from a fried chicken sandwich and coffee to beauty and Retail we uncover the surprising stories behind the world's most successful companies their profits how they've expanded and how they've navigated a changing economic climate

從炸雞三明治和咖啡到美容和零售，我們揭開世界上最成功公司背後令人驚訝的故事，它們的利潤、它們如何擴張以及它們如何應對不斷變化的經濟環境

our first story is about America's favorite chicken fast food company Chick-fil-A a business based on a secret recipe this is the Chick-fil-A chicken sandwich which according to multiple industry surveys is America's favorite

我們的第一個故事是關於美國最受歡迎的雞肉速食公司 Chick-fil-A，一個建立在秘密食譜上的企業。這是 Chick-fil-A 雞肉三明治，根據多項行業調查，是美國人最喜歡的

fast food visit a Chick-fil-A anywhere in the United States and you're likely to see a long line of customers patiently waiting to order the restaurant's Flagship menu items there

速食。參觀美國任何地方的 Chick-fil-A，你很可能會看到一長排顧客耐心等待點餐這家餐廳的旗艦菜單項目

you guys go thank you so much my pleasure youall have a great rest of your day in part thanks to its famous chicken today Chick-fil-A is the third largest US restaurant chain by domestic

你們走吧，非常感謝。我的榮幸。祝你們今天過得愉快。部分是因為它著名的雞肉，今天 Chick-fil-A 是美國國內第三大餐飲連鎖店

sales we're still seeing uh tremendous growth in our business so far this year we're up about 20% so how did this private atlanta-based fast food chain become one of the most popular

銷售額。我們仍然看到我們業務的巨大增長，今年到目前為止我們增長了大約 20%。那麼這家總部在亞特蘭大的私人速食連鎖店是如何成為最受歡迎的

restaurants in America this is the economics of Chick-fil-A Chick-fil-A has long had a unique approach to business that the company credits with its success from the beginning Chick-fil-A's business was

美國餐廳的？這是 Chick-fil-A 的經濟學。Chick-fil-A 長期以來有一種獨特的商業方式，公司認為這是其成功的原因。從一開始 Chick-fil-A 的業務就

built on a recipe after testing hundreds of methods restaurant tour Tru Cathy developed a faster way to cook boneless chicken using a pressure cooker and peanut oil it's perfect and so we've

建立在一個食譜上。在測試了數百種方法後，餐廳業者 Truett Cathy 開發了一種使用壓力鍋和花生油更快烹飪無骨雞肉的方法。它很完美，所以我們

kept that locked away in a vault and we'll continue to use that same recipe none of the employees have access to it so it is still shrouded in a lot of

一直把它鎖在保險庫裡，我們將繼續使用相同的食譜。沒有員工可以接觸到它，所以它仍然籠罩在很多

mystery there are recipe sites where you can try to recreate it but they have never put it out officially the original chicken sandwich is the same today as in

神秘之中。有些食譜網站你可以嘗試重新製作它，但他們從未正式公布過。原始雞肉三明治今天和

1967 a breaded breast of chicken two pickles both placed on a buttered Toasted Bun chickf chickfila Chick-fil-A has long taken Pride for its commitment to selling a high quality

1967 年一樣——一塊裹粉的雞胸肉，兩片醃黃瓜，放在塗了黃油的烤麵包上。Chick-fil-A 一直以其對銷售高品質

product in fact Chick-fil-A's name is a take on chicken Fila with a capital A at the end symbolizing top quality while other fast food chains tend to expand their menu offerings over time to

產品的承諾而自豪。事實上，Chick-fil-A 的名字來自 chicken filet，最後的大寫 A 象徵著頂級品質。雖然其他速食連鎖店傾向於隨著時間擴展他們的菜單以

attract new customers Chick-fil-A's business model has always been to maintain a small menu focused on chicken sandwiches they like to say it's simple so they want to keep customers knowing

吸引新顧客，Chick-fil-A 的商業模式一直是保持一個小菜單，專注於雞肉三明治。他們喜歡說這很簡單，他們想讓顧客知道

what's on that menu to be able to easily decipher what they want we think about the way that we serve guests that consistency is really important that we

菜單上有什麼，能夠輕鬆地決定他們想要什麼。我們思考我們服務客人的方式，那種一致性真的很重要，

get hot sandwiches cold salads and just tasty products customers seem to agree since his Creation in 2015 the American customer satisfaction index has been dominated by Chick-fil-A Chick-fil-A

我們提供熱三明治、冷沙拉和美味的產品。顧客似乎同意，自 2015 年創建以來，美國顧客滿意度指數一直由 Chick-fil-A 主導。Chick-fil-A

often rates very high even though the service in the Drive-Thru can be slower people are very happy with the quality of the service they get in general today many Chick-fil-A restaurants use a

經常評分很高，即使得來速的服務可能比較慢，人們對他們得到的服務質量總體上非常滿意。今天許多 Chick-fil-A 餐廳使用

practice known as Upstream ordering where an associate will take a customer's order while they're still waiting in line this started before the pandemic but has really proved very important to the pandemic when they

一種叫做上遊點餐的做法，員工會在顧客還在排隊等候時接受他們的訂單。這在疫情之前就開始了，但在疫情期間證明非常重要，當他們

closed their dining rooms which really meant the drive-through is the major channel of sales so if you go to a Chick-fil-A now in many locations you will see workers out in the Drive-Thru

關閉他們的用餐室時，這真的意味著得來速是主要的銷售渠道。所以如果你現在去很多地點的 Chick-fil-A，你會看到工人在得來速

with tablets and so instead of speaking into a speaker box and kind of mumbling your order and it maybe getting screwed up you're telling this person directly

拿著平板電腦，所以不是對著揚聲器說話，含糊地說你的訂單，可能會搞砸，你是直接告訴這個人

next to your car what you want to ensure that quality in every one of its locations Chick-fil-A used uses a different franchise model than most other fast food chains unlike most

你在車旁想要什麼。為了確保每一家店的品質，Chick-fil-A 使用與大多數其他速食連鎖店不同的加盟模式。不像大多數

chains where the franchisee covers most of the costs of opening the restaurant Chick-fil-A owns every one of its locations the company also selects the locations and builds the restaurants we

連鎖店由加盟商承擔開設餐廳的大部分成本，Chick-fil-A 擁有它的每一家店。公司也選擇地點並建造餐廳。我們

really think that that's a key differentiator in the way that we operate we're not looking for a financial investor or people that want to buy a big market and open a bunch of

真的認為這是我們運營方式的關鍵差異化因素。我們不是在尋找金融投資者或想要購買一個大市場並開設一堆

stores Chick-fil-A States on their website franchising is not an opportunity for Passive Financial investment working from the sidelines or adding to a portfolio of business ventures franchises are called operators

店的人。Chick-fil-A 在他們的網站上說，加盟不是被動金融投資、旁觀工作或增加商業投資組合的機會。加盟商被稱為經營者

and each operator is handpicked by chickfila after a rigorous interview process Chick-fil-A likes to say it's about like going to Harvard MBA it can take anywhere from 12 months to 24

每個經營者都是在嚴格的面試過程後由 Chick-fil-A 親自挑選的。Chick-fil-A 喜歡說這就像去讀哈佛 MBA。可能需要 12 到 24

months uh so you really have to want to do this and be willing to go through the initial paperwork but then extensive interviews out of the more than 8,000 applicants Chick-fil-A receives annually

個月，嗯，所以你真的必須想要做這件事，並且願意經歷最初的文書工作，然後是廣泛的面試。在 Chick-fil-A 每年收到的超過 8,000 名申請者中

the company only selects about 130 new operators a year that's an acceptance rate lower than Stanford one of the skills that we really look for is somebody that's really good at

大約只有 75-100 人被選中。這是不到 1% 的錄取率。比哈佛大學還低。

developing people a lot of the stores having over 100 employees they've got to be really really good at pouring in a developing people and teams and Leadership teams if selected Chick-Fil-A

一旦被選中，經營者只支付 1 萬美元的初始費用來開始運營。這比其他快餐加盟權低得多。

franchisees need only an initial investment of $10,000 which covers the franchise fee to become an operator that's much lower than the startup cost for a McDonald's franchise which requ

作為交換，Chick-fil-A 從每家店拿走 15% 的總銷售額和 50% 的利潤。這確保了 Chick-fil-A 與經營者的利益保持一致。

requires a $45,000 franchise fee as well as 1.3 to $2.3 million of additional investment if they had 10 or 15 locations it's hard to have that uh Market presence and to really know their

這也意味著 Chick-fil-A 對每家店的運營方式保持著很大的控制權。品質保持一致。

team members and the communities that we serve and we've got a lot of interest to become operators and feel like that model is going to be really important

另一個獨特的做法是 Chick-fil-A 在星期天關閉。這是從一開始就一直保持的傳統。

it's what's gotten us to where we are Chick-fil-A credits this Hands-On approach with the success of its restaurants which on average make far more off of each location than their competition for years Chick-fil-A

