This is a brand new business model, but it is no longer a new concept for China's retail industry. Suning, another O2O practitioner, is also telling a story like that. ZARA, H & M, UNIQLO and other fast fashion brands have entered the Chinese market, ZARA has landed in 50 cities, opened more than 120 stores, and plans to expand stores in second and third tier cities. Although it may take some time for the annual report to come out, 2013 is likely to be the worst year in Metersbonwe history. Of course, this is also the most stressful year for Smith Barney chairman Zhou Chengjian. Near the end of the year, he frequently made appearances and publicized the progress of Smith Barney's transformation. Just earlier this year, Zhou Chengjian still emphasizes learning from ZARA, but now it seems that he has changed a teacher. Zhou Chengjian Smith Barney found the new direction is O2O, that is, the combination of physical stores and e-commerce. He started this year to transform a direct store into a new concept store O2O, there are already 6 different cities completed the upgrade shop. This year, Smith Barney will independently operate a two-year e-commerce platform to buy network back to the listed company. Consumers can log in Smith Barney e-commerce platform to view the product, and through the phone booking fitting, but also the store clerks to complete the appropriate clothing on behalf of. Unwilling to carry shopping clothes shopping, but also online orders, courier home, of course, can also be directly ordered in the shop, to the store delivery. This is a brand new business model, but it is no longer a new concept for China's retail industry. Suning, another O2O practitioner, is also telling a story like that. The key point of O2O is to really attract those who like online shopping to get out of their home. Zhou Chengjian's approach is to completely rebuild the shop. Hangzhou flagship store is Smith Barney's first shop was transformed, it has now become a "Central Station style", the lobby was transformed into a waiting room, dressing room designed as a train compartment. This is just one of them. Zhou Chengjian plans to design each experience store into a different style, "one city one culture, one shop one theme." Each store has its own leisure facilities including a bookstore, a coffee bar and a garden terrace. Free WiFi is provided for guests to relax and surf the internet. Zhou Chengjian said that although the current upgrade of the store in the country more than 5,000 stores only account for 0.5% of the proportion, it is impossible to change the image of Smith Barney, but once there are such stores across the country, it will allow consumers to re-recognize Smith Barney. In his view, culturally-embedded experience stores can relocate Smith Barney from an ordinary clothing label to a lifestyle, while Smith Barney also gets backstage data from the O2O system. Smith Barney plans to upgrade 100 stores with experiential functions in the next 12 months and then cover affiliate stores. Based on investment cost considerations, Smith Barney can not simultaneously renovate all direct stores, at present only Hangzhou, Chengdu, Wenzhou and a few cities have completed an upgrade. At the same time, Smith Barney is still preparing for the shift in brand positioning. According to the person in charge of Smith Barney's marketing department, Smith Barney will use the background data obtained by O2O to understand consumer preferences and adjust the products to attract more consumers. Previously Smith Barney products targeted at the age group of 18 to 25 years old, but the once "China's first fast fashion brand", has gradually lost its appeal to young people. In fact, while upgrading the store, Smith Barney also continued to shop. In the first half, the company has closed more than 100 outlets. The third quarterly press release recently released by Smith Barney showed that the net profit of the company was 382 million yuan, down 49.12% from the same period of last year. The net profit attributable to shareholders of the listed company in 2013 is expected to decrease by 30% to 50%. Smith Barney transformation can be said to be forced by market pressure. From the late 1990s to around 2010, the garment industry in China experienced rapid growth with net profit growth of 600% for Metersbonwe in some years. After that, with the rapid success of international fashion brands such as ZARA, GAP and UNIQLO in China and their expansion, the Smith Barney embarked on a radical expansion path to resist their attacks. In 2008, the company was listed on the A-share of the Shenzhen Stock Exchange and Zhou Chengjian was also ranked fifth in the Forbes China Rich List in 2008. From the beginning of 2010, the golden age of local brands was over, and the stock of Smith Barney suddenly increased from 900 million yuan at the beginning of the year to 2.548 billion yuan by the end of the year.
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