【故事】曾头顶首富光环，如今却资不抵债：硬刚沃尔玛的“商超巨头”，为何没落？

当时代准备抛弃你时，连一句再见都不会说。

28年跌宕起伏，不仅能见证一个人的成长，还能亲历一家商超的兴衰。就在近期，曾经的“民营超市第一股”人人乐发布业绩预告，公司预计2023年归属于上市公司股东的净利润亏损为4.7亿-5.2亿元，上年同期亏损5.07亿元。

根据深交所股票上市规则，人人乐公司股票将可能在2023年年度报告披露后被实施退市风险警示，而这已经是其“三进宫”。 CXO UNION-CXO联盟（cxounion.cn）

与此同时，人人乐的门店数量持续缩水。截止2022年底，人人乐门店数量113家，较2020年的149家减少36家，全年未开新店，而随着负债的走高，人人乐的现金流同样紧张，截至2023年三季度末，人人乐资产负债率达108.70%，已处于资不抵债的境地。

按照这样的发展轨迹，沉船只是时间问题，可关键在于，它是人人乐啊。作为早期的本土大卖场超市，创办于1996年的人人乐，曾和华润万家、新一佳齐名，被称为“广东超市三大巨头”。

即便在和家乐福、沃尔玛等外来巨头对上演“肉搏战”时，人人乐也丝毫不惧，凭借灵活的销售打法，使沃尔玛损失了几百万。最风光的时候，人人乐市值一度突破120亿，创始人何金明也以90亿的身价登上江西首富的宝座。

然而，好景不长，随着人人乐高管相继离职、卖身易主、入不敷出，曾经炙手可热的狠角色，如今也只能眼睁睁地看着自己江河日下。

能站在巅峰的，往往不是赢家，可以笑到最后的，才是真正的王者。从巅峰到谷底，人人乐究竟做错了什么？

一、大战两大外资商超，人人乐的辉煌岁月

人人乐的名字，在零售行业曾是响当当的存在。

90年代的中国，经济发展一日千里，大量人口从农村冲进城市，从内地杀向沿海，随着中国城镇化进程的飞速发展，一大批本土零售连锁企业顺势崛起。 CXO UNION-CXO联盟（cxounion.cn）

1994年，张文中在北京开出了第一家物美超市，同期步步高超市的前身“湘潭步步高食品公司”成立；1995年，新一佳在深圳成立，永辉超市的创始人也在福建开了家100平米的小超市。

1996年，44岁的何金明辞去公职，在深圳开出了第一家“人人乐”超市。人人乐以生鲜超市起家，通过树立品牌口碑，很快站稳脚跟。

紧接着，人人乐凭借蜂窝式的扩张策略（即先进军一个区域中心，成熟后迅速在区域内开出多家新店，以形成规模和品牌优势），先后设立华南、西北、西南、华北四个运营大区，网点覆盖几十个大中城市，成功实现跨区域连锁经营，跻身中国连锁百强，可谓所向披靡。

其中最为外界津津乐道的，还要数和外资商超家乐福、沃尔玛的短兵交接，尽显英雄本色。1997年，家乐福已经在大陆开了三家店，深圳南山区新店开业不久，店里便迎来了一位日日光顾的神秘顾客。

这个蹲点的神秘顾客正是何金明，通过每天的观察走访，何金明整整记录了400多页纸。在“破解”对手的经营策略后，人人乐迅速“揭竿而起”，不仅堆头陈列照着家乐福“依样画瓢”，促销也比家乐福频繁，家乐福一天变一次，人人乐就一天变两次、三次，双方价格战打得如火如荼。

眼看家乐福销售额腰斩，而人人乐的销售额却攀升到了60多万，为避免恶性竞争，家乐福主动扬起了白旗。何其威风的家乐福，竟让无名小卒打得失了分寸，这一役也让人人乐自此声名鹊起。

暗流汹涌的较量还没有结束。1999年6月，不信邪的沃尔玛宣布要在距离人人乐不到200米的地方开一个2.3万平方米的卖场。彼时，沃尔玛在深圳有5家店，人人乐仅有1家6800平方米的门店。