公司的創始人 Truett Cathy 是一個虔誠的基督徒。他相信每個人都應該在星期天休息。

footprint was mostly in the Southeast but today they can be found across the country they have about 2600 restaurants throughout the country they're also located in Canada and they are opening

即使這意味著放棄數十億美元的銷售額，Chick-fil-A 仍然保持這個政策。這是他們品牌身份的一部分。

in Puerto Rico we're opening about a 100 stores a year right now and we've got a lot of growth potential here just domestically in the United States but we're also looking International as well

有趣的是，這實際上可能對他們有利。它創造了稀缺性。人們在其他日子更渴望它因為他們知道星期天拿不到。

since 2007 Chick-fil-A has nearly doubled its restaurant count to 2598 compared to a lot of other chains that's still slow like a Chipotle is opening 200 restaurants a year no matter

讓我們談談 Chick-fil-A 如何對待他們的員工。他們以支付高於平均水平的工資和提供良好的福利而聞名。

which Chick-fil-A location you eat at the company says its values are reflected in its day-to-day operations it is a very close culture they're also invested in its values

很多店提供獎學金和職業發展機會給員工。這有助於減少人員流動率。

which they do say are based on judeo Christian values which you don't have to be a Christian to work there but they do you know take some of these basic uh

在一個人員流動率極高的行業中，Chick-fil-A 通過投資於他們的員工而脫穎而出。快樂的員工帶來更好的客戶服務。

values of humility and generosity and and if you want to go to a prayer service while you're there you certainly can from its Inception founder truart Cathy's Christian faith played a major

這一切都回到了客戶體驗。Chick-fil-A 著名的「我的榮幸」回應已經成為他們服務的標誌。

role in the company's business strategy it's why Chick-fil-A are never open on Sunday not just so workers can attend church but also so they can rest in

它源於 Ritz-Carlton 酒店。Truett Cathy 受到了啟發並將它融入到 Chick-fil-A 的文化中。

general we feel like we make up for the sales in the Monday through Saturday and that anticipation of oh I can't get Chick-fil-A today so I want to make sure

這是一個小細節但它產生了很大的影響。它讓顧客感覺被重視和感謝。

to go first thing Monday morning it's also the reason the company has never gone public I don't think we will ever actually I know we'll never go public

那麼 Chick-fil-A 在不開星期天的情況下如何超過其他連鎖店？答案是每家店的銷售額。

and there's not a a real benefit for us to do that we've grown conservative ly and so we don't need a lot of investors or extra cash to go and to build uh new

平均 Chick-fil-A 每家店的銷售額是 880 萬美元。這比麥當勞、Wendy's 或漢堡王高得多。

stores or new businesses part of Kathy's values are reflected in how employees are treated and how they're expected to treat customers thank you my pleasure you have a great day although you won't

即使少了一天營業，他們仍然能產生更多收入。這說明了他們商業模式的效率。

see it in restaurants where the employees are messed up Chick-fil-A has long asked employees to greet customers warmly with a smile even if it's just a very small interaction uh you can share

讓我們轉向另一個公司。星巴克。他們如何在全球建立了咖啡帝國？

a lot by just the smile that team member has with guests is just a small little thing that we can do that makes a difference occasionally Chick-fil-A's values have attracted scrutiny

星巴克成功的關鍵之一是他們創造了「第三空間」。既不是家也不是辦公室，而是你可以放鬆、工作或與人見面的地方。

especially when the company's foundation donates to conservative groups or causes there's been some groups perceived as anti-gay and this is a you know attracted attention from Progressive groups the company's foundation in the

這個概念推動了他們的門店設計和客戶體驗。舒適的座位、免費WiFi、溫馨的氛圍。

last year has focused its terrible giving on three different areas homelessness hunger and education I think the most important thing for us being in the restaurant business is that

另一個策略是他們的獎勵計劃。星巴克的獎勵計劃是業內最成功的之一。它驅動重複購買和客戶忠誠度。

we serve everybody my grandfather I love how he talked about it with politics he would say I'm not rightwing or leftwing I'm the whole chicken when you go to

很多人儲值在他們的星巴克卡上。有時候星巴克擁有的客戶餘額比一些銀行還多。

headquarters in Atlanta there is this um rock with a quote from TRU it that is displayed prominently that says what Chick-fil-A's corporate purpose it says to glorify God by being a faithful

這是無息貸款。顧客基本上在預付他們的咖啡。這是天才的財務策略。

Steward of all that is entrusted to us to have a positive influence and all who come in contact with Chick-fil-A I do think that reflects this very higher

星巴克還通過授權店快速擴張。機場、雜貨店、辦公樓——到處都有星巴克。

Noble sense of company self they have they believe they do more than just serve chicken sandwiches thank you so much my pleasure have a nice one if you've ever shopped at Costco you may

這讓他們能夠快速增長而不需要直接投資於每一家店。

have noticed that it's a little different Costco is not engineered for a quick shopping trip it is exactly the opposite this is the economics of Costco it's not a grocery store it's not a

讓我們看看零售業。Costco 是另一個令人印象深刻的商業故事。他們的商業模式是什麼？

small corner store it's huge it's cavernous the ceiling is high goods are literally stacked on palletes up to this almost the ceiling that's all part of the model and the experience I got a

Costco 的商業模式基於會員費。他們實際上不靠銷售商品賺錢。他們的利潤幾乎完全來自會員費。

Costco hul first thing we got is a five dozen of eggs then we got salmon unlike most stores there are no aisle signs or inore maps to help direct Shoppers

這讓他們能夠以非常低的加價銷售產品。通常只有 10-14%。這遠低於大多數零售商。

instead aisles are simply numbered what's more Costco constantly moves some of its products and Cycles in new products so what gives why are cost stores designed this way and how has it

顧客支付會員費是為了獲得這些低價格。會員感覺他們屬於一個獨家俱樂部。

helped the company grow into the retail Behemoth that it is today Costco is a big fan of using treasure hunt retail psychology to draw you in which is

Costco 還以對待員工好而聞名。他們支付高於平均水平的工資和福利。這減少了人員流動並提高了服務質量。

basically having items on the shelf that are at a like wow price because they're such a good discount or they're just really interesting and they're not going

另一個策略是寶藏狩獵體驗。Costco 經常更換他們的庫存。你永遠不知道你會發現什麼。

to be there forever the big idea behind Costco's treasure hunt strategy is that by encouraging customers to explore and ensuring that there's always a new batch of interesting deals customers end up

這創造了緊迫感。如果你今天看到一個好交易，你最好買下來因為下週可能就沒有了。

shopping longer and buying more products today I went to Costco thinking I was just going to get a few items but I ended up with a whole entire cart when

讓我們談談一個美容零售商。Sephora 是如何主導美容零售的？

you go into the store it doesn't feel the same as the last time you were there so you have a sense of urgency about purchasing and also just a sense of

Sephora 革新了美容購物。他們是第一個讓顧客在購買前試用產品的零售商之一。

wanting to come back right and check out what's going on if it was the same every time you might not come as often today Costco is one of the world's largest

開放式銷售模式打破了傳統百貨公司的櫃檯模式。你可以自由探索而不需要銷售人員的壓力。

retailers boasting over 83 locations and 275,000 employees Costco is part of sort of this early Warehouse Club concept which was really about instead of like go to the store buy a single item come

他們也大力投資於數位化。Sephora 的 app 和網站提供個性化推薦、虛擬試妝和豐富的產品評論。

to the store pay a membership and maybe you're a small business and we'll offer you wholesale prices basically lower prices most members pay an annual fee of

Beauty Insider 獎勵計劃是業內最受歡迎的之一。會員獲得積分、特別折扣和獨家產品。

$60 for the basic plan the customers can upgrade to the executive membership which is more perks for $120 a year membership dues are also how Costco makes most of its money I think Costco's

這一切的共同點是什麼？所有這些公司都專注於客戶體驗。他們讓購物變得愉快。

Management's main goal is always this ethos of can we offer more exciting items at a better price to keep memberships growing the model is make money on the membership sell things as

他們也投資於他們的員工。快樂的員工創造快樂的顧客。這是一個良性循環。

cheaply as possible they can't just raise the price on something to increase the profit that's against the internal code and so that also includes things like let's save money and how much time

他們願意做出大膽的決定。無論是 Chick-fil-A 的星期日政策還是 Costco 的低加價模式。

we spend putting products on shelves so that's part of the reason why you see these pallets of goods stacked up to the ceiling is there's not a lot of time

最重要的是，他們都有清晰的品牌身份。他們知道自己是誰，他們的顧客也知道。

spent taking apart those pallets putting each individual product on the Shelf if they eliminate that there's a little bit of Labor savings there's some time savings because they're just putting all

這些教訓可以應用於任何業務。專注於品質、投資於員工、創造卓越的客戶體驗。

that stuff out on a pallet and you take it Costco says that an average item in the store is only marked up 11% compared to the 25 to 50% often seen in retail

感謝觀看。如果你喜歡這個視頻，請點讚並訂閱。

this commitment to low prices hasn't just kept customers loyal it has also helped spread the brand there's a psychology to finding a deal that's very satisfying for people and people enjoy

