光環褪色,麥當勞如何挽留中國人的胃

When Beijing’s first McDonald’s outlet opened near Tiananmen Square in 1993, about 40,000 people queued round the block to place an order, a sign of the country’s voracious appetite for fast food that would propel China to become the company’s third-biggest market by number of outlets, trailing only the US and Japan.

當北京第一家麥當勞(McDonald’s)餐廳於1993年在天安門廣場附近開業時，約有4萬人排隊等候下訂單，這反映了中國對快餐的巨大需求。按餐廳數量計算，這種需求後來推動中國成爲該公司第三大市場，僅位列美國和日本之後。

But a quarter of a century later the Golden Arches have lost some of their lustre for Chinese consumers, and amid falling sales McDonald’s on Monday sold control of 2,700 China restaurants to a consortium led by a state-run investor Citic. The $2.1bn deal follows KFC owner Yum Brands’ spin-off of its much larger China operations in October.

但四分之一世紀之後，金色拱門(Golden Arches)失去了對中國消費者的部分吸引力。銷售下降之際，麥當勞週一把其對2700家中國餐廳的控制權出售給了一個由國有投資機構中信(Citic)領銜的財團。在這筆21億美元的交易發生之前，肯德基(KFC)所有者百勝餐飲集團(Yum Brands)於去年10月份拆分了其規模更大的中國業務。

While both groups will continue to receive royalties from Chinese sales, analysts say ceding control of assets and handing decisions to local management will allow the brands to expand more rapidly and localise more nimbly in a crucial market.

雖然這兩個集團將繼續從中國市場銷售收入中收取特許權使用費，但分析師表示，放棄對資產的控制並把決策權交給本地管理層，將使品牌得到更快的擴張，並在關鍵市場更靈活地實現本地化。

But both new units will struggle to improve the image of US chains. Where once they were perceived as an exotic, upscale choice for dates, business meetings and even weddings, they are now increasingly viewed as mundane. Sales at both groups were also hit aFTer scandals over expired meat in 2014, while ordering apps have spurred increased competition for deliveries.

但兩家新實體都將很難改善美國快餐連鎖店的形象。它們曾經被認爲是適合約會、商務會談、甚至舉行婚禮的一個具有異國情調的高端選擇，現在則越來越被視爲平凡之所。在2014年的過期肉製品醜聞之後，這兩家集團的銷售額都受到了衝擊，而訂餐應用加劇了送餐方面的競爭。

“China has grown out of the American fast food craze,” says Junheng Li, founder and president of New York-based equity research group JL Warren Capital.

“中國已經不再對美國快餐那麼着迷，”紐約股票研究集團沃倫資本(JL Warren Capital)的創始人兼總裁李君蘅表示。

KFC’s market share fell to 3.6 per cent in 2015 from 6.4 per cent in 2012, according to Euromonitor, with same-store sales declining in absolute terms. McDonald’s does not separate out its China revenues but said like-for-like sales in the country had fallen almost 2 per cent in the third quarter.

根據歐睿(Euromonitor)的數據，肯德基在中國的市場份額從2012年的6.4%降至2015年的3.6%，同店銷售額絕對值有所下降。麥當勞沒有把在中國的收入單獨列出，但表示中國的同比銷售額在第三季度下降了近2%。

China became crucial to both brands, especially for Yum, whose 7,200 KFC and Pizza Hut branches there generated $6.9bn in 2015 — the highest of any region. KFC was seen as a model of overseas management, adapting to local tastes by adding porridge and rice to its menu.

中國對這兩個品牌都變得至關重要，尤其是對百勝而言。2015年，百勝旗下7200家肯德基和必勝客(Pizza Hut)餐廳在中國的收入達到69億美元，是全球所有地區中最高的。肯德基爲適應中國當地口味，在在菜單中加入了粥和米飯，被視爲海外管理的典範。

McDonald’s China, in which two Citic affiliates will have a 52 per cent stake, with the US private equity firm Carlyle Group taking 28 per cent, is expected to back plans to open 1,500 McDonald's outlets over the next five years, mostly in smaller cities.

麥當勞中國預計將支持未來五年在中國（主要是中小城市）開設1500家餐廳的計劃。中信旗下的兩家公司將擁有麥當勞中國52%的股權，美國私人股本公司凱雷集團(Carlyle Group)將持股28%。

In such locations “the market is still expanding at a fast rate and western outlets are still highly regarded”, says Kamel Mellahi of Warwick Business School, adding “the franchise model will enable McDonald’s to localise its offerings in China”.

