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天风证券行业研究折扣零售系列报告一：零售革新风正起，折扣经济千帆竞-一般零售2024-01-28

一般零售折扣零售系列报告一：零售革新风正起，折扣经济干帆竞导语：本篇专题研究集中梳理了目前国内折扣经济浪潮下，不同业态的市场参与者近况。通过上述分析研究，我们发现：①国内软折扣模式受益于疫情尾货增长的时代背景快速兴起，发展至今面临尾货供应渠道分散、门店毛利率受尾货影响波动大等挑战，赛道正在自我变革；②量贩零食作为零售折扣行业最先跑的业态，在某些维度已经有了硬折扣的雏形。资本关注度高，行业竞争相

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