June 19, 2010, by far the biggest domestic risk investment projects surfaced: 2.6 billion yuan huge amounts of money phase of the domestic home stores Meikailong. The four investors jointly funded are the world-renowned private equity fund Huaping Investment, CITIC Industrial Fund, Fosun Group and Bohai Industrial Fund.
Prior to this, the outside world once questioned the tightening of the capital chain of Red Star Macalline, which greatly increased the rent level for tenants.
How about Red Star Macalline?
It is understood that the financing obtained by Red Star Macalline in this round is also the largest private equity financing in China's home furnishing chain industry. Che Jianxin, chairman of Red Star Macalline, said the financing will be used to accelerate the pace of opening new stores and accelerate its listing. Although there is no exact time to market, but "will advance at a rapid rate."
Agents transform to platformers
In the early 1990s, the founder of Red Star Macalline Che Jianxin founded the first furniture franchise store in Jiangsu Province, Red Star Macalline Furniture City, which was the predecessor of Red Star Macalline. During this period, in addition to operating the furniture brands produced by its own factory, Red Star Macalline also represented many well-known domestic furniture brands.
By 1996 , half of Red Star Macalline's 24 chain stores had suffered losses, which caused Che Jianxin to reflect on the problems of the agency model. Although this model of "going in and selling back to make a difference from it" has been very successful in foreign countries. For example, B & Q has achieved success through this model, but it relies on strong management capabilities and financial support. As well as the close coordination and refined operation of all aspects of the procurement, inventory, sales and customer service circulation. Obviously, not all home distribution companies can do this.
A large amount of capital occupation and excessively high business risks have begun to make car construction new and have to consider transformation. After leading the team to the United States for several inspections, a brand-new model was gradually formed in the new mind of car construction: the transformation from traditional channel business to platform business, which was a major change in the new business thinking of car construction. In his view, to build a home sales platform, do it yourself, do not participate in specific operations and sales, but provide unified management and after-sales service for furniture companies and distributors on this platform, and then Red Star Macalline Collect rent.
So in 1997 , Red Star Macalline bought a piece of land in Nanjing, Jiangsu, and built its own home shopping mall. In terms of business model, it adopts the form of pure lease, that is, rents for home furnishing enterprises and regional agents who enter the store, mainly including store lease, promotional money, marketing, public property management and other fees. Che Jianxin said that this model of profiting from rents can not only achieve "protection from droughts and floods", but also in terms of business model, it is relatively simple compared to brand agents.
After the successful water test in Nanjing, "buying land, building shopping malls, attracting investment, and opening business" became the "pipeline operation mode" of Red Star Macalline, and also became the "core competitiveness" in the new eyes of car construction. Che Jianxin said, "We mainly consider that buying land is a fixed asset investment, which can reduce costs, control risks, and can also build houses according to our own needs."
In fact, since 2006 , with the irrational increase in real estate market prices, Red Star Macalline's land purchase model has also been adjusted. Since buying a lot of land for self-built shopping malls will inevitably take up a lot of funds, Red Star Macalline began to consider expanding its chain stores by combining other operating methods such as "joint ventures and commissioned management". Che Jianxin said that this diversified operation model has largely avoided the risks brought by housing price fluctuations, and at the same time, in the process of continuous growth of enterprises, it has also greatly eased the pressure on the capital chain.
Single but large-scale rental income
Unlike other domestic home furnishing stores ( such as Juran Home and Dongfang Jiayuan ), which adopts the leased property model, half of the 66 stores already opened by Red Star Macalline are self-built and rarely leased. A few years ago rising real estate market, to allow the car to build those new bought has appreciated by more than 20 times, 30 times the highest single land revaluation amounted to 100 billion yuan. With the real estate that continues to appreciate in value, Red Star Macalline can easily obtain loans and financing from banks in the form of collateral, and these loans are generally long-term liabilities, and the pressure on the company's funds is relatively small.
It is also at this point that the industry generally believes that Red Star Macalline is doing commercial real estate, not a distribution channel. Regarding the external evaluation that "Red Star Macalline is more like a commercial real estate agent", Che Jianxin said that Red Star Macalline did not position itself as a commercial real estate agent from the beginning, but only inadvertently in the process of doing business. Owns a lot of own property. In his view, the first reason Red Star Macalline would buy land to build its own shopping mall was that the first consideration was not to deal with the landlord, which saved a lot of things ; the second consideration was cost control. After all, in the long run, The rent is a huge expenditure ; the third is to have self-built properties, which can more easily build the mall in the process of building the mall, to meet their own needs. Che Jianxin emphasized that the biggest difference between Red Star Macalline and other commercial real estate developers is that Red Star Macalline never sells its own properties, but is “for own useâ€.
Of course, "self-use" for Red Star Macalline also means renting space to home furnishing companies. In fact, the relationship between Red Star Macalline and home furnishing companies has always been the relationship between landlords and tenants, that is, renting space to furniture manufacturers to obtain rent. In operation, Red Star Macalline will not deduct money, and will return cash to the merchant on the same day. This approach is undoubtedly more attractive to brand manufacturers with smaller revenue scales.
