult brothers and sisters in market performance.
In May 2020, Goubuli Food Company, which has been listed for less than five years, officially applied for termination of listing from the New OTC Market.
The explanation given by Goubuli Food is that, in light of its own business development needs and current actual operating conditions, it applied for termination of listing after careful consideration.
In the three years from 2017 to 2019, the total operating income of Goubuli Food increased from 108 million yuan to 155 million yuan, and its net profit increased from 18.
2082 million yuan to 24.
8 million yuan, with a compound annual growth rate of 12.
8% and 10%, respectively.
As early as 2012, Goubuli attempted an IPO, and its executives revealed their "family status": At that time, there were more than 20 Goubuli branches in Tianjin, of which more than 10 were mid-range business banquet hotels, and 2 were As a tourist hotel, Goubuli Group has an annual turnover of 750 million yuan.
It can be seen that in the past few years, Goubuli’s performance has gone from bad to worse, and time-honored brands like Quanjude and Goubuli are heading towards sunset.
Is it always the original sin?Is it always the original sin?
"We have two data that are very dangerous.
One is the age group of our main consumers, which are 8-10 years older than the age of our main competitors; the second is that the age of our operations team is also 10 years older than the opponent.
"3 On the morning of 17th, Zhou Yanlong, Party Secretary and General Manager of China Quanjude Group, pointed out these two data at the Sixth China Catering Innovation Conference.
Quanjude is trapped by the word "old", but is "old" really the original sin? No matter whether it is a new or old brand, no company does not want its own brand.
The real question is, does the old brand rely on the old to sell the old?
Open social platforms and public comments.
Among the negative comments about Quanjude and Goubuli, "expensive, unpalatable, and poor service" are the most frequent complaints.
Wu Zhou, who has lived in Beijing for 6 years, has never eaten a time-honored brand.
When he heard of a time-honored brand, his first reaction was, "It is said that it is expensive and unpalatable.
The time-honored brand is easy to do well.
The price positioning of civilians no longer makes Quanjude and Goubuli lose young consumer groups like Wu Zhou.
But that was not the case at the beginning.
In the 1960s and 1970s, the domestic middle-class culture and traditions were severely impacted, and food was also greatly affected.
Well-known time-honored restaurants no longer produce expensive and exquisite dishes, but are encouraged to be "public-oriented and affordable.
Today, whether it is Beijing Roast Duck Quanjude or Tianjin Baozi Goubuli, their prices are no longer close to the people.
Eat a meal of roast duck in Quanjude, and be prepared to spend at least four to five hundred.
From the restructuring in 2004 to 2012, Goubuli, in order to increase revenue, the new management spent seven or eight years to upgrade civilian cuisine to a high-end time-honored brand.
When Goubuli first tried IPO in 2012, it was a top-quality three-star food.
The package price is 35 yuan, and a traditional pork package is 12 yuan.
In the cheap Qingfeng bun shop, the price of each bun is between 1-2 yuan.
Since then, the outside world has been sceptical about Goubuli's "sky-priced steamed buns".
Before the 1990s, Goubuli was the representative of Tianjin civilian food.
In the 1960s and 1970s, a catty of Goubuli steamed buns sold for nine cents, and Sanxian steamed buns sold for 1.
2 yuan, which was 40 per catty.
Prior to 2012, official consumption maintained the high-end pricing of time-honored restaurants.
After 2012, official consumption dropped sharply, and ordinary people could not afford it.
The turning point of the dog's fate was reflected in the data.
In 2013, Quanjude ushered in revenue and revenue.
Profits fell for the first time and then stalled.
Over time, Quanjude and Goubuli have been labeled as "tourism catering".
Once the tourism catering is called a "one-off sale", its products and services are naturally hard to get praise for their high prices.
In addition to the prices that are no longer close to the people, the lack of dishes is also a problem for the old catering brands.
With the development of the times, the living standards of the Chinese people have improved, and the era when roast duck was the best choice for the tooth-fighting festival in difficult times has also passed, and the mainstream consumer groups have also changed.
Haidilao relies on fancy services to attract mass consumption, and all kinds of new Internet celebrity milk teas have changed from name to product.
In the crisis of "after waves", these are still not enough to shake Quanjude's single insistence on roast duck, even if roast duck is one Standard dine-in products, and not a nationwide Internet product.
In addition to price and dishes restricting time-honored restaurants, the huge differences in regional food culture are also a major constraint on the difficulty of time-honored restaurants to go out.
The food culture reflects the regional culture.
In China, there are eight major cuisines including Sichuan, Shandong, Guangdong, Jiangsu, Zhejiang, Fujian and Hunan, as well as various local specialties.
Most places will recognize their local dishes.
Due to the weak channel layout, many time-honored brands are difficult to become national brands, and they are only local brands.
Quanjude also faces this problem.
The single-dish roast duck mentioned above does not seem to represent Beijing cuisine.
This makes it difficult for Quanjude to get out of Beijing, and Quanjude roast duck, which even Beijingers don’t eat, can only become part of major Beijing tour groups.
Quanjude was aware of this problem.
In the middle of last month, Zhou Yanlong, Secretary of the Party Committee and General Manager of China Quanjude Group, said at the Sixth China Catering Innovation Conference, "Quanjude is going to have an operation.
We should first do a good job of catering for Beijingers and take care of the people around us.
When guests come to their house, they will take them to Quanjude.
The time-honored catering is facing internal and external troubles, and must face multiple measures of operation and capital internally.
Externally, it is also facing a "back wave" crisis of Internet celebrity cakes, milk tea, and gift boxes.
However, the well-known time-honored brands can no longer be the same as Internet celebrity brands.
In a short period of time, they have used new media to spread across the country.
Instead, due to their own regional characteristics, they have no choice but to stick to the one-acre three-quarters of land when they started.
The rebirth of the time-honored brand?The rebirth of the time-honored brand?
Turn off the "old" word filter, has the time-honored brand really lost its market vitality?
Compared with time-honored brands that are struggling to survive, in recent years, some new national brands have sprung up like bamboo shoots after a rain, such as the Forbidden City.
In recent years, the Forbidden City has revived from the "old brands" and transformed into the national trend.
According to the "2020 China Consumer Brand Development Report", the online market share of Chinese local brands has reached 72%.
At present, the acceptance and love of domestic products by the younger generation in China is the highest in the past few decades.
At the same time, data shows that the current population of China's "post-80s", "post-90s" and "post-00s" is close to 600 million.
These people are bound to set off a wave of youthfulness and drive new local consumerism.
New consumer demands are ushering in.
Young consumers are no longer confined to the product itself when shopping.
Service, design, and aesthetics are all considerations.
In this case, many time-honored brands should realize that the thinking and sense of the people and the innovative crowd are gradually Running in the opposite direction will result in a disconnect between consumer demand.
While keeping up with the big consumer market situation, time-honored brands should also scrape their bones inward to treat drugs and perform an operation to survive better.