在中小城市，“市場仍在快速擴張並且西方快餐連鎖店仍受青睞”，華威商學院(Warwick Business School)的卡梅爾?梅拉伊(Kamel Mellahi)說，“特許經營模式將使麥當勞在中國實現本地化。”

But, says Mr Mellahi, “the franchise brings its own challenges, not least?.?.?.?lack of talent and managerial skills in third and fourth cities and, most of all, loss of control”.

但梅拉伊說，“特許經營也有自己的挑戰，特別是……在三四線城市缺乏人才和管理技能，最重要的是失去了控制權”。

Founded in 1979 and best known for investments in property and natural resources, Citic has deep pockets and impeccable political connections but no experience running restaurants. It was attracted to McDonald’s by the opportunity to gain a foothold in one of corporate US’s most iconic brands, according to people close to the deal.

中信集團成立於1979年，以投資房地產和自然資源而聞名，擁有雄厚的財力和無可挑剔的政治關係，但唯獨沒有經營餐廳的經驗。知情人士表示，吸引中信與麥當勞達成交易的，是贏得在美國最具代表性的品牌之一獲得立足點的機會。

Under the terms of the 20-year McDonald’s franchise agreement, the new owners are barred from altering management or suppliers for two years, or exiting through a public offering. The FT reported last month that potential buyers including Bain Capital and its Chinese partner had dropped out of the auction over the terms.

根據麥當勞的20年特許經營協議的條款，新所有者在兩年內不得更換管理層或供應商，也不得通過上市退出。英國《金融時報》上月曾報道，包括貝恩資本(Bain Capital)及其中國合作伙伴在內的潛在買家，已因爲這些條款而退出了競購。

McDonald’s will receive higher royalty fees from future China operations than the 3 per cent of sales that Yum gains from its spun-off China unit, which listed on the New York Stock Exchange in October, people close to the deal say.

知情人士表示，麥當勞從未來中國業務獲得的特許權使用費，將高於百勝集團從其拆分出去的百勝中國獲得的淨銷售額3%的費用。百勝中國於去年11月在紐交所(NYSE)上市。

Yum sold a $460m stake in the China unit to Primavera, a China-focused private equity firm founded by an ex-Goldman Sachs banker, and the finance arm of Chinese internet behemoth Alibaba before the listing. The company said at the time that the proceeds could fund a plan to nearly triple its restaurants in China to 20,000.

百勝中國上市之前，百勝集團向前高盛(Goldman Sachs)銀行家創立的、專注於中國市場的私人股本公司春華資本(Primavera Capital)和中國互聯網巨頭阿里巴巴(Alibaba)旗下的金融子公司出售了百勝中國業務4.6億美元的股份。該公司當時表示，這筆收入可以用來實行一項把中國餐廳增加近兩倍至2萬家的計劃。

“They are both focusing on franchising which is a more profitable model,” says Jeffrey Towson, a business professor at Peking University. But he likens McDonald’s private equity-style model, which allows for debt-funded expansion, to “Yum China driving a sedan [while] McDonald’s has just upgraded to a Ferrari”.

“他們都專注於特許經營，這是一個更有利可圖的模式，”北京大學商學教授傑弗裏?陶森(Jeffrey Towson)說。但他這樣比喻麥當勞的私人股權模式（允許利用債務融資擴張）：“百勝中國駕駛着一輛轎車（而）麥當勞剛剛升級爲法拉利(Ferrari)”。

One challenge both brands face is the rise of mobile apps through which consumers can order food delivery from a range of restaurants. Groups such as and Meituan “are doing to the food sector what [online retailers] Alibaba and JD have done to bricks-and-mortar retail”, says Shaun Rein, managing director of Shanghai-based China Market Research Group.

這兩個品牌都面臨的一個挑戰是移動應用的興起，消費者可以通過這些應用從一系列餐館訂餐。餓了麼()和美團(Meituan)等公司“對餐飲行業的影響，就如同（在線零售商）阿里巴巴和京東(JD)對實體零售業的影響”，上海中國市場研究集團(China Market Research Group)董事總經理雷小山(Shaun Rein)說。

Additional reporting by Don Weinland in Hong Kong

唐?溫蘭(Don Weinland)香港補充報道