Summary：

Miniso（名创优品）, having recently acquired a significant stake in Yonghui Supermarkets（永辉超市）, met with Fat Dong Lai's（胖东来） founder to discuss Yonghui's restructuring. Miniso's CEO expressed his admiration for Fat Dong Lai's retail model, emphasizing a focus on quality and employee well-being as key to success. Fat Dong Lai's founder similarly highlighted the importance of employee happiness, high-quality products, and international standards in the retail industry. The restructuring of Yonghui stores involves both direct assistance from Fat Dong Lai and independent implementation by Yonghui, aiming for significant expansion by the upcoming Lunar New Year.

Key Themes:

• MINISO's Belief in Quality Retail: Ye Guofu expresses strong faith in the potential of quality retail to drive the emergence of a globally competitive Chinese consumer enterprise. He sees this potential in Yonghui, believing it possesses the qualities to become "the happiest quality community supermarket around you."


• The Fat Donglai Model: Ye admires the Fat Donglai model, viewing it as a benchmark for the retail industry. He believes Yonghui can learn from Fat Donglai's focus on customer experience, employee happiness, and high-quality, aesthetically pleasing products.


• Emphasis on Employee Happiness: Both Ye and Yu stress the importance of employee well-being. MINISO is implementing initiatives like “Wednesday celebrations” and a “grievance award” to foster a positive and supportive work environment, drawing inspiration from Fat Donglai.

Key Facts:

• MINISO's Acquisition of Yonghui: MINISO acquired Yonghui for 6.3 billion yuan, making it one of the largest and most closely watched acquisitions in China this year.


• Two Approaches to Yonghui's Revamp: Fat Donglai Assistance: Direct involvement from Yu Donglai and his team in revamping stores, primarily in Henan province.


• Independent Learning: Yonghui independently implemented Fat Donglai-inspired changes in other stores.


• Target for Revamped Stores: Yonghui aims to revamp 40 to 50 stores by the Spring Festival, with 20 already completed.

Glossary of Key Terms：

• MINISO (名创优品): A Chinese variety store chain known for its low-priced products and trendy designs, often compared to Japanese retailer MUJI.


• Pang Dong Lai (胖东来): A highly regarded regional supermarket chain in China known for its exceptional customer service, employee benefits, and high-quality products.


• Yonghui Superstores (永辉超市): A large national supermarket chain in China known for its focus on fresh produce and everyday groceries.


• Ye Guofu (叶国富): Founder, Chairman, and CEO of MINISO.


• Yu Donglai (于东来): Founder and Chairman of Pang Dong Lai.


• Acquisition: The process of one company taking ownership of another.


• Renovation: The process of improving or updating existing stores.


• Costco: A large American membership-only warehouse club known for its bulk discounts and private-label products.


• "Grievance Award" (委屈奖): A symbolic award or compensation given to employees who experience unfair treatment or hardship.


• "Wednesday Celebrations": MINISO's practice of holding celebrations for employee birthdays and other events on Wednesdays to foster camaraderie and boost morale.


• Quality Retail (品质零售): A focus on offering high-quality products and services as a core business strategy.

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