DON DON DONKI, a large Japanese grocery store chain, has been actively expanding in Hong Kong in recent years, with more and more branches opened. As some Hong Kong people cannot “return to their hometowns”, Donki has become a place to relieve their nostalgia. Although Donki has not yet set up a branch in the mainland, netizens found a supermarket called “BOOM BOOM MART”. Its shop decoration, furnishings and positioning are very similar to Donki’s. With more than 20 branches, the turnover exceeded RMB 150 million. However, this supermarket, which was once popular during the epidemic, has recently reported bankruptcy.
Zeng threatened to be a Chinese Don Quixote
According to the information, the “BOOM BOOM MART Prosperity Market” was established in September 2020, and initially received tens of millions of RMB in venture capital. The brand positioning is “Treasure Discount Store near you”, which focuses on discounts on expired products. They say they are committed to building a treasure market full of surprises for young people. The two founders, Fan Zhifeng and Zeng Lizhi, vowed to be China’s Don Quixote.
As you can see from the photos, the decoration of the prosperous market is Japanese-style, and there are also hand-painted cartoon labels featured by Donki to show prices, offers and product features. The store mainly sells daily necessities, skin care products, clothing, snacks and beverages, etc. Among them, there are many Japanese brands, which are very similar to Donki, so they are dubbed “copycat Donki” by netizens.
In fact, after the opening of Prosperity Market, there was a wave of punch-in boom, and many customers came to take pictures and shop. It is understood that the company adopted the franchise model, and quickly opened more than 20 stores in just one year. In November last year, it revealed its IPO plan, saying that after listing, it will repurchase the franchise according to the 3-year franchise deposit and 3 times the product deposit. shop.
Sued by several suppliers in recent months
However, the good times did not last long. Since the second half of last year, the prosperous market has repeatedly heard news of seeking a sale. According to mainland media reports, the company has been sued by many suppliers since March this year, and has been involved in a number of “sales contract disputes” cases.
According to “Tianyancha”, the parent company of Prosperity Market stated in the dispute lawsuit with suppliers that “because the business has stopped and there is no cash flow, it is ready to file for bankruptcy”; that is, it took only 2 years for the company to file for bankruptcy from its establishment , its rapid rise and decline surprised many netizens.
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