Wanda Electric has not yet been able to make a big noise in this market.

Although already in the electric dealer this piece of blisters for several years, Wanda Electric business has not been able to make a big noise in this market, in contrast, Wanda Electric business for senior executives of the news has been rising high-profile.

The same attention, and Wanda Electric business play, Wang not long ago Hao said "hit 5 billion yuan to do the electricity quotient", and consider the introduction of China's largest number of electric dealers, want to quickly find a profit model, the object of cooperation may be the opposite of the gambling table Jack Ma, may be the next table is drinking milk tea tyrants Liu, Apply Wang Sicong a famous saying: "Although Wang does not care whether the partner has the money, but these several internet giants really not necessarily did not have Wang money." ”

However, cooperation is difficult, Wanda Electric business may only be confused alone.

Talent dilemma: Why only "Xu more than three" stay

Wanda's personnel flow has been the media attention.

April 2012, Alibaba senior director of international trading technology Yi Yitao joined Wanda Electric Business, December 15, million people recruitment, high salaries to hunt for electrical talent; the second year August, Wanda IT department took over Wanda Electric business, many team members left; March 2014 end, Yi Yitao separation; Wanda Electric Business COO Mahaiping separation, the latest news is the original luxury goods network COO Donze will be the CEO, the former vice president of the Senior network Gaoxiapinghu as COO. In addition to the executive, there are a large number of middle-level loss, there are Wanda Electric quotient of the former employees of NetEase technology revealed that in the last two years, the middle of the loss rate of more than 50%.

A natural problem, known as the money of Wanda, why can not retain talent?

In fact, understanding Wanda's real estate media is clear, high turnover rate has always been the characteristics of Wanda Group, and this high turnover is the epitome of corporate culture.

Have familiar with Wanda Real estate reporter to NetEase technology, Wanda's enterprise core is always unconditional implementation, in this culture, Wanda internal divided into "Xu more than three" and "talent" two factions. The former will pledge allegiance to Wanda, no matter what policies are always implemented, while the other wants to get a wider sky and break the closed management model of Wanda. And the last to leave is often more capable of "talent" pie, the remaining is the faithful implementation of the order "Xu more than three."

This is the Wang business empire of the rules of the military, iron million of the flow of soldiers, in Wanda mature and stable system does not need too much lying in the credit book rest of the veteran, only those highly executed soldiers. There are Wanda employees on the technology of NetEase, some Wanda Plaza even a year to change the general manager three times, do not change the region is very rare.

In addition, Wanda's process is more like a government agency, a matter of more than 10 days is not counted as news. Yi Yitao After leaving the media interview said: "In Wanda, usually first with PPT model to report to the leadership, all things need leadership approval to do." Our Internet business people do not have this habit, our thinking is divergent-think of where to say where. And the company's management, Internet enterprises are flat management, very few similar to the situation of administrative orders. ”

Millet type of flat management, in Wanda people seems to be "unthinkable things."

Pattern dilemma: Commercial real estate moves towards bubbles

Wanda now seems to have a good day. Ten years ago, commercial real estate basically take the commodity sale, the floor classification clear as the main characteristic, along with people's living standard enhancement, the consumer to the quality of life request began to improve. Wanda caught the tuyere, Daze leisurely fly up.

But commercial real estate is heading for the bubble phase, according to Rand Consulting President Song Yanqing, at present, commercial real estate bubble mainly in three aspects: first, the development of sales links, on the one hand, high inventory, on the other hand, the potential supply of huge; second, investment links, the difficulty of investment, vacancy rate is high, the third is the operating links, business operators difficult, developers low returns. Some data show that the new commercial building area of China's shopping center will be more than 35 million square meters and 44 million square meters respectively, by the end of 2013, the total stock of shopping malls will reach 250 million square meters.

Wanda is a typical cash-flow rolling asset, a heavy asset model, but the return on rents is very low. In 2011, the rental income of Wanda was $3.46 billion and 2012 was $5.207 billion. In 2012, Wanda's total assets were 300 billion yuan, earning 141.68 billion yuan--the rental income accounted for only 3.68%. This figure is only slightly higher than the deposit of the bank, I believe if Wanda is willing to work with Alipay, the money into the balance of treasure, income is more than rent.

According to the survey data of the RAND consultation, China's listed housing enterprises have commercial real estate, the holding of property rental income generally accounted for the annual operating income of 3%-5%, the high reached 7%. Relative to the holdings of property assets, rental income accounted for only about 1.5%, while operating profit is mostly negative. Even more frightening is the rising vacancy rate for commercial property in the country, according to the FT website, where a vacancy rate survey conducted by the UK's Knight shop in China's shopping malls concludes that Phantom Mall syndrome is spreading. The average vacancy rate for China's second-tier cities in 2012 was 10.5%, up from 10.2% in 2011, while in the first-tier cities, vacancy rates rose from 7.9% in 2011 to 8.4%, according to survey data. In the domestic cities, three cities are more serious: in China's largest two second-tier cities, Shenyang and Chengdu, the vacancy rate of shopping malls is 17% and 16.2% respectively; in Guangzhou, vacancy rates reached 10.2%, while 2011 was just over 4%, and overall vacancy rates were rising rapidly.

These figures mean that Wanda has to make changes ahead of time, and perhaps the electricity business is a good choice. Have familiar with Wanda's real estate personage to NetEase Technology said: "Wanda now the mode profitability is very poor, therefore must seek the electric business the Help." ”

Development dilemma: Is it enough to have a department store?