得知消息后，何金明快速在深圳福田和广东惠州各开了一家店，壮其声势。人人乐先是做了一周的购物节，让沃尔玛开店促销不利，然后出其不意地突然关店追修，趁沃尔玛因为之前的跟进亏损超百万，无力招架之际，人人乐又突袭开业，大打促销和广告，打得沃尔玛节节败退。 CXO UNION-CXO联盟（cxounion.cn）

士气大增的人人乐开始进入爆发期。2002年之后，人人乐超市的总销售规模每年都能保持30%左右的增长速度；2010年1月13日，人人乐顺利登陆A股，营收突破百亿大关，净利润达2.37亿，全国门店数达到78家，店面数量年增幅28.1%，这时的家乐福和沃尔玛，店面年增幅只有20%左右。

春风得意的人人乐此时怎么也没料到，“上市即巅峰”的命运，会印证在自己身上。

二、盲目扩张转型迟缓，一手好牌打得稀烂

时代的风向总是说变就变，来不及拥抱变化，即使曾经叱咤风云，也一样会被拍死在沙滩上。

2011年，人人乐一口气开了24家门店，当年新开门店占其期末门店总数的20%。然而，人人乐还没享受到胜利的果实，来势汹汹的互联网零售已开始剧烈冲击传统零售商，传统零售企业很快进入寒冬期，人人乐的“跑马圈地”不仅没能达到预想中做大规模的效果，还成了亏损的导火索。

骑虎难下的人人乐，却依然选择紧守线下渠道不撒手，2012年，人人乐首次出现亏损，亏损额为8961万元，而这仅仅是开端。祸不单行，由于股权激励分配问题，人人乐又出现了大批高管离职现象，内部动荡频频见诸报端。

恶性循环还在继续，2014年和2015年，人人乐迎来关店狂潮。其中2014年关闭门店18家，直接造成关店损失16285.12万元；2015年关闭11家，计提损失19123.38万元。

从关闭门店的区域来看，大本营华南区频繁关店，子公司举步维艰无力自拔，这种大面积的亏损，必然导致人人乐整体业绩的溃不成军。 CXO UNION-CXO联盟（cxounion.cn）

2015年，无法直视现状的何金明再度出山，一面着手解决主营业务亏损问题，一面借助各种力量手段，期望顺利转型。人人乐开始加快推进线上线下融合转型，包括搭建“人人乐购”网上商城、“人人乐园”APP移动应用、人人乐微商城等线上购物平台。

然而，由于突发股灾，人人乐计划增发股份募集资金的计划泡汤，没有雄厚的资金作为支撑，转型计划只能就此搁浅。

随后，不甘心的人人乐又确立了以高端精品超市与社区生活超市为主的外延发展方向，并在2016年开了4家Le super高端精品超市，4家社区生活超市。

尽管各种新业态多点开花，人人乐公司股票还是被“披星戴帽”。其实，在短时间内探索多种业态的难度非常大，对比不同业态之间，从选品、选址到运营都存在巨大的差异，不仅很难带来新业务的增量，反而让人人乐身陷囹圄，背负起了庞大的债务。 CXO UNION-CXO联盟（cxounion.cn）

疲于奔命的人人乐只得通过出售旗下物业暂时摆脱退市的困局，但这波输血也仅让它撑了两年。2019年4月，人人乐再一次被ST，公司股票简称由“人人乐”变更为“*ST人人乐”，走投无路之际，人人乐将控股权转让给了西安曲江文化产业投资（集团）有限公司，实际控制人变更为西安曲江新区管理委员会。

这意味着，人人乐正式易主，此前的大股东只剩创始人何金明所持15.19%的股份，退居第二大股东的位置。

一手好牌生生打烂，人人乐的高开低走，如何能不叫人唏嘘。

三、试水多种业态自救，人人乐究竟错在哪

雪崩的时候，没有一片雪花是无辜的，从头回溯，人人乐的接连失利，其实早有迹可循。

当互联网零售的风越刮越猛时，人人乐本有机会尽快转身，却仍然坚持高举高打的扩张策略，最终付出了沉重代价。在“侥幸”心理下，人人乐的改变更多停留在表面，人人乐的购物商城始终基于PC客户端，并没有覆盖到移动端用户，也未曾花大力气推广，只是为转型而转型，所以“人人乐购”一直没有起色。