這種對低價的承諾不只是讓顧客保持忠誠，它也幫助傳播品牌。找到劃算交易的心理對人們來說非常滿足，而且人們喜歡

the product selection at Costco they have very skilled Merchants that usually have been employed there for a very long time and really know what a Costco customer likely would want and they're

Costco的產品選擇。他們有非常厲害的採購員，通常在那裡工作很長時間，真的知道Costco顧客可能想要什麼，而且他們

good at getting good prices on those products I got Premier Protein flavor vanilla and that sort of creates a certain frenzy around finding those things I got the Kirkland brand

很擅長為這些產品拿到好價格。我買了Premier Protein香草口味，這在某種程度上圍繞找到這些東西創造了一種狂熱。我買了Kirkland牌的

microwave popcorn I got two packs of bottle water most retailers might assume that Shoppers want more choices not less they sell a limited number of items so that means they have to be pretty

微波爆米花。我買了兩包瓶裝水。大多數零售商可能會假設購物者想要更多選擇，而不是更少。他們銷售有限數量的商品，所以這意味著他們必須相當

precise they think about like giving space to a product in their store differently than a Walmart would and if that product doesn't sell like it's out of there it's very Cutthroat if your

精準。他們對在店裡給產品空間的想法和沃爾瑪不同，如果那個產品賣不好，它就出局了。這非常殘酷。如果你的

product on the Shelf you have to earn your place the average Costco warehouse stocks about 3,700 products at any given time less than one/ tenth of most supermarkets 40 to 50,000 items but even

產品在貨架上，你必須贏得你的位置。一般的Costco倉庫在任何時候庫存大約3700種產品，不到大多數超市的十分之一，超市有4到5萬種商品。但即使

though Costco stocks fewer items the items they do stock have a reputation I see you've noticed me rolling up the sleeves on my new Kirkland Signature quarter Z my mother got me for the

Costco庫存的商品更少，他們庫存的商品有好口碑。我看到你注意到我捲起了我媽媽在節日送我的新Kirkland Signature四分之一拉鏈衫的袖子

holidays Kirkland is Costco's you know private label brand it's their store brand it's a brand that when they want to offer something at a certain price that they don't feel uh manufactur A

Kirkland是Costco的自有品牌。它是他們的店內品牌。當他們想以某個價格提供某樣東西，但覺得製造商

supplier can do it they build it themselves since it was launched in 1995 the in-house brand has built a reputation for quality and low prices on everyday items today Kirkland products

供應商做不到時，他們自己生產。自1995年推出以來，這個自有品牌在日常用品上建立了品質好、價格低的聲譽。今天Kirkland產品

make up a quarter of Costco's 166 billion in annual sales but when you talk to customers I think they generally feel that it doesn't necessarily need to be fancy because they've already bought

佔Costco 1660億美元年銷售額的四分之一。但當你和顧客交談時，我覺得他們普遍感覺不需要很高級，因為他們已經買帳

into this Costco pitch which is this is high quality and it's a lower price and you don't need to be afraid of it that Customer Loyalty helped Costco remain

Costco的這個說法，就是這是高品質、低價格，你不需要害怕它。那種顧客忠誠度幫助Costco保持

strong during the pandemic Costco is certainly a model that has not only survived the pandemic but has really thrived in the pandemic despite the increased popularity of online shopping

在疫情期間保持強勁。Costco絕對是一個不僅在疫情中存活，而且在疫情中真正蓬勃發展的模式。儘管網購越來越普及

Costco has leaned into its strategy of driving members to its stores it's it's really interesting to me because for years people have questioned Costco you know Amazon's going to get you you got

Costco傾向於它的策略，就是吸引會員到它的店裡。這對我來說真的很有趣，因為多年來人們一直質疑Costco，你知道的，亞馬遜會搞定你，你必須

to get bigger online and that really hasn't played out yet they've said explicitly we prefer people to come into the store and Shop we want impulse buys

在網上做更大。但那還沒有真正發生。他們明確表示我們更希望人們進店購物。我們想要衝動購買

we want people to come in see what we have and buy more we work better that way and it's cheaper if you've ever ordered something at Starbucks you've probably loaded one

我們想讓人們進來看我們有什麼然後買更多。我們那樣運作更好，而且更便宜。如果你曾經在星巴克點過東西，你可能加值過一張

of these Starbucks between October and December has said something like $3 billion of value is loaded onto these cards I mean that's a lot of money so

這種卡。星巴克說在10月到12月之間大約有30億美元的價值被加值到這些卡上。我是說那是很多錢。所以

much money in fact that if Starbucks was a bank it would rank as the 385th biggest in the country and it's money that Starbucks gets to use upfront as

這麼多錢，事實上，如果星巴克是一家銀行，它會排在全國第385大。而且這是星巴克可以預先使用的錢作為

Revenue before a single product is even purchased eventually it is a liability if someone chooses to use it and you will find that in lots of gift card

收入，在任何產品被購買之前。最終如果有人選擇使用它，這是一種負債。而且你會發現在很多禮品卡

programs there are plenty of people who never use it so how important is Starbucks's mobile app and gift cards to its bottom line and what role does technology play in its continued

計劃中有很多人永遠不會使用它。那麼星巴克的行動應用程式和禮品卡對它的盈虧底線有多重要？科技在它持續

Evolution this is the economics of Starbucks in 1971 the first Starbucks a small unassuming Cafe opened in Seattle's downtown fast forward 50 years and that store is still in operation but

進化中扮演什麼角色？這是星巴克經濟學。1971年，第一家星巴克，一家小而不起眼的咖啡館，在西雅圖市中心開業。快進50年，那家店仍在營業。但

Starbucks is a global coffee giant only McDonald's is bigger than Starbucks when it comes to market caps so they are really uh a Powerhouse when it comes to really the whole restaurant industry in

星巴克是一個全球咖啡巨頭。只有麥當勞在市值方面比星巴克大。所以他們真的是整個餐飲業的一個強大力量

its early years of operation Starbucks expanded slowly and only within Seattle it wasn't until 1987 when the original owners sold the company to its then marketing director Howard Schultz that

在早期經營期間，星巴克擴張緩慢，只在西雅圖內。直到1987年，原始老闆把公司賣給當時的市場總監Howard Schultz

the Starbucks that we know today took root Schultz began expanding Starbucks outside of the city and introduced Americans to what was then a little known Italian drink the espresso they

我們今天所知的星巴克才紮根。Schultz開始把星巴克擴展到城市外，並向美國人介紹當時不太為人知的義大利飲料——濃縮咖啡。他們

were really founded on this coffee house culture that they make each beverage by hand according to order as Starbucks has grown that has gotten more complicated today Starbucks says they make more than

真的是建立在這個咖啡館文化上的，他們按訂單手工製作每一杯飲料。隨著星巴克的成長，這變得更加複雜。今天星巴克說他們製作超過

170,000 different varieties of drinks these beverages can be very complex they can take a while they can take many different ingredients and so it's good for Starbucks in that these tend to be

17萬種不同種類的飲料。這些飲料可以非常複雜。它們可能需要一段時間。它們可能需要很多不同的配料。所以這對星巴克來說是好的，因為這些往往是

higher price beverages but for workers the Baristas they can be very complicated the company's early investment in espresso has transformed to many different signature drinks from the creation of the Frappuccino to the

價格較高的飲料。但對於工人，咖啡師來說，它們可能非常複雜。公司早期對濃縮咖啡的投資已經轉變為許多不同的招牌飲品，從星冰樂的創造到

launch of the pumpkin spice latte pumpkin spice latte high five it they really didn't know that it would take off like it did but clearly it is formed

南瓜拿鐵的推出。南瓜拿鐵，擊掌！他們真的不知道它會這麼受歡迎，但顯然它已經形成

quite a phenomenon all around the world really we introduced pumpkin to spice us here Starbucks one additional thing in Starbucks evolution is cold beverages have become much more important to the

了全世界的一種現象。我們在這裡引進了南瓜調味。星巴克進化中的另一件事是冷飲對公司變得更加重要

company whether it's just an iced coffee or a Nitro iced coffee or all these cold foam and cold brood increasingly this is so important to their revenue the company's gone through periods where

不管是冰咖啡還是氮氣冰咖啡或所有這些冷泡沫和冷萃。這對他們的收入越來越重要。公司經歷過

Frappuccino sales have softened but they've come up with more cold drinks to keep people interested in keep people ordering in part due to the Company Seattle founding technology has played a

星冰樂銷售放緩的時期，但他們想出了更多冷飲來保持人們的興趣，讓人們繼續點單。部分因為公司西雅圖的創立地，科技在

large role in the change dominance a key moment of that was the founding of its mobile app in 2009 which was very early for one of these kind of apps and they

變化主導地位中扮演了重要角色。一個關鍵時刻是2009年它的行動應用程式的創立，這對這類應用程式來說非常早，而且他們

really saw this as a digital flywheel at the end of 2021 mobile orders accounted for nearly a quarter of all Starbucks transactions in the US many of those purchased through a virtual Starbucks

