界面新闻记者 | 赵晓娟

界面新闻编辑 | 牙韩翔

12yue2ri，julingshouzimeiti《shangyeguanchajia》baodao，woermazhongguozongcaijishouxizhixingguanzhuxiaojing2024nian11yue27rixiangwoermazhongguoquantiyuangongfasongleyifengaocengrenshidiaozhengyoujian，xuanbushanmuhuiyuandianzhongguozongcaiwenande（andrew miles）jiangyu2025nian1yue31rizhengshituixiu，woermaguojibuyingyungaojifuzongcaijane ewingjietiwenande，danrenshanmuhuiyuandianzhongguodailizongcai。jiemianxinwencongwoermazhongguoguanfangzhengshileshangshuxinxidezhenshixing。

janejiangzai2025nianchujiaruwoermazhongguo，shanmuhuiyuandianshouxiyingyunguanzhengshuohuai、shouxicaigouguanzhangqingjiangzhijiexiangjanehuibaogongzuo。

wenandejinglileshanmuzaizhongguofazhanzuikuaisude12nian。

zaiwenande2012nianjiaruwoermazhongguobingdanrenshanmuhuiyuandianshouxiyingyunguanshi，shanmuzhongguodangshihuale16nianjinkaichu8jiamendian。wenandejiaruhou，zuichude5niankaishiyichabuduoyinianyijiadiansuduhuanmantuozhan。

2017nianwenandeshengrenweishanmuhuiyuandianzongcai，dao2020nianshanmuzaizhongguodemendianshuliangchabuduobeizengjiadao32jia，mendianshuliangshitajiaruzhiqiande4bei。weici，2020nianwenandebeishengrenwoermazhongguofushouxizhixingguanjianshanmuhuiyuandianzongcai。

2021nian，wenandezaijieshoujiemianxinwenzhuanfangshishuo，shangpinshishanmuxiyinhuiyuan、tishenghuiyuannianxingdegenyuan。fufeizhihuiyuandiandeshangyeluojishitigongranggukejuedewumeijialiandeshangpin，chixubaochixiyinlihenianxing，rangtamenbuduanzhifuhuiyuanfei，jinchanggoumai。

ershanmuzhisuoyilingxianyuqitalingshoupinpaidehexinzaiyu，tayijingjianlileyixiejiaoweichengshude“baokuan”chanpin，rudangao、pisaheniuroudengbaokuanchanpin，shiyonglaixiyingukedezhuashou。

shanmuduiyuzhongguolingshouquanhendadegaibianzaiyu，ranghuiyuandianwanjialiqinglehuiyuanzhilingshoubushipinleidegainian，shidanpindegainian，weicidailaiyiguhuiyuanzhire。

fangyizhengcediaozhengzhihou，shanmugengshipingjiegaozengzhangdedianshangyewujinyibukuodaguimo，jiezhidaojinnian11yue22ri，shanmuzaizhongguoyijingyongyou55jiamendianhe300duogeqianzhicang。anzhaoshanmudetuozhanjihua，weilaijinian，shanmuhaijiangzaibeijingchangping、shandongqingdao、zhejiangwenzhou、henanzhengzhou、tianjinhongqiao、beijingfangshandengdikaishexinmendian。

weilegengdafanweixiyinxinhuiyuan，shanmuzai2021nianhaikaitonglequanguopeifuwu，zhenduizhongguochunjieqijianderenkouliudongtezheng，yijihuiyuansongli、ziyongdengxuqiu，shanmutuichulexianshiman299yuanquanguobaoyoudefuwu。

zhengzaichixukuozhangdeguanjianjiedian，wenandeyinglaituixiu，duiyujietitadejane，congzhuxiaojingyoujiandebiaoshuzhongkan，tamuqianweidailizongcai——zheiyiweizhe，tagengxiangshiguodurenxuan。

woermaguanwangziliaoxianshi，janeyu2012nianjiaruwoerma，xianhouzaiwoermameiguoheguojibudecaigou、yingyun、renliziyuan、kechixufazhandengbumenrenzhi。janezi2017nianqidanrenwoermaguojibushouxirenliziyuanguan，2020niandiaorenwoermaquanqiukechixufazhangaojifuzongcai，2024nian1yuetahuidaowoermaguojibudanrenyingyungaojifuzongcai，fenguanyingyun、gongyinglian、dichandengbumen。

wulunjaneshifoushizuizhongrenxuan，shanmuzhongguodexinzhangduozheyaojiejuedeshouyaowentishitishengchengzhangxing，zheishiqisuomianlinde“diyizuodashan”。

shanmuzaizhongguodezengsukaishiyijingmanlexialai。

jiemianxinwenduibiwoermazi2023cainiansanjiduzhi2025cainiansanjiduzonggong9gejidudeyejifaxian，woermazhongguozaikebixiaoshouezengfu、jingxiaoshouezengsu、dianshangyewujingxiaoshouezengzhangfudusangezhibiaoshangdouchuxianlexiahuadequshi。

qizhong，kebixiaoshouehejingxiaoshouezengzhangzuikuaideyigejiduwei2024cainiandediyijidu，erdianshangyewujingxiaoshouezengsuzecong2023cainiansijidude70%xiahuadao2024cainianpingjunde37%，bingjinyibuxiahuadao2025cainiandepingjun24%。

muqian，shanmuyijingjiasulezaizhongguoshichangde“xiachen”。liruzaiguoqulianggeyuenei，tafenbiezaiguangdongdongguanhezhejiangshaoxingkaisheleliangjiaxindian，qimendianbujukaishixiangerxianjisanxianchengshimaijin。jingguoyiduanshijiandeshichangjiaoyu，xiaofeizheyijingkaishixiguancangcuhuiyuandiandabaozhuangdegouwufangshi，erersanxianchengshisuoyongxiandezhongchanjiatingjiangshishanmuweilaizengzhangdezhongyaokequn。

但和进入万店时代的餐饮赛道不同，仓储会员店的下沉空间有限。目前山姆的“下沉”多是选择了经济发达、消费能力较强的城市，集中在华东、华南地区，加上且其下沉市场的策略更多是利用周边城市的溢出效应，或许其增量空间会受到限制。

ciwai，zhangduoshanmuzhongguoderenhuoxuhaixuyaogengjiabentuhua，lejiezhongguoshichangzhengzaifashengdebianhua。bentujingzhengyeshishanmuzhongguoxinzongcaisuomianlinde“dierzuodashan”。

就在山姆扩张的时候，中国本土零售行业也开始进行一场调改。从以往的猛增长中慢下来后，零售商之间越来越“内卷”，同时冒出胖东来、调改版永辉和联华超市dengdeng，zheixielishequgengjin，qiejuyouhuatiduheliuliangdechaoshi，yebuduantishengzhongguobentulingshoupinpaidejingzhengli，tamenzaiweilaihuoxuhuiqiangzouyibufenshanmudeguke。

因此，如果此番调整只是过度，那么山姆或许需要一个更了解中国其他竞争对手的领导者，才能够帮助它更好地应对未来可能出现的挑战。‌‌

yucitongshi，shanmujinjinianyezaoyuleyinyangbiaoqianyuzhicaishijian、lanhuanzhangyu，yijidaigouluanxiangdeng“baixiaofeizhehaogan”deshijian，zheirangxiaoshouejiejinqianyiguimodeshanmuzaimianlinzhangduozhetuixiuhou，xuyaomianlinxindetiaozhan。