家族式的“一言堂”也让人人乐组织僵化、管理落后。人人乐上市第二年，便出现了数十名高管出走事件，这种情况下，人人乐也很难吸引到优秀的职业经理人加入进来开疆拓土。

管理层面跟不上，造成的重大后果就是许多类商品的经营权被转交给了联营商户，甚至包括其具有核心竞争力的生鲜业务，进一步导致人人乐公司资源分散，无法统一供应链。而供应链就是零售企业的生命线，没有供应链优势，也就失去了竞争力。 CXO UNION-CXO联盟（cxounion.cn）

反观曾经不如人人乐势头凶猛的永辉超市，则坚持在生鲜方面深耕细作，从而建立起一套成熟的运营模式，永辉超市的主打卖点始终是生鲜，靠生鲜盈利，这一领域受到的电商冲击也最小。

同时，永辉的求变态度更加务实、及时，一直在积极寻求成熟电商平台的合作，在2015年时，永辉实施了大规模的增发，其中京东以43亿元入股永辉，双方在电商、物流、供应链进行线上线下互补。

人人乐日渐式微后，重新掌舵的何金明试图通过不同的渠道和业态来提升整体营收，但急功近利之下，结果依然事与愿违。

西安曲江接手后，情况依然没有得到扭转。虽然其从多个方面继续尝试重振人人乐的业绩，包括关闭亏扭无望的门店、扩大供应链前移与建立自主供应链、深化生鲜品类经营、加码线上布局，在营销方式上也尝试引进网红商品、拓展直播渠道、积极发展线上等，但在具体零售业务方面，依然只是忙着跟风，治标不治本。

比如，2021年时，人人乐入局仓储会员店，两个月内在深圳和天津以及咸阳落地3家门店。但仓储会员店作为实体零售业态的发展趋势，并非简单追求低价，核心更多是追求高性价比，想要铺设会员店对供应链和资源的能力要求更高，对于此前探索多种业态都尚未成功的人人乐而言，并不是好出路。

对比起新型大卖场、社区生活超市、精品超市和会员折扣店四大业态，前两者平均门店面积相差近10倍，但坪效差异并不大，而所谓的精品超市，其坪效只有大卖场的一半。 CXO UNION-CXO联盟（cxounion.cn）

突如其来的新冠疫情，又成了压倒人人乐的最后一根稻草。的确，人人乐曾是行业的英雄，但面对电商竞争反应迟缓，盲目试错多种业态拖累营收，走到今日地步，人人乐并不冤枉，想要解决顽疾，人人乐必须要在包括渠道和经营战略方面刮骨疗毒、彻底改革。

人人乐能否得到真正的救赎尚未可知，但有一点可以肯定的是，市场留给人人乐的时间，已经不多了。

翻译：

Once the richest man halo, but now insolvent: hard just like Wal-Mart’s “commercial super giant”, why decline?

When The Times are ready to abandon you, you won’t even say goodbye.

28 years of ups and downs, not only can witness the growth of a person, but also witness the rise and fall of a business super. Just recently, Renren, once the “first share of private supermarkets”, released a performance forecast, and the company is expected to have a net profit loss of 470 million to 520 million yuan attributable to shareholders of listed companies in 2023, and a loss of 507 million yuan in the same period last year. CXO UNION-CXO联盟（cxounion.cn）

According to the stock listing rules of the Shenzhen Stock Exchange, Renren’s shares may be delisted after the disclosure of the annual report in 2023, which is already its “three steps into the palace.”