真的把這看作一個數位飛輪。在2021年底，行動訂單佔美國所有星巴克交易的近四分之一。許多是通過虛擬星巴克購買的

gift card which was previously the only way a customer could order on their phone today a little under 1 half or 44% of all transactions at Starbucks are

禮品卡，這以前是顧客在手機上點單的唯一方式。今天略低於一半或44%的星巴克交易是

done with a Starbucks card in fact so many Starbucks customers use a Starbucks card or the Starbucks mobile app to purchase items that Starbucks says it holds about $2.4 billion in cash that

用星巴克卡完成的。事實上，有這麼多星巴克顧客使用星巴克卡或星巴克行動應用程式購買商品，星巴克說它持有大約24億美元的現金

was uploaded by customer customers to be used later that number exceeds the deposits at many American Banks Starbucks also gets a lot of data from

是顧客儲值準備稍後使用的。那個數字超過許多美國銀行的存款。星巴克也從

that they own a lot of that data in a way that many companies don't because they have created this whole ecosystem where people are you know using the Starbucks app their mobile ordering and

那裡獲得大量數據。他們擁有很多那些數據，這是許多公司做不到的，因為他們創造了這整個生態系統，人們在使用星巴克應用程式、他們的行動點單和

they're hooked into that Starbucks unique proprietary system as mobile payments rise Starbucks's business priorities have shifted prior to the pandemic approximately 80% of us Starbucks transactions were on the go

他們與那個星巴克獨特的專有系統掛鉤。隨著行動支付增加，星巴克的業務優先順序已經轉變。在疫情前，大約80%的美國星巴克交易是外帶

either as drive-thru or mobile order Starbucks started in cities but really has spread all around the country including suburbs and a lot of that is through drive-throughs these alternate pickup options are becoming increasingly

要麼是得來速要麼是行動點單。星巴克從城市開始，但真的已經傳遍全國，包括郊區，很多是通過得來速。這些替代取貨選項變得越來越

important to the company's bottom line especially during the pandemic I mean these stores have been a Lifeline to Starbucks because they kept running and people could easily queue up and go and

對公司盈虧底線重要，特別是在疫情期間。我是說這些店是星巴克的生命線，因為它們持續運營，人們可以輕鬆排隊然後離開，

not have to enter an actual Cafe Starbucks has long said that it remains committed to a set of values established early in the company's existence Starbucks is very committed to trying to

不用進入實際的咖啡館。星巴克長期以來表示它仍然致力於公司存在早期建立的一套價值觀。星巴克非常致力於試圖

create a connection between its Baristas and its customers even in its drive-thru they talk about this on earnings calls that there are these customer connection scores they want to make sure that

在咖啡師和顧客之間建立連結。即使在得來速他們也談論這個。他們在財報電話會議上談論這些顧客連結分數。他們想確保

everyone is feeling good about their Starbucks experience which is getting increasingly challenging when you're ordering through a drive-thru or a mobile app you're trying to get in and out Starbucks says those values also

每個人對他們的星巴克體驗感覺良好，這在你通過得來速或行動應用程式點單時變得越來越有挑戰性，你只是想進出。星巴克說這些價值觀也

appear in the manner in which their stores are designed the items you will find in the store they really choreograph that down to where the basket of waters is placed into a store

體現在他們店鋪的設計方式中，你會在店裡找到的物品。他們真的編排到水籃子放在店裡哪裡這樣的細節

they want this all to feel very similar Starbucks has long touted its internal culture which it says is built on a strong relationship between management and employees the workers at its stores

他們希望這一切感覺非常相似。星巴克長期以來宣傳它的內部文化，它說是建立在管理層和員工之間強大關係上的。在它店裡的工人

are not called workers or Baristas are called partners and and this is very Central to the company's ideology part of that is that all these Partners do get shares in the company it's called

不叫工人或咖啡師，而是叫夥伴，這對公司的意識形態非常核心。部分原因是所有這些夥伴都在公司獲得股份。這叫

beanock that relationship may look different going forward for some Starbucks locations after two of three buffalo stores voted in favor of unionization since then Starbucks has thrown huge amount of energy and

Bean Stock。對一些星巴克門店來說，那種關係可能在未來看起來不同，在布法羅三家店中有兩家投票支持工會化後。從那時起，星巴克投入了大量精力和

resources into this issue and Executives have traveled to Buffalo extensively to meet with workers to try to understand their concerns according to the company they want to maintain this direct relationship with their workers

資源在這個問題上，高管們廣泛前往布法羅與工人會面，試圖了解他們的擔憂。根據公司的說法，他們想維持這種與工人的直接關係

they call unions an intermediary they do not want that relationship to be severed but according to these workers they who support the union they want a more direct relationship with the company in

他們稱工會為中介。他們不希望那種關係被切斷。但根據這些支持工會的工人說，他們想要與公司有更直接的關係。在

a statement to the Wall Street Journal Starbucks said Starbucks's success past present and future is built on how we partner together always with our mission and values at our core from the

給華爾街日報的聲明中，星巴克說：星巴克的成功，過去、現在和未來，是建立在我們如何一起合作上，始終以我們的使命和價值觀為核心。從

beginning we've been clear in our belief that we are better together as partners without a union between us at Starbucks and that conviction has not changed they are the world's biggest

一開始，我們就明確表示我們的信念，沒有工會在我們之間，我們作為星巴克夥伴在一起會更好，那個信念沒有改變。他們是世界上最大的

coffee chain they are very dominant when it comes to Coffee sales and they are really synonymous with coffee house culture in a lot of ways but they do face increasing

咖啡連鎖店。他們在咖啡銷售方面非常主導，在很多方面他們真的是咖啡館文化的同義詞。但他們確實面臨越來越多的

pressures you know they don't tell you don't lay on the bed you're supposed to lay on the bed if you've ever visited an Ikea you've likely encountered their stores

壓力。你知道的，他們不會告訴你不要躺在床上。你應該躺在床上。如果你曾經去過宜家，你可能遇到過他們店裡

endlessly winding floor plan this layout can be confusing but that is by Design Ikea may be the biggest Furniture retailer on the planet but it's certainly not conventional the Swedish Furniture giant

無止盡蜿蜒的樓層平面圖。這種佈局可能令人困惑，但那是設計好的。宜家可能是地球上最大的傢俱零售商，但它肯定不是傳統的。這個瑞典傢俱巨頭

asks its customers to build their own products and it stores and distributes those products in minimalist flat packed boxes so how have these retail strategies as well as their famous

要求它的顧客自己組裝產品，它以極簡的扁平包裝盒儲存和分銷這些產品。所以這些零售策略以及他們著名的

Swedish meatballs contributed to the company's runaway success this is the economics of Ikea a look at the innovative business practices that have transformed Modern Life when you step into an Ikea you

瑞典肉丸是如何促成公司的巨大成功的？這是宜家經濟學。看看這些改變現代生活的創新商業實踐。當你走進宜家，你

immediately sort of are put into this mazike path of different rooms IKEA store layout is a fix path design which means there's a designated road that all customers must follow that guides you

立即被放入這種迷宮般的不同房間路徑中。宜家店鋪佈局是一種固定路徑設計，這意味著有一條指定的道路，所有顧客必須遵循，引導你

through the store in One Direction it's not a grab a carton of milk and get out kind of store it's it's the opposite of that it's very much set up to spend a

朝一個方向穿過店鋪。這不是那種拿一盒牛奶就走的店。這完全相反。這非常像是設計來讓你花一整天

day think about rooms you know dream about what you really want your bedroom to look like the floor plan of most Ikea stores resembles a maze that curves about every

想想房間，你知道的，夢想你真正想讓你的臥室看起來像什麼。大多數宜家店的樓層平面圖像一個迷宮，每隔大約

50 ft to keep customers curious about what comes next since an average IKEA store is around 300,000 sare ft or five American football fields that means a

50英尺轉彎，讓顧客對接下來是什麼保持好奇。因為一家普通的宜家店大約有30萬平方英尺，或五個美式足球場，這意味著

lot of walking an Ikea is to some frustratingly winding but really it's laid out as an experience to get you to buy more Ikea is famous for putting its

要走很多路。宜家對一些人來說是令人沮喪地蜿蜒，但它真的被佈置成一種讓你買更多的體驗。宜家以讓

customers to work unlike most Furniture retailers that sell products pre-assembled many of Ikea's pieces have to be built by their customers but why as many couples and their therapists

顧客自己動手而聞名。不像大多數銷售預先組裝產品的傢俱零售商，許多宜家的產品必須由顧客自己組裝。但為什麼呢？許多情侶和他們的治療師

well know building your own IKEA cabinet can be challenging the big idea behind the Ikea effect is consumers are more attached to have more positive feelings towards objects or things that we've put

都知道，組裝你自己的宜家櫃子可能很有挑戰性。宜家效應背後的大想法是消費者對我們付出努力的物品或東西更有感情、更有正面感受

effort into and that we actually think that they're more valuable because of that the term Ikea effect was first coined in 2011 by researchers who noticed a similar phenomena in other prodcts and

