新零售模式下的实体零售企业电商转型优化研究——以永辉超市为例

Research on the Optimization of E-Commerce Transformation of Physical Retail Enterprises under the New Retail Model—A Case Study of Yonghui Superstores

摘要: 数字化转型浪潮下，实体零售企业通过电商路径实现新零售模式升级已成为关键战略选择，但其转型成效与优化路径亟待检验。本文以行业代表性企业永辉超市为研究对象，构建了融合杜邦分析法与经济增加值(EVA)模型的综合绩效评估框架，旨在对其电商转型成效进行系统性诊断。研究发现：永辉超市尽管战略上向线上倾斜，但此前激进的线下扩张导致财务杠杆风险显著加剧，而线上业务未能有效盈利，致使销售净利率连续五年为负，盈利能力持续下滑；更关键的是，EVA连续为负值表明其转型未能创造真实经济价值，反映出投资效率低下与战略执行偏差。本文基于量化分析提出优化建议，为实体零售企业向新零售模式下的电商转型优化策略提供了实践参考。

Abstract: Under the wave of digital transformation, it has become a key strategic choice for physical retail enterprises to upgrade their new retail models through the e-commerce path. However, the effectiveness of their transformation and the optimization path are in urgent need of verification. This paper takes Yonghui Superstores, a representative enterprise in the industry, as the research object and constructs a comprehensive performance evaluation framework integrating DuPont analysis and Economic Value Added (EVA) model, aiming to conduct a systematic diagnosis of the effectiveness of its e-commerce transformation. Research findings indicate that despite Yonghui Superstores’ strategic inclination towards the online sector, its aggressive offline expansion previously led to a significant increase in financial leverage risks. Moreover, its online business failed to generate effective profits, resulting in a negative net profit margin for five consecutive years and a continuous decline in profitability. More importantly, the continuous negative value of EVA indicates that its transformation has failed to create real economic value, reflecting low investment efficiency and deviation in strategic execution. This article puts forward optimization suggestions based on quantitative analysis, providing practical references for the optimization strategies of physical retail enterprises’ transformation to e-commerce under the new retail model.