The business of the tavern entered the eve of the outbreak.

Frost & Sullivan Consulting Agency predicts that in 2025, the scale of the tavern industry will reach 189.3 billion yuan. The compound annual growth rate from 2020 to 2025 is 18.8%, of which the compound annual growth rates of first-tier, second-tier, third-tier and lower cities are 15.4%, 17.5%, and 26.7%, respectively.

ONE

The first share of the pub

Bring industry awareness earthquake

Recently, Helens submitted a prospectus to the Hong Kong Stock Exchange. If the listing is successful, Helens will become the first share of the tavern.

Helen Division's attempt to go public is equivalent to dropping a blockbuster on the catering industry. When did the pubs scattered on the street and on the bar street begin to take shape; when did pubs start from the bar street, from the prosperous first-tier cities into the university town, and into the "small town"?

When Helens was "low-key" toward scale, many people's cognition of pubs still remained in the first-tier cities, middle class, independent personality, thousands of stores...

Until Helens wrote in the prospectus:

1. Annual income of 800 million

The contents of the Helens Prospectus show that its revenue in 2018, 2019, and 2020 will be 115 million, 565 million, and 818 million yuan, respectively, with a compound annual growth rate of 166.9%. As of December 31, 2020, Helens has 56, 200 and 94 domestic first-tier, second-tier and third-tier cities, respectively.

Among them, even in 2020, when the entire industry is clearly affected by the epidemic, Helens will still open 105 new pubs, with annual revenue increasing by 44.8% year-on-year. As of the release of the prospectus, Helens has 371 directly-operated pubs nationwide.

More than 300 stores, with an annual income of 800 million, in Helens, we see the ability of a tavern brand to "suck gold".

2. Low price

Helens has its own independent products, and more than half of the income from alcohol and drinking comes from its own products. In 2018, 2019, and 2020, Helen's own alcohol and beverage revenue accounted for 68.4%, 64.2%, and 69.8% of total revenue, respectively. The best-selling of its own alcoholic drinks has a great relationship with Helens' product positioning.

The content of the prospectus shows that the average price of bottles of Helens' own products is less than 10 yuan, which is obviously contrary to everyone's traditional perception of high-priced wine in pubs. But it was precisely with its low-price strategy that Helens opened the tavern near the university city, capturing a group of loyal student fans, and living well in second- and third-tier cities.

Helens took the lead in breaking the normal state of high-priced wine in the tavern, with the goal of truly entering the "daily life" of most young people and driving the tavern from doing a "niche" business to making "public" money.

3. New retail

Sales of Helens' own alcohol and beverages come not only from the tavern, but also from its flagship online e-commerce store. Helens has flagship stores on JD.com and Tmall, and its fruit beer products are popular with young people online.

From the tavern scene to the family scene, Helens is expanding the sales scene through new retail.

TWO

"Liquor" Zero Aftermarket "Slightly Drunken" Market

Between the stall and the bar

Behind the rapid growth of any thing, there is a favorable objective environment. Behind the rapid growth of the tavern industry is a drinking culture that is being changed by "wine".

Alcohol is addictive, but the "alcohol addiction" born in the 80s, 90s, and even 00s is different from the older generations. They are open and restrained, enjoying the social meaning attached to alcohol, but they do not praise excessive alcohol socialization. ; Fall in love with the feeling of being drunk, but don't like buying drunk.

Under the "alcohol addiction" of "alcohol" after zero, there is a changing drinking market.

1. The pub is the "third space" between the stall and the bar

Young people do not reject the wildness of street stalls, but they are not very enthusiastic. Compared with drinking, young people go to street stalls more enjoyment is to "stick skewers", and wine is the foil; the bar has the atmosphere of a bar, which is why It's a scene of young people drinking, but if the entertainment atmosphere is too strong, some young people will be turned away. What's more, this way of drinking with fruits and potato chips is really not delicious.

The pub happens to be somewhere in between. It has a relatively quiet environment, but still has a strong social atmosphere. At the same time, it abandons the bar’s heavy entertainment and niche high-priced tonality, and provides young people with a way to drink freely. At the same time, it is also a place of rational consumption.

2. "Slightly addicted" is popular

Unlike the older generation who love to fight wine, young people enjoy the slightly drunken feeling. Since the past few years, many alcohol brands have begun to seize the "micro-poor economy."

