曹sir 都係 Copy Cat? (Cont')

今天全球十大商場有 七個喺中國（其中四個較美國商場仲大）。佢地唔係起喺地價便宜嘅美國，好似Alberta嘅West Edmonton Mall（美國人要揸車去買嘢），而係起喺地價昂貴嘅北京。去年中國GDP中49％與製造及出口業有關（美國係20.5％、英國18.2％及日本 26.2％），中國點樣由製造業轉型到內部消費而唔引發經濟放緩？銀行收緊信貸，令地下錢莊收取15到20厘息嘅貸款，今年呢次軟着陸都好驚險萬分。

"Not long ago, shopping in China consisted mostly of lining up to entreat surly clerks to accept cash in exchange for ugly merchandise that did not fit. But now, Chinese have started to embrace America's modern "shop till you drop" ethos and are in the midst of a buy-at-the-mall frenzy.... by 2010, China is expected to be home to at least 7 of the world's 10 largest malls... Already, four shopping malls in China are larger than the Mall of America. Two, including the South China Mall, are bigger than the West Edmonton Mall in Alberta, which just surrendered its status as the world's largest to an enormous retail center in Beijing." (emphasis added)

High operational leverage. China has become a de facto manufacturer for the world. With the exception of food products, it is difficult finding a product that was not, at least in part, manufactured in China. Industrial production accounts for 49% of GDP, double the rate of most developed nations (i.e. industrial production for the United States is 20.5 % of GDP, UK 18.2% , and Japan 26.5%).

曹sir 都係 Copy Cat?

In today's newsletter (John Mauldin):

星 巴克1999年只有二千間咖啡店，到去年已超過一萬間；並以每天開五點五間嘅速度增長。結果令管理層犧牲咗品質而搏命追求量嘅增長，喺好多唔應該開店嘅 地方亦開店，唔應簽嘅貴租約亦簽咗，甚至連麥當勞亦唔請嘅小伙子一樣照請，因擴充太快唔夠人用。過去錯誤嘅決定係造成今天（或將來）唔愉快局面嘅原因。終 於星巴克痛定思痛重新收緊番標準，將唔合規格嘅咖啡店執笠。管理層重新將注意力放番落品質上而唔係數量上，最終結束咗長達三十七年嘅擴張期，努力將經營重 點由提升服務達到從前開業時嘅標準。

Starbucks percentage of new stores growth in 2007 was only slightly lower than it was in 1999. But in 1999 it had 2,000 stores; in 2007 it was pushing a 10,000 company owned stores mark. Let's put this in perspective: in 1999 Starbucks opened 447 stores - 1.8 stores per working day; in 2007 that number more than tripled to 1,403 stores a year - 5.5 stores per working day. At this level of growth physical limitations come in: there is only so much real estate that fits a company's criteria at a certain point in time. Management started sacrificing on the quality of their decisions, compromises were made that were unthinkable several years before. Stores were opened too close to each other or on the wrong side of the street, expensive leases were signed, they even hired baristas that would have fit in better at McDonalds - you get the idea

What happened? It's a simple translation from English to Chinese only!