At the same time, the number of Renren’s stores continues to shrink. By the end of 2022, the number of Renren Le stores 113, compared with 149 in 2020 reduced by 36, the year did not open new stores, and with the rise of debt, Renren Le cash flow is also tight, as of the end of the third quarter of 2023, Renren Le asset liability ratio of 108.70%, has been in a position of insolvency.

On this trajectory, it’s only a matter of time before it sinks, but the point is, it’s fun for everyone. As an early local hypermarket supermarket, Renren Le was founded in 1996, and China Resources Vanguard, Xinyijia, known as “Guangdong supermarket three giants”.

Even in and Carrefour, Wal-Mart and other foreign giants staged “hand-to-hand combat”, Renren Le is not afraid, with flexible sales play, Wal-Mart lost millions. At the most beautiful time, Renren’s market value once exceeded 12 billion, and the founder He Jinming also became the richest man in Jiangxi with a net worth of 9 billion.

However, the good times are not long, with the Renren music executives have left, sold, unable to make ends meet, the once hot ruthless role, now can only helplessly watch their own decline.

Can stand on the peak, often not the winner, can laugh to the end, is the real king. From peak to bottom, what did everyone do wrong?

First, the war of two major foreign commercial super, the glorious years of Renren music

The name of everyone’s joy was once a loud presence in the retail industry.

In the 1990s, China’s economy developed rapidly, and a large number of people rushed from rural areas to cities and from the mainland to the coast. With the rapid development of China’s urbanization process, a large number of local retail chain enterprises rose along the trend.

In 1994, Zhang Wenzhong opened the first Wumart supermarket in Beijing, and the predecessor of Bubugao supermarket, “Xiangtan Bubugao Food Company”, was established. In 1995, Xinyijia was established in Shenzhen, and the founder of Yonghui Supermarket also opened a 100-square-meter small supermarket in Fujian. CXO UNION-CXO联盟（cxounion.cn）

In 1996, at the age of 44, He Jinming resigned from public office and opened the first “Renren Le” supermarket in Shenzhen. Renren Le started with fresh supermarkets, and quickly gained a foothold by establishing brand reputation.

Then, Renren Le with the honeycomb expansion strategy (that is, advanced military a regional center, mature quickly opened a number of new stores in the region, to form scale and brand advantages), has set up South China, Northwest, southwest, North China four operating regions, outlets covering dozens of large and medium-sized cities, the successful realization of cross-regional chain operation, among the top 100 chain in China, can be described as invincible.

Among them, the most talked about by the outside world is the short military handover with foreign super Carrefour and Walmart, showing the true colors of heroes. In 1997, Carrefour had opened three stores on the mainland, and soon after the new store in Nanshan District of Shenzhen opened, the store welcomed a mysterious customer who visited every day.

The mysterious customer of this location is He Jinming, through daily observation visits, He Jinming fully recorded more than 400 pages. After “cracking” the rival’s business strategy, Renren Le quickly “rise up”, not only pile up the display according to Carrefour “according to the sample”, the promotion is also more frequent than Carrefour, Carrefour changes once a day, Renren Le changes twice a day, three times a day, the price war between the two sides is in full swing.

▲ He Jinming

Seeing Carrefour’s sales cut in half, while Renren’s sales climbed to more than 600,000, in order to avoid vicious competition, Carrefour took the initiative to raise the white flag. How the prestige of Carrefour, actually let no one play lost sense of proportion, this battle also let everyone happy since the fame. CXO UNION-CXO联盟（cxounion.cn）

The undercurrent of the contest is not over. In June 1999, the unrepentant Walmart announced that it would open a 23,000 square meter store less than 200 meters away from Renren. At that time, Walmart had five stores in Shenzhen, while Renren had only one store of 6,800 square meters.

After learning the news, He Jinming quickly opened a store in Futian, Shenzhen, and Huizhou, Guangdong, to strengthen its momentum. Renren Le first did a week of shopping festival, let Wal-Mart store promotion, and then unexpectedly closed the store to catch up, while Wal-Mart because of the previous follow-up losses of more than one million, unable to cope, Renren Le and raid the opening, big promotion and advertising, play Wal-Mart retreat.

