Research On The Transformation Strategy Of Traditional Retail Industry In China

The traditional retail industry has entered a mature period since 2015.The phenomenon of closing stores is more prominent and industry competition is intensified.With the increasing purchasing power of consumers,the trend of consumption upgrading has become irreversible.The traditional retail industry also has weakened its advantages against emerging retailers.New concepts such as new retail becomes the new darling of the retail industry,and the threat of e-commerce is increasing.So where is the outlook for the traditional retail industry? This paper suggests that with the national industrial upgrading and the internal integration of the traditional retail industry,the signs of retail industry recovery has began in 2017.Obviously the online platform still needs to rely on offline entities to expand the business,thus the traditional retail industry is still full of vitality.However,the position of retail transformation and the specific strategy are still in the exploration stage of the entire traditional retail industry.This paper adopts the research strategy of literature analysis and case study,starts from the development process of the traditional retail industry and understands its characteristics.Based on the research on the strategic transformation of the traditional retail industry at home and abroad,we find the direction of the transformation of China’s traditional retail industry.By restoring the process of Better Life transformation exploration,the reasons for its failure are summarized.After the end of the "lost five years",Better Life stood at a new starting point at the end of 2017.This paper uses PEST to analyze the opportunities and threats of its external environment,and analyzes the internal environment to identify the advantages and disadvantages.The relevant elements are listed in the SWOT analysis table to determine the direction of their strategic transformation again.Furthermore,the specific measures for the re-transformation of Better Life are discussed.Finally,the transformation of Better Life is summarized,the inspiration from the transformation of traditional retail enterprises is obtained and the future is expected.