However, Che Jianxin is obviously not satisfied with Red Star Macalline only as a "landlord" rent-collecting role, but more inclined to consider himself as a "brand incubator" in the home industry. Che Jianxin said. In fact, most of the companies that settle in Red Star Macalline are domestic and foreign first-line home furnishing brands. Only through deep bundling with these famous brands ( direct sales and large space display ) can Red Star Macalline receive long-term, large-scale rental income. From the outside view, the revenue model of Red Star Macalline wholly relies on rent is somewhat singular, but its rental income actually covers many aspects of income such as store leasing, promotional money, marketing, and public property management. According to industry estimates, Red Star Macalline's annual rental income in this regard has reached more than 3 billion yuan.
Investment Story
Joe Gagnon , executive director of Warburg Investment, said that no matter which country or industry we invest in, we always adhere to three major investment concepts: one is an industry with huge potential for rapid growth ; two is a company with leadership in the industry ; third is a forward-looking and down-to-earth Entrepreneur. 4 years ago, when we first met Red Star Macalline, we were convinced that this is a company that meets the above three concepts. I believe that Red Star Macalline, with its existing industry advantage position, excellent management team and clear business model, has the ability to become the leader in the future industry.
Third eye
Brand strategy expert Rao Runping believes that in the past, most Chinese home furnishing companies were only OEMs for overseas companies, but now it is time to fight against "servants" as "masters." Local home furnishing companies should move towards both ends of the "smile curve", that is, extend to design, terminal brands and their sales channels in overseas markets. At the same time, with the rise of new electronic media, the retail industry is also suffering from the impact of e-commerce, especially under the economic crisis, the desire of more companies and consumers to reduce costs, making this impact more and more significant. Therefore, traditional home furnishing stores like Red Star Macalline should more actively transform their business models and pay attention to the role of informatization in upgrading the industry. This is an important aspect that cannot be ignored.
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Measuring wheel also called mechanical ranging car or digital distance measuring wheel.it is widely used to measuring distance in professional surveying and mapping work,road engineering, landscape planning and design,golf course and lanes ect.
The instruction of digital measuring wheel
Please read this instruction before you use the product
Thanks you for choosing our product. This instrument is a new length measuring instrument, it is easy to use,stable and reliable.
The main features:
You could convert the unit between metric and foot; The data could be stored and extracted; The touch switch of the digital measuring wheel is anti-water; The handle which could adjust the height of the instrument is easy to apply. The wheel wrapped with rubber could help to avoid slipping so that the measuring data is more precise.
1.The main parts (From up to down):
Handle
Data display panel
Battery cover
Handle lock
Measuring wheel
Kickstand
2. Technical data:
A. It could measure up to 99999.9m/ft.
B. Accuracy:+/- 0.3%
C: Minimal display :0.1m
D: Power supply 3V (2xAAA LR003)
E: Suitable temperature for use : -10c°~45c°
3. Button and Operation
CLR: Clearance
SM : Store the data
ON/OFF: Switch
Rm: Extra the data
M/ft: Conversion between metric and foot
Data display panel
Power supply
The stored data
The displayed data
Metric
Foot
1. ON/OFF : Switch.
2. m/ft: it means the conversion between metric and foot. If you select (m), the displayed data is based on metric. If you select (ft) ,the displayed data is based on foot.
3. SM: Store the data. You could save the data that shows on the display panel by pressing this button. It could store 5 records that respectively show on M1, M2,M3, M4, M5.( Refer to Table 1)
Before storing After storing Full of the memory
(Table 1)
4. RM: Extract the stored data from SM. For example, if you have already stored the measuring data 5M as M1, 10M as M2. But now the measuring data is 120.7M, you could press the bottom RM once then the digital display panel will shows the the data of M1. The top right of the display panel shows [R". The data of the digital display panel will return to the present data after two seconds. ( Refer to Table 2). If you press the RM twice, the data of the M2 will show on the display panel, the [R" also is on the top right. The data of the digital display panel will return to the present data again after two seconds.
Present data Press the RM Once After 2 seconds
(Table 2)
Present data Press the RM twice After 2 seconds
(Table 3)
5. CLR: Clearance. Once you press this button, the present data will be deleted.
4.Precautions for use
Please open the handle lock to adjust the suitable height of this instrument at first and then close it before using the instrument. Put away the kickstand and turn on the power. Put the wheel on the road to be measured when the data is 0.0m on the digital display panel. Please press the bottom CLR if you want to delete the present data.
1. Please go straight if you want to measure a straight line to ensure the accuracy of the measurement.
2. Do not measure uneven surfaces because it will reduce the accuracy.
3. Do not measure in the rain for a long time.
4. Do not use the instrument under the high temperature environment or keep this product in the high temperature place.
5. Please open the battery cover by using the cross-head screwdriver and change the battery when the digital display panel is dark.
6. Do not deal with the used batteries by yourself, please send them to the government designated place where to recycle them.
7. Please remove the battery and clean the instrument by use the mild detergent to prevent rust if you haven`t used it for a long time. Then please pack it well and save it in the rough place.
8. Do not use benzene solution to clean the instrument, otherwise its surface will be corroded.
9. Do not use this the instrument as a toy for child for avoiding unnecessary damage.
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