The high morale of everyone began to explode. After 2002, the total sales scale of Renren supermarket can maintain an annual growth rate of about 30%; On January 13, 2010, Renren Leshun Li landed A shares, revenue exceeded 10 billion mark, net profit reached 237 million, the number of national stores reached 78, the number of stores increased 28.1% a year, at this time Carrefour and Walmart, store annual growth rate of only about 20%.

At this time, how did not expect that the fate of “listing is the peak” will be confirmed in their own body.

Second, blind expansion and transformation are slow, and a good hand is played to shreds

The wind of The Times is always changing, too late to embrace the change, even if once all-powerful, will also be beaten to death on the beach.

In 2011, Renren opened 24 stores in one go, accounting for 20% of its total stores at the end of the year. However, Renren Le has not enjoyed the fruits of victory, the aggressive Internet retail has begun to vigorously impact traditional retailers, traditional retail enterprises soon entered the winter period, Renren Le’s “running horse enclosure” not only failed to achieve the expected large-scale effect, but also became the trigger of losses. CXO UNION-CXO联盟（cxounion.cn）

Renren Music, but still choose to adhere to the line channels do not give up, in 2012, Renren Music for the first time, the loss of 89.61 million yuan, and this is just the beginning. Due to the issue of equity incentive distribution, Renren Le has seen a large number of executive departures, and internal unrest has frequently appeared in the news.

The vicious circle continues, in 2014 and 2015, Renren Le ushered in a frenzy of store closures. Among them, 18 stores were closed in 2014, which directly caused a loss of 162.8512 million yuan; In 2015, 11 were closed, with a loss of 191,233,800 yuan.

From the perspective of the area where the stores are closed, the headquarters in South China frequently close stores, and the subsidiaries are struggling to extricate themselves, this large-scale loss will inevitably lead to the collapse of Renren’s overall performance.

In 2015, He Jinming, who could not look directly at the status quo, came out again, set out to solve the problem of loss in the main business, and hoped for a smooth transformation with the help of various power means. Renren began to accelerate the integration of online and offline transformation, including the construction of “Renren Tesco” online mall, “Renren Paradise” APP mobile application, Renren Music micro mall and other online shopping platforms.

However, due to the sudden stock market crash, Renren’s plan to raise funds by issuing additional shares failed, and there was no strong capital as support, and the transformation plan could only be stranded.

Subsequently, the unwilling Renle established the extension development direction of high-end boutique supermarkets and community life supermarkets, and opened 4 high-end boutique supermarkets and 4 community life supermarkets in 2016.

Despite the emergence of various new forms of business, Renren’s shares are still “wearing stars and hats”. In fact, it is very difficult to explore a variety of formats in a short period of time, and there are huge differences between different formats, from selection, location to operation, which is not only difficult to bring about the increase of new business, but also make everyone happy in prison and bear a huge debt. CXO UNION-CXO联盟（cxounion.cn）

Tired Renren Le had to temporarily get rid of the delisting dilemma by selling its properties, but this wave of blood transfusion only allowed it to survive for two years. In April 2019, Renren Le was once again changed from “Renren Le” to “*ST Renren Le”. When there was no other way out, Renren Le transferred the controlling shares to Xi ‘an Qujiang Cultural Industry Investment (Group) Co., LTD., and the actual controller was changed to the Management Committee of Xi ‘an Qujiang New District.

This means that Renren Le officially changed owners, and the previous major shareholder only the founder He Jinming held 15.19% of the shares, returning to the position of the second largest shareholder.

A good hand of cards to be broken, everyone happy high open low, how can not call people sigh.

Third, test the water of various forms of self-rescue, where is everyone happy

When the avalanche, no snowflake is innocent, back from the beginning, everyone is happy one after another, in fact, there are traces to follow.