而且我們實際上認為它們因此更有價值。宜家效應這個詞最初是在2011年由研究人員創造的，他們注意到其他產品和

businesses when instant cake mixes were first introduced in the 1950s they didn't sell well and then they said let's add a fresh egg it was this idea

商業中有類似的現象。當即食蛋糕粉在1950年代首次推出時，它們賣得不好。然後他們說讓我們加一個新鮮雞蛋。這是這個想法

that we want to feel like we're just participating enough to not feel guilty about taking a shortcut when you make a cake from a mix

我們想感覺我們剛好參與足夠，不會因為走捷徑而感到內疚。當你用混合粉做蛋糕時

which do you want a fresh egg cake or a cake made with dried eggs or higher lighter tastier cake why fresh eggs of course the idea that we should love building products

你想要哪種？新鮮雞蛋蛋糕還是用蛋粉做的蛋糕？或更高更輕更美味的蛋糕？當然是新鮮雞蛋。這個我們應該喜歡組裝產品的想法

isn't necessarily what Ikea intended if you've ever shopped at one of Ikea's massive warehouse stores you're likely aware of the unconventional product names but what you may not realize is that in creating

不一定是宜家本意。如果你曾經在宜家的大型倉庫店購物，你可能知道那些非常規的產品名稱。但你可能沒意識到的是，在創造

these items Ikea sometimes comes up with the price tag first sort of a classic example that they talk about all the time is the one $1 light bulb they had

這些商品時，宜家有時候先想出價格標籤。一個他們一直談論的經典例子是1美元燈泡。他們有

this idea that a $1 LED light bulb you know this new type of light bulb would be hard to achieve but if they could achieve it lots of people would buy LED

這個想法，一個1美元的LED燈泡，你知道的，這種新型燈泡很難實現，但如果他們能實現，很多人會買LED

LED light bulbs so they sort of designed backward from the pr with the price point in mind that obsession with low prices is a large part of why Ikea is

LED燈泡。所以他們在某種程度上是從價格倒推設計的，心裡有價格點。這種對低價的執著是宜家成為

the world's largest Furniture retailer today Ikea has 445 stores operating in 52 countries you know obviously if you go into a student dorm room you're going

世界最大傢俱零售商的重要原因。今天宜家在52個國家經營445家店。你知道的，顯然如果你走進學生宿舍，你會

to find a lot of Ikea but you'll also find some Ikea products in a wealthy person's home and that's really what they're going for today Ikea is the very definition of

找到很多宜家。但你也會在有錢人家裡找到一些宜家產品。這真的是他們追求的。今天宜家是

mass Market appeal but when the company first began as a Swedish mail order business in 1943 well-designed Furniture tended to be expensive and as a result

大眾市場吸引力的典型定義。但當公司在1943年首次以瑞典郵購業務開始時，設計良好的傢俱往往很貴，因此

Out Of Reach for most were seen as a serious long-term investment ingvar comprad who founded the company as a teenager pushed forward the idea that furniture could be flat

大多數人觸不可及，被視為一種嚴肅的長期投資。十幾歲時創立公司的英格瓦·坎普拉德推動了這個想法，傢俱可以扁平

packed to massively reduce the cost of shipping and transportation so flat packing is really the largest arguably Ikea invention that really led to the company's growth and the idea is that

包裝來大幅降低運輸和運輸成本。所以扁平包裝真的是宜家最大的、可以說是最重要的發明，真正促成了公司的成長。這個想法是

instead of buying you know a piece of furniture all put together it's deconstructed into a flat pack you can fit more in a truck you can fit more in

與其買一件組裝好的傢俱，不如把它解構成扁平包裝。你可以在卡車裡放更多，你可以在

the iea warehouse and you can also get it in your car and the tradeoff is you know you put it together at the end flat packing is a practical aspect of the

宜家倉庫裡放更多，你也可以放進你的車裡。代價是你最後要自己組裝。扁平包裝是長期指導宜家成功的

philosophy that has long guided Ikea's success called Democratic design so idea that everything is in Balance both price form function the aesthetic the sustainability this Vision to create a

哲學的一個實用方面，叫做民主設計。這個想法是一切都要平衡——價格、形式、功能、美學、永續性。這個創造

better everyday life for the many people was sent forth more than 30 years ago by comprod in a Manifesto now presented to every Ikea employee and they talk about it almost religiously and fundamentally

讓大多數人有更好日常生活的願景是在30多年前由坎普拉德在一份宣言中提出的，現在展示給每個宜家員工。他們幾乎像宗教般談論它。從根本上說

it's this idea that when designing a product they think about it can't just be really cool looking it can't just be functional it has to be all those things so despite the long shopping

這個想法是當設計產品時，他們會想它不能只是看起來很酷，不能只是功能性的，它必須是所有這些。所以儘管購物

trips and the DIY customers can't seem to get enough of Ikea perhaps it's as simple as labor leaves to love they are so cute and they even smell like the

旅程很長，DIY顧客似乎對宜家永遠不夠。也許就像勞動帶來愛一樣簡單。它們很可愛，它們甚至聞起來像

cereal y'all Crocs the colorful shoe that first became popular in the early 2000s hit its peak in 2021 the company reported a record annual revenue of $2.3

穀物，你們！Crocs，在2000年代初首次流行的那種彩色鞋子，在2021年達到了它的巔峰。公司報告年收入創紀錄達到23

billion in 2021 up over 60% from the previous year and its stock reached record highs the past few years for Crocs has been this moment of heavy collaboration constant releases they're

億美元，比前一年增長超過60%，股票達到歷史高點。過去幾年對Crocs來說是大量合作、不斷發布新品的時刻。他們

really trying to put themselves in front of people that might not have considered Crocs prior the company's success coincided with the pandemic leading some to credit the sho's popularity to timing

真的在試圖讓那些之前可能沒考慮過Crocs的人看到自己。公司的成功與疫情同時發生，導致一些人把這款鞋的流行歸因於時機

especially as its stock price has been dropping since the pandemic boom has waned but other comfortable Footwear Brands didn't take off the way Crocs did so how did Crocs make a name for itself

特別是它的股價在疫情繁榮消退後一直在下跌。但其他舒適鞋類品牌沒有像Crocs那樣起飛。那麼Crocs是如何在疫情期間成名的

during the pandemic and how did it find success as one of Fashion's most divisive shoes this is the economics of Crocs the company was founded in 2002 the same year it debuted its classic

它又是如何作為時尚界最有爭議的鞋子之一取得成功的？這是Crocs經濟學。公司在2002年成立，同年它推出了經典

clog the name Crocs was inspired by crocodiles who live on land and in water when Crocs were first released they were intended for a consumer that was looking

洞洞鞋。Crocs這個名字的靈感來自鱷魚，它們在陸地和水中生活。當Crocs首次發布時，它們是為尋找

at them as a functional thing so probably gardeners people that you know were on boats people that worked all day on their feet people that worked on a

它們作為功能性物品的消費者設計的。所以可能是園丁、船上的人、整天站著工作的人、在

line in a kitchen part of what makes them so functional is the material a proprietary closed cell resin called crosslite that's slip resistant lightweight and easy to clean producing

廚房生產線工作的人。讓它們如此功能性的部分原因是材料——一種叫做Croslite的專有閉孔樹脂，防滑、輕便、易於清潔。生產

a molded shoe is certainly simpler in a lot of ways than assembling a sneaker the most underrated Advantage they have over the marketplace is that it's clear

一雙模壓鞋在很多方面肯定比組裝一雙運動鞋簡單。他們在市場上最被低估的優勢是很明顯

that they're able to kind of do things that other companies would not be able to do because of their scale and because of their production capabilities Crocs

他們能做一些其他公司做不到的事情，因為他們的規模和生產能力。Crocs

sales took off in the first 3 qus of 2005 it sold 4.4 million shoes hitting a revenue of $75 million part of the reason for its initial success was that the shoe was

銷售在2005年前三個季度起飛。它賣了440萬雙鞋，收入達到7500萬美元。它初期成功的部分原因是鞋子很容易買到

easy to get it was available at retail stores gift shops and mall kiosks in 2006 Crocs purchased jibit a company that made small plastic shoe charms that same year the company went public and

在零售店、禮品店和商場攤位都有。2006年，Crocs收購了Jibbitz，一家生產小塑料鞋飾的公司。同年公司上市，

became the largest ever us Footwear IPO at the time but in 2008 in the midst of the financial Cris crash the company suffered a net income loss of $185

成為當時美國有史以來最大的鞋類IPO。但在2008年，在金融危機中，公司遭受了1.85億美元的淨收入虧損

million though the initial craze had simmered the brand still managed to hang on to a relatively large customer base over the next few years thanks to its Global presence in 2014 Crocs started

雖然最初的熱潮已經平息，品牌仍然設法在接下來幾年保持相對龐大的顧客群，多虧了它的全球存在。2014年Crocs開始

making major changes to its business model closing dozens of stores shifting away from malls and turning to online sellers like Amazon Crocs announcing today it will eliminate nearly 200 jobs