RIO, who aimed at the scene of "drinking by one person" and slogan "little wine for one person", fully reflected the beauty of "little booze for one person" in the commercial; The gentle taste of fruit wine has made it into the young people's slightly nasty market.

There is also a very important point. The concept of "micro-drinking" has brought young women into the drinking scene. The major brands of fruit wine are aimed at young women.

The release of emotions through micro-drug "restraint" is becoming a daily life for young people, and pubs are becoming an important scene for young people to find a sense of micro-drug.

3. Night economy + strong social interaction

Liquor itself is a natural social product, and nowadays young people's social activities are mainly concentrated at night. Therefore, Helens is called "Starbucks at Night", and the slogan "Nightlife from Dinner" is used in Walnut. Night is the scene and wine is the medium. The young people under the night can release the emotions accumulated for the day under the influence of wine.

When the social nature of wine meets the current night economy, which is greatly encouraged by the country, it provides a fully favorable external environment for the development of the tavern.

4. The call of branding

Helens also mentioned in the prospectus that as of 2020, there are about 35,000 pubs in China, 95% of which are independent pubs. Frost & Sullivan's data also shows that the CR5 in terms of sales in 2020 is only 2.2%, and the market share of the first Helen Division is only 1.1%. This means that the pub industry is still in a highly fragmented state.

According to the development trend of the catering industry, the pub industry will eventually move towards branding, and Helens is a pathfinder. Under the call of branding and chaining, there are bound to be tavern brands that will stand out in the future.

THREE

The growth of the tavern

Will look like everything

For the entire tavern industry, the "first share" allows the industry to see a broader space for development. If the listing is successful, Helens will also provide a successful IPO model for the tavern industry. Helens’ IPO is of great significance to the industry.

At the same time, as an industry that is currently highly fragmented and generally wins with creativity and style, branding will be a major trend in the tavern industry, but it is not the only direction. Especially after some catering brands cross the border into the tavern field, they may inspire more innovations in taverns.

1. Meal + wine

The bistro of fellow chicken is also very hot recently. It sells fast food in the morning and afternoon, milk tea in the afternoon, and turns into a bar in the evening. This is the "full time" model of the fast food brand Laoxiang Chicken. Lao Xiang Ji began to try to open up bar counters in some stores, selling dozens of wines and fresh cocktails.

Coucou Hotpot is also trying to open a wine bar in its stores recently. Coucou CEO Zhang Zhenwei said that if the first store is successfully verified, it is not ruled out that the new store will adopt a "dining + wine" model in the future.

The walnut, which became famous earlier, actually adopted the "dining + wine" model, but it added cultural elements such as music on the basis of the "dining + wine" model to add value to the restaurant. feel.

"Meal + wine" is becoming a popular entrance for catering companies to explore diversified operating models and find new profit growth points.

2. Drink + wine

The beverage industry started to explore the "+ wine" model earlier.

As early as 2017, Starbucks fused coffee and wine and launched a series of alcohol-based coffee products; in 2019, Naixue’s Tea opened the first store in Shenzhen, BlaBlaBar, which specializes in alcoholic beverages, which was called "BlaBlaBar" by netizens. Naxue’s Bistro”; also in 2019, HeyTea and Bacardi reached a cooperation agreement, HeyTea officially puts the research and development of "alcohol and drinking" on the agenda, and Bacardi provides 5 regional warehouses to supply HeyTea Assure.

"Drinking + wine" leads a bold breakthrough in beverage innovation. Whether "drinking + wine" can become the next growth point in the beverage industry is worth looking forward to.

3. Retail + wine

A few days ago, convenience store bartending has been popular in all major social networks, that is, combining various beverages in convenience stores with small bottles of base wine to complete a simple homemade bartending. This is a pop-up marketing campaign organized by the whole family and Xiaohongshu. Now it has become a new drinking fashion.

In addition, including Helens, some pub brands have also launched their own retail products, or sold in offline physical stores, or like Helens, online and offline at the same time.

Whether it is bartenders in convenience stores or retail liquors in pubs, they actually anchor the same direction-home consumption, which caters to young people's demand for "exquisite" drinking in multiple scenes.

Summarize

The future tavern industry should be an industry where chain taverns and individual taverns bloom separately. While chain taverns are fighting for brand influence and supply chain advantages, the individual taverns' advantages in personalization and localization are still irreplaceable. Together, they will create a full-blown and splendid tavern industry. By then, the pub will enter the daily lives of more young people and express their drinking culture.