When the wind of Internet retail is blowing more and more fierce, Renren Le had the opportunity to turn around as soon as possible, but still insisted on the expansion strategy of high play, and eventually paid a heavy price. Under the “lucky” mentality, Renren Le’s changes stay more on the surface, Renren Le’s shopping mall has always been based on PC clients, and has not covered mobile users, and has not spent much effort to promote, but for transformation and transformation, so “Renren Tesco” has not improved. CXO UNION-CXO联盟（cxounion.cn）

The family-style “one-word speech” also makes Renren le rigid organization and backward management. In the second year of Renren’s listing, dozens of executives left, and in this case, Renren is also difficult to attract excellent professional managers to join in the expansion of the territory.

The management level can not keep up, and the major consequence is that the right to operate many types of goods is transferred to associate merchants, even including its core competitiveness of fresh business, which further leads to the dispersion of resources of Renren Le company and the inability to unify the supply chain. The supply chain is the lifeline of retail enterprises, without the advantage of supply chain, it will lose its competitiveness.

On the contrary, Yonghui supermarket, which was once not as fierce as Renren Le, insists on deep cultivation in fresh, so as to establish a mature operating model, Yonghui supermarket’s main selling point is always fresh, relying on fresh profit, and the impact of e-commerce in this field is minimal.

At the same time, Yonghui’s attitude to change is more pragmatic and timely, and has been actively seeking cooperation with mature e-commerce platforms. In 2015, Yonghui implemented a large-scale additional offering, of which Jingdong bought into Yonghui with 4.3 billion yuan, and the two sides complement each other online and offline in e-commerce, logistics and supply chain.

After the decline of Renren Le, He Jinming, who returned to the helm, tried to improve the overall revenue through different channels and formats, but the results were still counterproductive.

After Xi ‘an Qujiang took over, the situation has not been reversed. Although it continues to try to revive Renren’s performance from many aspects, including closing stores with no hope of loss, expanding supply chain forward and establishing independent supply chain, deepening fresh category management, increasing online layout, and trying to introduce Internet celebrity products in marketing methods, expanding live channels, and actively developing online, but in terms of specific retail business, it is still busy following the trend. Treat the symptoms rather than the root causes.

For example, in 2021, Renren Le entered the warehouse member store, and landed three stores in Shenzhen, Tianjin and Xianyang within two months. However, the development trend of warehouse member stores as physical retail formats is not simply the pursuit of low prices, the core is more the pursuit of high cost performance, and the ability to lay member stores to supply chain and resources is higher, which is not a good way out for Renren, which has not been successful in exploring a variety of formats before.

Compared with the four major formats of new hypermarkets, community life supermarkets, boutique supermarkets and member discount stores, the average store area difference between the first two is nearly 10 times, but the difference in efficiency is not large, and the so-called boutique supermarkets, their pingefficiency is only half of the hypermarkets.

▲ The store floor efficiency corresponding to the business format in 2021

The sudden new coronavirus epidemic has become the last straw that overwhelms everyone’s joy. Indeed, Renren Le was once the hero of the industry, but in the face of e-commerce competition, slow response, blind trial and error of a variety of formats drag revenue, to today’s point, Renren Le is not wronged, want to solve the intractable disease, Renren Le must be in including channels and business strategy to scratch the bone therapy poison, thorough reform.

Whether Renle can be truly redeemed is not yet known, but one thing is certain that the market has little time for Renle. CXO UNION-CXO联盟（cxounion.cn）

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于快刀财经；编辑/翻译：CXO UNIONCXO联盟小U。

如需加入CXO UNION（CXO联盟）高管社群，请联系社群小伙伴哦~

免责声明: 本网站(http://www.cxounion.cn/)内容主要来自原创、合作媒体供稿和第三方投稿，凡在本网站出现的信息，均仅供参考。本网站将尽力确保所提供信息的准确性及可靠性，但不保证有关资料的准确性及可靠性，读者在使用前请进一步核实，并对任何自主决定的行为负责。本网站对有关资料所引致的错误、不确或遗漏，概不负任何法律责任。

本网站刊载的所有内容(包括但不仅限文字、图片、LOGO、音频、视频、软件、程序等) 版权归原作者所有。任何单位或个人认为本网站中的内容可能涉嫌侵犯其知识产权或存在不实内容时，请及时通知本站，予以删除。