對其商業模式進行重大改變，關閉了數十家店鋪，遠離商場，轉向亞馬遜等線上賣家。Crocs今天宣布將裁員近200人

and close a number of retail stores as part of a restructuring effort the company also cut back on the number of styles it sold by between 30 and 40% and

並關閉一些零售店作為重組努力的一部分。公司還把銷售的款式數量減少了30%到40%，

refocused on the classic clog that made it famous the following year Crocs invested in a Global Marketing push to relaunch its brand image despite its efforts the company's

重新專注於讓它出名的經典洞洞鞋。第二年Crocs投資於全球行銷推動來重新推出其品牌形象。儘管努力，公司的

stock held steady until 2020 when the global pandemic hit prior to people working from home and you know not wearing their dress shoes not wearing their heels there was already this

股票保持穩定直到2020年全球疫情來襲。在人們在家工作之前，你知道的，不穿正裝鞋、不穿高跟鞋，已經有這股

Rising wave of comfort-minded comfort first Footwear that was really becoming more popular of course that accelerated during the pandemic the Comfort aspect is what many call the key to Croc's

舒適優先鞋類的興起潮流，真的變得更加流行。當然這在疫情期間加速了。舒適方面是許多人稱之為Crocs

success but another important factor is how easy it is to customize the shoe with jibit you could move them to different Crocs over time as you've got

成功關鍵的因素。但另一個重要因素是用Jibbitz客製化鞋子有多容易。你可以隨著時間把它們移到不同的Crocs上，當你有

a green pair or a camo pair or a pink pair that like the jibbit would stay with you and they were yours they were almost like a the way a keychain on a

一雙綠色或迷彩或粉紅色的時，那個Jibbitz會和你在一起，它們是你的。它們幾乎像是背包上的鑰匙鏈

backpack was at a certain point this idea of individuality and self-expression is one that the brand emphasizes through its marketing campaigns and on social media the uniqueness of the shoe's design has

在某個時候。這種個性和自我表達的想法是品牌通過行銷活動和社交媒體強調的。這款鞋獨特的設計引發了

sparked debate even going back to Croc's early days there were two Waring factions of Crocs are ugly and they're a blade on society and we need to get rid

爭論，甚至可以追溯到Crocs的早期。有兩派交戰的陣營，Crocs很醜，它們是社會的禍害，我們需要擺脫

of them I don't care how comfortable they are they're ugly and then there were people that said no they're cute and they're kind of doughy and they're

它們。我不管它們有多舒服，它們就是醜。然後也有人說不，它們很可愛，它們有點胖胖的，它們

fun look how freaking Che you these are Crocs leaned into this polarization partnering with celebrities and well-known brands to create limited edition versions of the classic clog I think that's probably the biggest shift

很有趣。看看這些有多可愛。Crocs利用了這種兩極分化，與名人和知名品牌合作創造經典洞洞鞋的限量版。我覺得這可能是最大的轉變

within the Fashion World of the past decade is that people truly seem to design for Instagram because you want to stop people from scrolling and certainly a shoe plastered with fried chicken does

在時尚界過去十年中，人們真的似乎是為Instagram設計的，因為你想讓人們停止滾動，當然一雙貼滿炸雞的鞋子可以做到

that in 2018 Crocs says it's Balenciaga clog an $850 4in platform shoe sold out within hours and in 2021 Croc says it partnered with more than two dozen Brands artists and creators through

2018年Crocs說它的巴黎世家洞洞鞋，一雙850美元、4英寸厚底的鞋子，在幾小時內售罄。2021年Crocs說它與超過兩打品牌、藝術家和創作者合作通過

collaborations and license programs sometimes it was through jibbit but sometimes it was like these kind of crazy revamping of what their clog was constantly releasing new collaborations

合作和授權項目。有時候是通過Jibbitz，但有時候像是這些瘋狂改造他們洞洞鞋的方式。不斷發布新合作

has not only kept Crocs in the Press but it has also helped it break into new markets there are like Croc collectors that go after every model honey I am

不僅讓Crocs保持在新聞中，它也幫助它打入新市場。有像是Crocs收藏家會追每一個型號。親愛的，我

overflowing with Crocs the same way that Nikes resell on websites like stockx and eBay Crocs are now reselling Crocs and other comfortable shoes may have peaked with the pandemic as people begin to

被Crocs淹沒了。就像Nike在stockx和eBay等網站轉售一樣，Crocs現在也在轉售。Crocs和其他舒適鞋可能在疫情中達到巔峰，隨著人們開始

migrate back into work and consider more traditionalist Footwear but many others are still prioritizing Comfort we're seeing that with a lot of doughy running sneakers that people are wearing we're

回到工作崗位並考慮更傳統的鞋類。但許多其他人仍然優先考慮舒適。我們看到很多人穿的胖胖跑鞋。我們

seeing that certainly with the growth of slides as a huge business in the luxury Market Croc's stock has dropped around 60% since its November 2021 High I think the Market's nervous about the shortterm

當然也看到拖鞋在奢侈品市場成為一個巨大的生意。Crocs的股票從2021年11月的高點下跌了約60%。我認為市場對短期

right so we're definitely seeing um Supply constraints um in the first quarter but the company says it's Fourth straight year of Revenue growth was fueled by continued Global demand and it

感到緊張。所以我們肯定看到在第一季度有供應限制。但公司說它連續第四年的收入增長是由持續的全球需求推動的，它

expects revenues to grow to over5 billion by 2026 I think that they might Plateau at a certain point you can only reach so many consumers but I think for now they

預計到2026年收入將增長到超過50億美元。我認為他們可能在某個點會趨於平穩，你只能觸及這麼多消費者。但我認為現在他們

have been able to convince enough consumers that they deserve space within their closet and they got to have the two fingers Dollar General's business model it's a retailer that can make a lot of

已經能夠說服足夠的消費者他們在衣櫃裡值得有一席之地。而且他們必須有那兩根手指。Dollar General的商業模式。它是一個可以通過向相對少數人銷售非常便宜商品賺很多錢的零售商

money selling very cheap Goods to a relatively small number of people if you've ever shopped at a Dollar General you might have found the store on a

如果你曾經在Dollar General購物，你可能在一條

remote Road like this one it has every appearance of being in the middle of nowhere but this is a meticulously planned very well thought through strategy a strategy that's been key to

偏遠的路上找到這家店，就像這家。它看起來完全像是在荒郊野外，但這是一個精心策劃、經過深思熟慮的策略。這個策略一直是

Dollar General success in Rural America the company is Bucking current retail Trends by expanding rapidly and opening stores away from population centers Dollar Generals go where Walmarts aren't

Dollar General在美國農村成功的關鍵。這家公司正在逆當前零售趨勢而行，快速擴張並在遠離人口中心的地方開店。Dollar General去沃爾瑪不去的地方

but it's not not just the Strategic locations far away from big box stores Dollar General employs a number of tactics to keep operating cost down including leasing stores paying

但不僅僅是遠離大型連鎖店的戰略位置。Dollar General採用了一些策略來壓低運營成本，包括租賃店鋪、支付

employees low wages and selling limited products and yes that includes stuff that isn't really a dollar dollar general is almost something unto itself it kind of takes pieces from a lot of

低工資給員工和銷售有限的產品。是的，這包括不是真的一美元的東西。Dollar General幾乎是一個獨特的存在。它有點像是從很多

different retailing models this is the economics of Dollar General after more than 30 consecutive years of sales growth dollar General has become one of the most profitable and fastest growing

不同零售模式中取一些片段。這是Dollar General經濟學。在連續30多年的銷售增長後，Dollar General已經成為美國最賺錢、增長最快的

retailers in the US last year the company brought in more than $30 billion in sales so how has a store that sells products at rock bottom prices managed

零售商之一。去年公司帶來了超過300億美元的銷售額。那麼一家以超低價銷售產品的商店是如何實現

such extreme growth they add about two and a half stores every day in the United States um just for scope there's more than four times as many Dollar Generals as there are Walmarts there's

如此極端的增長的呢？他們每天在美國增加約兩家半的店。為了讓你有個概念，Dollar General的數量是沃爾瑪的四倍多。

more Dollar Generals than there are McDonald's in the United States there are currently more than 17 ,000 Generals in the US but if you don't live in Rural

Dollar General比美國的麥當勞還多。目前美國有超過17000家Dollar General。但如果你不住在美國農村

America you might not have ever even stepped foot inside the store where would you typically find a Dollar General uh You' you think of a two-lane road think of you know places where the

你可能甚至從來沒有進過這家店。你通常會在哪裡找到Dollar General？你會想到一條雙車道的路，想想房子

houses are far apart farmlands kind of lower income communities you might find them by a post office or a church or at an important intersection this is often a deliberate decision the company has

相距很遠的地方，農田，有點低收入的社區。你可能會在郵局或教堂旁邊或重要的十字路口找到它們。這通常是一個深思熟慮的決定。公司有

formulas for identifying locations to open stores often the Dollar General will be down thead road miles away from the nearest town and Walmart areas with limited shopping options 3/4 of Dollar

