高分翻译

Question

Value retailers like Wal-Mart, Target and Costco were once largely known as the destination for the monthly stock-up trip. But today, they have penetrated the routine weekly shop.

Their strong consumer proposition has created a virtuous cycle for value formats. The growth in both traffic and basket size has given them much higher sales productivity (i.e., sales per square foot). This higher sales productivity results in very attractive store-level economics, which, in turn, lets value players reinvest some of their surplus returns into even lower prices and, contrary to popular wisdom, more labor hours in the store. This, of course, results in improved in-stocks, better merchandise presentation, and thus an even more compelling shopping experience for consumers, leading to even higher sales productivity. Specifically, this cycle enables value retailers, when compared to more traditional competitors, to have lower gross margin percentages (lower prices), but higher gross margin per square foot. Likewise, these value retailers have significantly lower selling costs as a percent of sales (well beyond advantages conferred by lower wage rates), but more FTEs per square foot (more labor hours in the store). Over time, this virtuous cycle will place increasing pressure on traditional retailers who lack similar sales productivity levels, leading to diminishing service and presentation and/or an increasing gap in pricing, reinforcing value players’ consumer advantage.

The strength of this virtuous cycle has significantly improved the economics of these formats. For example, our assessment of leading grocery formats suggests that value formats, like supercenters, have more than doubled their grocery returns on invested capital over the last 10 years, making them comparable to best-in-class retailers. For traditional players, this is creating an enormous competitive disadvantage. In fact, we believe that the retailers which fall significantly behind the leaders in their category on sales productivity will not be long-term successful players.

Looking forward, value retailers must meet aggressive Wall Street expectations for growth that are already embedded in their stock price and account for up to 70 percent of current stock values. As a result, value retailers will forge ahead with rapid network expansion plans, bringing more retailers and store locations under fire. Our consumer research indicates that the biggest barrier to increased usage of value grocery formats is distance from a store, suggesting that value grocers face few barriers to increasing their penetration and continuing to capture share in many markets.

Answer 1

价值贩商喜欢沃尔码, 目标并且Costco 一次主要为人所知作为目的地为月度股票旅行。但今天, 他们击穿了定期每周商店。
他们强烈主张消费的良性循环,创造价值的形式.交通和菜篮子增长都远高于销售面积,也为他们的生产力(即每平方英尺售).这个高效率的销售成绩非常具有吸引力店级经济学,反过来商品市场拱手让给了他们的一些球员到更低的价格和剩余收益,违反民智、劳动时间多在店里.这当然成绩提高了股票,更套商品、而另一个更为消费者的购物经验,导致更高的销售生产率.具体地说,这个循环使商品零售商相比更传统的竞争者,以较低毛利百分比(便宜),但毛利较高的每平方英尺.同样,这些商品零售店已大大降低了销售成本占销售收入(远超工资率较低的优势赋予)但更边界层每平方英尺(以上劳动小时便利店).一段时间后,会发生这种良性循环压力增大缺乏类似传统零售商的销售生产率水平通往递减服务及套和/或定价差距日益强化,价值球员--消费者有利.这一良性循环的力量,大大提高了这些经济形式.举例来说,我们的评估价值领先杂货格式显示格式一样supercenters,他们都超过一倍杂货资本投资回报过去10年,他们媲美最好在一流零售商.传统球员,这是创造一个巨大的竞争劣势.事实上,我们相信,这将大幅度减少零售商领袖在他们的背后类销售生产率不会长期成功的球员.向前看商品零售商必须符合华尔街预期侵略性,已成长为嵌入式和其股票价格上升到70%,占现有存量值.由于价值网络零售商将开拓快速扩充计划,使更多的零售商和商店在火灾地点.我们的研究显示,消费增长的最大障碍就是用价值杂货格式距商店价值数暗示食品杂货商面对日益渗透障碍,继续捕捉市场占有率许多.

Answer 2

Value retailers like Wal-Mart, Target and Costco were once largely known as the destination for the monthly stock-up trip. But today, they have penetrated the routine weekly shop.

Their strong consumer proposition has created a virtuous cycle for value formats. The growth in both traffic and basket size has given them much higher sales productivity (i.e., sales per square foot). This higher sales productivity results in very attractive store-level economics, which, in turn, lets value players reinvest some of their surplus returns into even lower prices and, contrary to popular wisdom, more labor hours in the store. This, of course, results in improved in-stocks, better merchandise presentation, and thus an even more compelling shopping experience for consumers, leading to even higher sales productivity. Specifically, this cycle enables value retailers, when compared to more traditional competitors, to have lower gross margin percentages (lower prices), but higher gross margin per square foot. Likewise, these value retailers have significantly lower selling costs as a percent of sales (well beyond advantages conferred by lower wage rates), but more FTEs per square foot (more labor hours in the store). Over time, this virtuous cycle will place increasing pressure on traditional retailers who lack similar sales productivity levels, leading to diminishing service and presentation and/or an increasing gap in pricing, reinforcing value players’ consumer advantage.

The strength of this virtuous cycle has significantly improved the economics of these formats. For example, our assessment of leading grocery formats suggests that value formats, like supercenters, have more than doubled their grocery returns on invested capital over the last 10 years, making them comparable to best-in-class retailers. For traditional players, this is creating an enormous competitive disadvantage. In fact, we believe that the retailers which fall significantly behind the leaders in their category on sales productivity will not be long-term successful players.

Looking forward, value retailers must meet aggressive Wall Street expectations for growth that are already embedded in their stock price and account for up to 70 percent of current stock values. As a result, value retailers will forge ahead with rapid network expansion plans, bringing more retailers and store locations under fire. Our consumer research indicates that the biggest barrier to increased usage of value grocery formats is distance from a store, suggesting that value grocers face few barriers to increasing their penetration and continuing to capture share in many markets.