"I am just chasing the car running dog, even if catch up also can't take a car how, is to find something to do." "--The Clown

But the need for electricity business to help Wanda in the traditional business is not good at the Super field.

Wanda commercial Real estate in China is indeed leading, especially its theater system is the use of Chinese film Heat to obtain a super rich return. But in the area of Ultra and department stores, Wanda's layout basically failed. The figures show that Wanda's revenue only finished 91% of the adjusted plan last year, with net profit Shang 7%. This is the first time in the history of Wanda department store has not completed the profit plan, but also the group's only to complete the poor indicators of the company.

Wanda attributed the emergence of this situation to the industry recession, that is, the impact of the electric business. The external description is because Wanda pursues more speed, but it is clear that mature and competitive business complex is more than just speed and money can be done. Take Beijing's three Li Tun, the big Yue City, the Blue Harbor for example, these projects the operation cycle is longer and finer, the natural in the operation domain also more successful.

Not familiar with the traditional retail industry also let Wanda's electric business everywhere hit the wall, with its last year on the line of the electronic business platform million sinks network for example, the platform does not support the purchase of physical transactions, to a large extent, just as the Wanda Offline shopping guide platform.

More let a lot of media question is Wang newest "one card", namely this card in the National Wanda Square, hotel, holiday resort consumption, purchase can use, consumption also has discount, integral, draw, value-added service. This seems to be no different from any business group's membership discount card, which may indicate that Wang, who has been operating a real-world business, is not familiar with the true field of electrical commerce.

In addition, Wang in the mouth of the partners also aroused concern. On the one hand, Ali Jingdong Most of the old is the electric business circle in the name of the strong, and Wang character almost the same, want to cooperate difficult. And the other several electric quotient platform and Wanda compare volume is too small, cannot match Wang demand.

It looks like Wang's electric dealer's road will have to go down in a short time.

Financial dilemma: 5 billion a lot?

The recent media hype 5 billion, what does it mean for Wanda? Compared with some roadside convenience stores, 5 billion nature is a very large number, but some media wrote that this "for Internet companies is an astronomical figure" is clearly not understand the industry. "For Wang, 5 billion is just a Wanda Plaza investment figure," the article said. In the case of a project investment in a two or three-line city, the investment of 5 billion is much higher than the number of returns. ”

First of all, it must be explained that, 5 billion for Wang, is not a small number, according to the results of the end of 2013, Wanda Group assets reached 380 billion yuan, annual income of 186.6 billion yuan, net profit of 12.5 billion yuan. The classic Bridge section of the year is, "who said that the money is not much, you calculate, almost to the annual net profit half." ”

In the author's view, Wanda has invested tens of billions of projects across the country, with 5 billion being magnified only because of the Internet's excessive focus.

But NetEase technology consulted the Wanda is very familiar with the consultants, the person said Wanda's investment practice is 5 billion of the investment in real money will not be more than one-tenth, that is less than 500 million, but Wanda will continue to claim to be 5 billion of the plate, easy to borrow from the bank and the government to find policies.

The above mentioned astronomical figures are ridiculous, according to the 2014 recently released the "3000 Chinese Family Wealth List", the first three are internet industry family, respectively: Ma family, wealth 100.7 billion yuan; the Li family, the wealth of 85.3 billion yuan, the Liu family, the wealth of 48.4 billion yuan, Is the 2014 new rich, wealth value has been more than 2013 years top (2013 top is also a horse teng, when the wealth value of 46.6 billion yuan). And now for several years in a row, the loss of customers in the financing of more than 3.2 billion yuan, just to the United States listed still not profitable Beijing East market value of nearly 40 billion U.S. dollars, before and after financing more than 17 billion yuan.

In the latest Beijing-East marketing Training conference, Liu even released Hao said: "Sansion can also call money?" ”

The reason why use so many words to interpret 5 billion for Internet enterprises and even the significance of electric business enterprises, is because Wanda from the beginning to take money as a gimmick, and never thought in the field of electrical business Wanda is out of the entrepreneurial stage, not there is a return on investment.

For Wanda, Hyun-fu is not scary, terrible is to invest in the mentality of doing business.

Electric dealer, Wanda how to play?

Wanda's most natural advantage is money and offline resources.

But in Song Yanqing's view, Wanda has two major disadvantages.

The first is the talent, Wanda mainly pursues prohibit military culture, but the internet industry is the need for a very high degree of freedom of work environment and trial and error, these Wanda is relatively scarce, which caused it can not leave a truly mature electrical business talent;

The second is the timing, in the electric business sector several giants have split the vast majority of the market, left to the Wanda Flash to maneuver a few opportunities.

In response to these two disadvantages, song to Wanda Electric dealers made three suggestions:

1, do not learn Jingdong and Alibaba, Wanda must combine their advantages out of a unique innovative model, such a strong offline resources to learn other electrical business is not necessary;

2, Wang play more close to the real estate developers play, spend 10 dollars to buy land, you have to bring back 10 dollars should be the proceeds, spend 5 billion to buy, you have to bring back 5 billion of the income, Wanda must learn to weaken capital-oriented, more respect for consumers, the growth of the electric business is not around the money but the user needs;

3, must recruit a group of brain more live internet talent, must give them more trial and error opportunities.

Wen/Sun Hongsu