According to an analysis, the bulk snack market is transitioning from scale expansion to competition on efficiency and model iteration. The "cost-saving supermarket" format has become one of the most resilient offline retail models, leveraging three key strengths: high cost-performance, strong experiential value, and proximity. Leading brands are continuously building deep moats through supply chain integration, standardized output, and model iteration, positioning them to capture market share during a period of industry consolidation. The report recommends Wan Chen Group (300972.SZ) and suggests monitoring leading players with advanced supply chain and store operations capabilities, such as BUSYMING (01768). The core viewpoints are outlined as follows:

LaYouPin Cost-Saving Supermarket: Implementation of Refined Operations, Continuous Optimization of Store Efficiency and Conversion

① Clear store layout and zone signage enhance cross-selling and shoppability. The store clearly marks zones for oral care, instant meals, rice/flour/oil, household cleaning, and trendy toys, with snacks and beverages forming the main axis, supplemented by daily necessities and chilled sections, resulting in a broader SKU range. Optimized layout and zoning serve as the foundational prerequisite, providing clear pathways that shorten consumer decision-making time and thereby increase the add-on purchase rate.

② Dual checkout counters and front-loaded member redemption improve conversion efficiency. The store features two checkout counters to alleviate peak-hour congestion. The checkout area includes a "member exchange/points redemption zone + information screen," shifting member conversion from "passive inquiry" to "visual front-loading + convenient redemption," which helps boost penetration. Additionally, cashiers proactively ask "Are you a member?" during checkout. Observations indicate the vast majority of customers are already members. For non-members, staff actively guide them to register or scan a code to join a group for coupons. Registration requires only a phone number, effectively lowering the user barrier and improving conversion. Cashiers also proactively recommend private-label products during checkout.

③ In-store and external promotional activities and lotteries create a closed-loop management of "activity traffic → participation → conversion → ROI." External posters advertise anniversary celebrations/lottery draws for purchases over 48 yuan with a 100% win rate. Internal screens loop explanations of benefits and promotions, achieving a closed-loop management from driving traffic to realizing return on investment.

④ Non-food categories feature a wide assortment but narrow selection, reducing decision-making costs and improving turnover efficiency. While the sample store's non-food categories are diverse, the actual number of items per category is tightly controlled to a few core SKUs (e.g., mainstream paper products, essential condiments). This strategy eliminates slow-moving, inefficient goods and allocates resources to high-frequency necessities. For instance, the toilet paper section mainly features mainstream items from brands like Vinda and C&S, with only 2-3 SKUs per sub-category and no redundant extensions. This approach reduces inventory backlog and capital tie-up, minimizes product damage, and ensures store capital and shelf space are concentrated on the most competitive bestsellers, achieving "small but refined, refined but strong." Secondly, it lowers the selection cost for consumers, reducing "choice paralysis" and fostering a "buy with confidence" trusted experience. Additionally, cigarette displays are visible at the checkout, and the variety of IP trendy toys is also relatively high.

Zhao Yi Ming Cost-Saving Supermarket: Snacks as Foundation + Fun Additions, Creating Differentiation through Emotional Experience

① The store front creates a tripartite visual display system integrating "operations monitoring + brand promotion + franchise recruitment." The front desk is equipped with a "monitoring screen (for order/loss prevention) + product promotion screen (for bestsellers/activities)," and a small screen displays "franchise policies," forming a dual-function matrix for "promotional content reach + franchise lead capture." This shortens the inquiry process and improves customer acquisition efficiency.

② Using snacks as the core business, category expansion is relatively "restrained," balancing "practicality" and "fun." The sample store's core is snacks, supplemented by trendy toys/household daily chemicals/frozen goods, with no rice, flour, oil, or condiments observed. Its non-food coverage is narrower than LaYouPin's; for example, the frozen aisle occupies only about one-sixth of the space. The front desk offers grilled sausages and egg tarts, which are high-value, simple-to-operate options that can attract foot traffic (2.9 yuan/piece, 9.9 yuan/6 pieces). Furthermore, the store features a "DIY beverage mixing zone" with posters displaying popular recipes, enhancing interactivity, social sharing potential, and catering to the emotional value sought by younger demographics.

③ Process visualization and trust pre-establishment strengthen terminal mindshare penetration and consumer confidence. In-store promotions like "strictly selected good quality, worry-free snack buying" are reinforced through multi-point visual outputs via posters detailing product quality and the supply chain process, combined with straightforward store copy like "good quality" and "worry-free buy," further solidifying consumer safety confidence.

④ A well-developed member operations system drives efficient conversion and additional purchases. The front desk features a "member points redemption zone" (e.g., for cola, chips, bottled water), lowering the participation threshold and satisfying customers' desire for instant, small rewards.

Potential Risks to Consider

Risks include intensifying industry competition, consumer demand falling short of expectations, and food safety issues.