識別開店位置的公式。通常Dollar General會在距離最近的城鎮和沃爾瑪幾英里遠的偏僻路上，購物選擇有限的地區。四分之三的Dollar

General stores serve communities of 20,000 people or less according to the company it looks for need first and foremost so it's going to look for a place that we might call a food desert

General店服務2萬人或更少的社區，根據公司的說法。它首先尋找需求，所以它會尋找我們可能稱之為食物沙漠的地方

where there are not there's not a grocery store there's not a big box store it's kind of Target demographic is households uh with people making $4,000

那裡沒有雜貨店，沒有大型連鎖店。它的目標人群是收入4萬美元

or less and it looks for a place where it can get inexpensive real estate to keep cost down Dollar General tends to lease their properties rather than buy

或更少的家庭，它尋找能夠獲得便宜房地產的地方來壓低成本。Dollar General傾向於租賃而不是購買

them and inside the stores it has a limited selection of products that it buys in bulk which gives the company more buying power with suppliers most Dollar General stores don't offer fresh

他們的物業。在店內，它有有限的產品選擇，它大量購買，這給公司更多與供應商的購買力。大多數Dollar General店不提供新鮮

produce and compared to grocery stores have less perishable items which have a shorter shelf life and bring in lower margins you walk into a Dollar General you're going to see metal shelves it's

農產品，與雜貨店相比有更少的易腐爛商品，這些商品保質期更短，利潤率更低。你走進Dollar General，你會看到金屬貨架。這

going to be quite barebones think lolium think you know think bright lighting you won't see a lot of people working there by paying low wages to a minimal often

會很簡陋。想想低廉，你知道的，想想明亮的燈光。你不會看到很多人在那裡工作。通過向最少的、通常是

part-time staff the company keeps labor costs low the median annual income for employees is just over $166,000 according to Dollar General Dollar General says they employ more than 157,000 individuals and that they offer

兼職的員工支付低工資，公司壓低勞動力成本。根據Dollar General，員工的年收入中位數剛過16000美元。Dollar General說他們僱用了超過157000人，他們提供

employees competitive wages and benefits these stores are staffed at minimum level so there's not there aren't many employ employees they pay closer to a gas station attendant than even a

有競爭力的工資和福利給員工。這些店以最低水平配置人員，所以沒有很多員工。他們付的更接近加油站服務員而不是

Walmart employee so it's people that much like their customer base people who live in an area where there aren't a ton of other options despite the name not

沃爾瑪員工。所以就像他們的顧客群一樣，是住在沒有很多其他選擇地區的人。儘管名字叫這樣，不是

everything costs a dollar but prices are extremely cheap and often significantly lower than Grocery and drug stores critics say Dollar General strategies harm local communities by not providing healthy food options and potentially

所有東西都是一美元，但價格極其便宜，通常比雜貨店和藥店便宜得多。批評者說Dollar General的策略通過不提供健康食品選擇和可能

hurting the local small business economy Dollar General says that they are not a grocery store and that they are serving customers that would otherwise not have access to an affordable retail option

損害當地小企業經濟來傷害當地社區。Dollar General說他們不是雜貨店，他們正在服務否則無法獲得負擔得起的零售選擇的顧客

ultimately the low prices and the convenience for Rural customers is what keeps people coming back some Shoppers have even found items for under a dollar Penny shopping at Dollar General let's

最終，低價和對農村顧客的便利是讓人們不斷回來的原因。一些購物者甚至發現了不到一美元的商品。在Dollar General一分錢購物讓我們

go the first store I found Propel water for 1 cent I use the Dollar General app scan and verify it's a penny before heading to the register Dollar General

開始。我找到的第一家店有1分錢的Propel水。我用Dollar General應用程式掃描驗證它是一分錢，然後去收銀臺。Dollar General

is on Pace to continue grow growing the company grew 16% during the pandemic a time where other retailers saw growth in e-commerce not iners shopping Dollar General plans to open about a th stores

正在繼續增長。公司在疫情期間增長了16%，這是其他零售商看到電子商務增長而不是實體購物增長的時期。Dollar General計劃今年開大約一千家店

this year and when you have a business model that involves small footprint stores without a lot of embellishments or bells and whistles a company can do that quickly and they can do it cheaply

當你有一個涉及小店面、沒有很多裝飾或花俏的商業模式，一家公司可以很快做到這一點，而且可以便宜地做到

Dollar General is also branching out and going in New Directions it's been experimenting with stocking more fresh and refrigerated food and moving towards Urban centers it plans to expand pop

Dollar General也在分支出來，走向新方向。它一直在試驗儲存更多新鮮和冷藏食品，並向城市中心發展。它計劃擴展pop

shelf a new chain aimed at higher income Suburban customers pop shelf in addition to being located in different places it'll aim to sell things that are more

shelf，一個針對高收入郊區顧客的新連鎖店。pop shelf除了位於不同地點外，它的目標是銷售更多的

think of more fun so not not as much Staples that you need to get by day-to-day but things like decorations party supplies a little bit more fun than necessary Dollar General says the

想想更有趣的東西。不是那麼多你日常需要的必需品，而是像裝飾品、派對用品、比必需品更有趣一點的東西。Dollar General說

new expansion isn't necessarily a shift from their overall growth strategy they say they can serve a diverse customer base with stores in urban Rural and Suburban locations yet even as Dollar

新的擴張不一定是偏離他們整體增長戰略的轉變。他們說他們可以在城市、農村和郊區地點的店鋪服務多元化的顧客群。然而即使Dollar

General expands its offerings and Target demographics the company expects that its core customers will continue to be Shoppers in small towns without other options there really is a before and

General擴展它的產品和目標人群，公司預計它的核心顧客將繼續是沒有其他選擇的小鎮購物者。真的有一個前後

after Sephora when it comes to the makeup industry until about 20 years ago this is how most Americans shopped for luxury makeup a sales representative of the brand would stand behind find the

說到化妝品行業，Sephora之後就不一樣了。直到大約20年前，這是大多數美國人購買奢侈化妝品的方式。品牌的銷售代表會站在

makeup counter and help customers make a purchase that completely changed with Sephora now it's a free-for-all people walk in the stores they test whatever they want nothing is behind the glass so

化妝品櫃檯後面幫助顧客購買。這完全被Sephora改變了。現在是自由嘗試。人們走進店裡，他們想試什麼就試什麼。沒有東西在玻璃後面。所以

how did this French retailer come to dominate the global personal care and beauty product industry and what business practices helped make it the industry leader that it is today this is the economics of

這家法國零售商是如何主導全球個人護理和美容產品行業的？什麼商業實踐幫助它成為今天的行業領導者？這是

Sephora today the beauty retailer employed emplo over 36,000 people in more than 2700 stores in over 35 countries those stores carry over 250 Beauty Brands at this point Sephora is

Sephora經濟學。今天這家美容零售商在35個以上國家的超過2700家店僱用了超過36000人。這些店經營超過250個美容品牌。此時Sephora是

like kind of my second home the Sephora that we know today has its roots in a small perfume shop that opened in 1969 in Lio France at that time the perfume

我的第二個家一樣。我們今天所知的Sephora源於1969年在法國里昂開業的一家小香水店。當時香水

and cosmetics Market was dominated by a service-based retail model in which staff typically received commissions based on Sal sales instead Sephora used the assisted self-service model in which

和化妝品市場被基於服務的零售模式主導，員工通常根據銷售額獲得傭金。相反，Sephora使用了輔助自助模式，其中

customers are free to test products in the store have a full station where you can just like literally grab whatever and you can try on the lipsticks you can

顧客可以在店裡自由試用產品。有一整個試妝臺，你可以隨便拿什麼，你可以試口紅，你可以

try on the ey Shadows I always leave looking like a literal different person that I arve Sephora customers can still request help from a sales associate who Sephora calls a beauty adviser there's a

試眼影。我總是離開時看起來完全像另一個人。Sephora顧客仍然可以向銷售員請求幫助，Sephora稱之為美容顧問。和

little bit more trust with the sales representatives in the Sephora store because they're brand agnostic so they can tell you maybe you should buy the mascara from this brand but you should

Sephora店的銷售代表有更多信任，因為他們是品牌不可知的。所以他們可以告訴你也許你應該買這個品牌的睫毛膏，但你應該

buy the blush from a different brand Sephora also bucked convention in the manner in which it displayed its products so makeup items are next to each other whereas from the same brand a

買另一個品牌的腮紅。Sephora也打破了展示產品方式的慣例。所以化妝品是彼此相鄰的，而同一品牌的

fragrance would be in the fragrance aisle from the same brand a skincare product will be in the skincare aisle then in 1997 founder Dominic montino sold Sephora to the large luxury retail

香水會在香水區，同一品牌的護膚品會在護膚區。然後在1997年，創始人Dominic Montino把Sephora賣給了大型奢侈品零售

conglomerate lvmh one of the advantages of being owned by a conglomerate like LM m is that the company can jump very quickly on Trends and actually several

集團LVMH。被像LVMH這樣的集團擁有的優勢之一是公司可以非常快速地跟上趨勢，而且實際上有幾個

of the brands that are sold in Sephora stores are owned by lvmh one of the popular brands owned by lvmh is Fenty Beauty by Rihanna and then Fenty of

