The level of competition in Chile’s consumer goods and retail sector is relatively low, with a few large private companies, mainly of Chilean origin, holding dominant positions in the major channels. In 2017, 70.6% of the sector’s net revenues corresponded to eight private companies, of which three were multi-channel retailers operating department stores, supermarkets, home improvement centres and shopping centres. Moreover, there is a sustained concentration process in the department store channel, marked by increasing positions of the four biggest players in 2012-2017, whereas the concentration in the supermarket channel has exhibited a more volatile behaviour.

2018年消费复苏放缓，零售行业承压。2018年1-11月，全国社会消费品零售总额和限额以上企业商品零售总额同比分别增长9.1%/ 6.1%，增速较上年同期分别下降1.2/ 2.2个百分点。2018年大多数上市企业收入增速和净利润增速下滑。1-3Q2018零售行业主要的60家A股上市公司营收同比增长9.08%，增速较1-3Q2017下降2.04个百分点，扣非归母净利润同比减少4.70%，而1-3Q2017同比增长43.34%。

2018 年前三季度社会消费品零售总额同比增长9.2%，较去年同期下降1.1个百分点，环比增长0.2个百分点。营业收入持续增长，盈利能力分化。

监管层和业内人士近日接连发声，直指支付行业乱象，并强调支付行业严监管将常态化。

Retail sales increased by 8.6% y-o-y in October 2018, down from 9.2% the previous month and down from 10.4% in July 2017. Several consumer goods categories have seen a retail slowdown, with furniture the most impacted and cosmetics the only category still showing positive growth in retail sales.  Following the criticism of a perceived racist marketing campaign, luxury retailer Dolce & Gabanna cancelled its high profile catwalk show in Shanghai, while e-commerce majors Alibaba, JD.com and Yoox Net-a-Porter have dropped the brand from their websites.  US retailer Urban Outfitters has announced global expansion plans which involve a broadened commitment to China through the Tmall platform, holding inventory in the country and fulfilling orders through a third-party service provider in China.  Ralph Lauren is set for rapid expansion in China, with plans to open one store a week. This follows Ralph Lauren's plan to hit USD500mn in revenue from Greater China in the next five years. Chinese consumption of luxury goods will face downside risk following the escalation in border crackdown in October 2018 on Daigou shoppers who bring luxury purchases from overseas to Chinese consumers to evade taxes. Inditex-owned Uterqüe announced the launch of its flagship store on Alibaba's business-to-consumer platform Tmall, joining Zara on the platform in August 2018.

2018是新零售落地践行的一年，零售行业的各业态纷纷开展新零售改造。新零售强调的核心之一是数字化。目前需求端数字化已经基本完成。在新零售的下半场，供给侧的数字化改造正在快马加鞭进行。母婴行业作为零售垂直领域之一，其供给侧数字化初有成效。本篇报告作为研究新零售供给侧的开篇之作，试图通过母婴行业的新零售进程分析，探索新零售供给侧数字化。

公司历史沿革及业态变迁：从杂货店到全球扩张。1945-1961 年为沃尔玛起步的杂货店时期，通过选址策略、行业提升红利以及经营能力获得初步成功。1962-1981 年区域扩张，公司上市后资金无忧，凭借高性价比商品在两次石油危机造成的行业出清中，享受集中度提升并成为美国中西部零售龙头。