bxr中国路边的零售业英文版10Word文件下载.docx

bxr中国路边的零售业英文版10Word文件下载.docx

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bxr中国路边的零售业英文版10@#@RoadsideretailinChina@#@GasolinereachesthehugeChinesemarketthroughafragmentedretailanddistributionnetworkofabout90,000stations,almostallstateowned.Manyarerunmoreassinecuresthanasbusinesses,oftenwithastafffourtofivetimeslargerthantheinternationalnormbutwithlessthanaquarteroftheaveragegasolinethroughputofUSstations.TheChinesegovernment,whichiswellawareoftheproblem,hasresolvednottoallowthecountryenergyinfrastructuretoburdenthewholeeconomy:

@#@itisfastderegulatingthesector,whichwillbefullyopeneduptoforeigncompaniesin2004underthecommitmentsattendingthecountrymembershipintheWorldTradeOrganization（WTO）.Foreignoilcompanieshavehithertobeenrestrictedtoone-offlocaldealsinspecialeconomiczonesortiedtoinvestmentsintoll-roadconstruction.@#@Althoughthestageshouldthusbesetforcannycorporationstomoveintothemarket,itremainsunclearhowtheywillmakemoney.Competitionisalreadydrivingdownretailmarginsongasoline,whilepricesforthebeststationsiteshavesoaredasChina抯largedomesticoilcompanieshaverushedtobuythem.OilcompaniesintheWestfacingsimilarmarginpressuresknowthatmostgasolinestationsareviableonlyiftheyoffergeneral-retailfacilitiesatleastaslargeasaconveniencestore,inadditiontogasoline.ThisistrueinChinaaswell.Thehighest-volumesitesmightbemadeprofitableontheirfuelrevenuesalone,buttherestneedsubstantialnonfuelrevenuestomakeaprofit.@#@Thestrategicimplicationsareclear.InChinaaselsewhere,thefirstdecisionforanoilcompanyiswhethertoownandoperatesitesormerelytosupplythemwithgasoline.Ifthecompanyoptsforownership,ithasachoice:

@#@toadoptaretailstrategyandpursuenonfuelrevenuesfromaportfolioofretailsitesortotargetonlythehighest-volumesites,usingthemtobuildahigh-qualitygasolinebrandthatcanalsobeofferedthroughindependentretailers.Atpresent,theChineseoilmajorsarepursuingneitherstrategy;@#@theyhavesimplyrushedtograbanyavailablesite,wheretheysellasmuchpetroleum-basedproductaspossiblewhileignoringtheretailpotential.Themultinationalshavebeenmorejudiciousinselectingsitesfortheirinitialjointventures,buttheytoohaveneglectedthestrategicchoice.Unlessallofthesecompanies,domesticandinternationalalike,changetack,theirinvestmentsinexpensiveChineserealestatemayunravel.@#@Themarketandsiteeconomics@#@China抯dominantoilcompaniesareSinopec,inthesouthandeast,andPetroChina,whichhasthemorecomprehensiverefineryanddistributionnetworkofthetwo,inthenorthandwest（Exhibit1）.Thetwocompaniesaimtocapture,betweenthem,70percentofChina抯gasolinesalesvolumeby2005.SincetheirIPOs,in2000,theyhaveinvestedheavilyinpetroleum-relatedinfrastructureandinbrandbuilding.Havingalreadyraisedtheirshareofsalestomorethan40percentandsecuredmostoftheprimesitesinthebiggestcities,theyareontracktomeetthistarget.@#@Until2004,multinationalcompanieswillbeallowedtoownoutrightonlythe300orsositestheynowpossessthroughlocaldealsstruckbeforegovernmentderegulationofforeigninvestmentinthesector,inthemid-1990s,buttheycanbuilduptheirholdingsthroughjointventureswithChinesecompanies.BP,ExxonMobil,andRoyalDutch/ShellareestablishingjointventureswithPetroChinaandSinopecbycontributingcapitalforthepurchaseofsitesandbysupplyinghigher-marginpremiumfuels;@#@BPandPetroChina,forexample,aimtoboosttheirholdingsto950stationsbyacquiring670stationsfromlocalcompaniesinFujianandGuangdong.Suchjointventuresbindthepartnersonlyinspecificprovincesandhavesofarbeenformedinjust4outof27ofthem.Fortheremainder,theoptionsofbothpartiesarestillopen.@#@The60percentofsalesnotcontrolledbythetwoChineseleadersiscurrentlyheldbyvariousquasi-governmentalentities,includinglocalandprovincialauthoritiesandstate-ownedenterprises.Citygovernments,forexample,havestartedtheirownretailinggroups,oftenbuiltaroundlocalhighway-constructionprojects.Someprivateoperatorsarealsoemerging:

@#@forexample,ChinaResourcesEnterprise,aholdingcompanybasedinHongKong,has23stationsandisthinkingaboutopeningmore.Butingeneral,smallercompanies,dauntedbythebiddingpowerofPetroChinaandSinopec,areholdingback.@#@BothofthemajorshopethattheirspendingwillcreateaprofitablestructureforChina抯gasoline-retailingindustryafterthemarketopensupin2004.Internationalexperienceshowsthatgasolineretailingtendstoberelativelyprofitablewhereverthetopthreeparticipantscontrol80percentofthemarket,growthisstrong,andthesupplyofgasolineisshort.Chinashouldmeetthesecondi