在Sephora店銷售的品牌是LVMH擁有的。LVMH擁有的一個流行品牌是Rihanna的Fenty Beauty。然後Fenty

course has a huge section the whole row of Fenty we got the lip glosses up front Sephora's success also stems from its exclusive line of products there's a

當然有一個巨大的區域，整排都是Fenty。我們前面有唇蜜。Sephora的成功也源於它的獨家產品線。有

little bit of a tension in the relationship between a store and a brand because Sephora is such a hot store for makeup brands to sell their products in

商店和品牌關係中有一點緊張，因為Sephora是一個對美妝品牌來說如此熱門的銷售產品的店

um Sephora ends up having a lot more leverage in that relationship the Sephora collection the challenge for high-end Beauty Brands these days is that they're really facing a conundrum they've become increasingly dependent on

Sephora最終在那個關係中有更多的槓桿。Sephora系列。這些天高端美妝品牌的挑戰是他們真的面臨一個困境。他們已經越來越依賴

Sephora for sales growth but because lvmh also produces Beauty Brands and there's an element of competition there and more brands are coming out constantly the Shelf brace is shrinking

Sephora來實現銷售增長。但因為LVMH也生產美妝品牌，有競爭的元素，而且更多品牌不斷出現，貨架空間在縮小

five Sephora products you need to try part 10 in part due to that product exclusivity Sephora boasts a loyal customer base here are five Sephora products you need to buy tonight sorry I

你需要嘗試的五個Sephora產品，第10部分。部分因為那種產品獨家性，Sephora擁有忠誠的顧客群。這是你今晚需要買的五個Sephora產品。對不起我

don't make the rules you just have to so what you'll find often times on Instagram or Tik Tok is that people have these haul videos where they're showing

不是定規則的人，你就得買。所以你經常會在Instagram或TikTok上發現人們有這些開箱影片，他們展示

all the products that they bought in Sephora and they're going one by one talking about them this is the kosis tinted face oil and it's $42 I recommend this product to everyone

他們在Sephora買的所有產品，然後一個一個地談論它們。這是kosis有色面部油，42美元。我推薦這個產品給每個人

and they're always like I'm paying $42 for a face oil yes you are many faithful customers are members of Sephora's Beauty Insider program which has three different tiers and more than 25 million

而且他們總是說我為一瓶面部油付42美元，是的你就是。許多忠實顧客是Sephora的Beauty Insider計劃的會員，有三個不同的等級，超過2500萬

members the lowest tier is the beauty Insider the next level up is Vib or very important Beauty Insider which users must spend $350 in a calendar year to

會員。最低等級是Beauty Insider。下一個等級是VIB或Very Important Beauty Insider，用戶必須在一個日曆年內消費350美元才能

unlock the top level is called Rouge which customers can access after spending at least $1,000 in a calendar year benefits like savings increase with each tier I'm Rouge don't judge me I

解鎖。最高等級叫Rouge，顧客在一個日曆年內消費至少1000美元後可以獲得。像儲蓄這樣的福利隨著每個等級增加。我是Rouge，不要評判我，我

know I spend a lot of money okay I get it but the real Advantage for Sephora for the beauty Rewards program is that every time a customer goes in there and

知道我花很多錢，好吧，我懂。但對Sephora來說美容獎勵計劃的真正優勢是每次顧客進去

Sephora knows exactly what they bought and that is very valuable information for the company to understand who the customer is what they're purchasing and then down the road to be able to Market

Sephora確切知道他們買了什麼，這對公司來說是非常有價值的資訊，可以了解顧客是誰、他們在購買什麼，然後以後能夠以

in a very personalized way to that customer yet as much as the company profits on exclusivity with its products when it comes to Sephora's consumer base the retailer takes inclusivity seriously

非常個性化的方式向那個顧客行銷。然而，儘管公司在產品獨家性上獲利很多，當涉及到Sephora的消費者群時，這家零售商認真對待包容性

one of the ways that Sephora has tried to become more inclusive is by featuring a larger number of brands in their stores they made an effort to include blackowned Brands and then also by

Sephora嘗試變得更加包容的方式之一是在他們的店裡展示更多品牌。他們努力包括黑人擁有的品牌，然後也通過

pushing Brands to expand their product lines and offer um products that appeal to people from different racial groups different ethnicities in 2021 Sephora relaunched color IQ a skin tone matching

推動品牌擴展他們的產品線，提供吸引不同種族、不同民族人群的產品。2021年Sephora重新推出了Color IQ，一種膚色匹配

technology that the company offers to assist customers in selecting the most natural product products for their skin tone show you all the products that would be your exact color and Sephora is

技術，公司提供這項服務幫助顧客選擇最適合他們膚色的自然產品。向你展示所有與你膚色完全匹配的產品。Sephora

still expanding in December 2020 the company announced a partnership with the Department chain Kohl's to install 850 shops inside coal stores by 2023 since opening 200 Kohl's locations this summer

仍在擴張。2020年12月，公司宣布與百貨連鎖店Kohl's合作，到2023年在Kohl's店內安裝850家店中店。自今年夏天在200個Kohl's地點開業以來

Sephora has added 200,000 new Beauty insiders in a statement to the Wall Street Journal a Sephora spokesperson said we want to be an unequivocal Global leader in the prestige Beauty space and

Sephora已經增加了20萬新的Beauty Insider。在給華爾街日報的聲明中，Sephora發言人說：我們想在高端美妝領域成為毫無爭議的全球領導者，

a purpose-driven brand that is a transformative opportunity for Everyone We Touch they continued by outlining three main areas customers Brands and teams sometimes when customers step outside the Sephora store they will have

一個以目的為驅動的品牌，對我們接觸的每個人都是變革性的機會。他們繼續概述三個主要領域：顧客、品牌和團隊。有時候當顧客走出Sephora店時，他們會

SL splotches of makeup all over their arms and that really showcases what they've been doing in the store walk into a Target anywhere in the US and you're likely to find Sleek

手臂上到處都是化妝品斑點，這真的展示了他們在店裡做了什麼。走進美國任何地方的Target，你很可能會發現光滑的

mannequins elaborate displays and fancy lighting Target is very focused on the Aesthetics their stores their products that is what they hope makes it feel like an elevated Discount Store experience this elevated experience

人體模型、精緻的展示和漂亮的燈光。Target非常注重美學，他們的店鋪、他們的產品，這就是他們希望讓它感覺像一個升級版的折扣店體驗。這種升級的體驗

which has led some to nickname the store tar is part of the company's strategy to differentiate itself from competitors and draw customers through the door but what's happening in the front of a

讓一些人給這家店起了tar這個暱稱，是公司區分自己與競爭對手並吸引顧客進門的策略的一部分。但Target店前面發生的事

Target store is only a portion of the retailer secret to success this is the economics of Target Target to me is so interesting because really they a department store

只是這個零售商成功秘訣的一部分。這是Target經濟學。Target對我來說太有趣了，因為真的他們是一個

that became a discount store and they were always going after sort of a higher-end discount store image and that's remain true to today Target positions itself as the option for cheap

變成折扣店的百貨公司，他們一直追求某種高端折扣店形象，這直到今天仍然如此。Target把自己定位為便宜

yet Chic items and customers can see the two ideas combined when walking around the store in certain areas like apparel HomeGoods and electronics Target stages items with lavish lighting and displays

但時尚的選擇，顧客在店裡走動時可以看到這兩個想法的結合。在某些區域像服裝、家居用品和電子產品，Target用華麗的燈光和展示來陳列商品

but just across the way you'll still find the standard merchandise aisles with uniform fluorescent lights target has always tried to sort of meld these like visual expectations that we have

但就在對面，你仍然會發現標準商品通道，有統一的熒光燈。Target一直試圖把我們對

from a department store like the mannequins and the good lighting and like a display for Cosmetics with a discount model they also want you to feel like you're getting a good deal and

百貨公司的視覺期望——像人體模型和好燈光和化妝品展示——與折扣模式融合。他們也想讓你覺得你得到了劃算的交易，

I think you see that as they iterate on store designs they still strive for that combination according to a study by hawk incentives when a customer feels like

我認為你看到當他們在店鋪設計上迭代時，他們仍然追求那種組合。根據hawk incentives的一項研究，當顧客覺得

they're getting a good deal it can make them feel smart and in turn increase sales don't get distracted at Target don't get distracted a Target don't get

他們得到了劃算的交易，會讓他們覺得聰明，進而增加銷售。不要在Target分心，不要在Target分心，不要

dist oh I need that retailers always are looking for this balance of things that bring you to the store that you need like a gallon of milk and the things

分...哦，我需要那個。零售商總是在尋找把你帶進店裡的你需要的東西（像一加侖牛奶）和

that you might buy in a whim that they actually make more money off of Target store design is one of several factors that have helped the retailer expand in

你可能一時衝動買的東西之間的平衡，那些他們實際上賺更多錢的東西。Target的店鋪設計是幫助這家零售商近年來擴張的幾個因素之一

recent years the business has grown more than 35% in the last 2 years Crossing $100 billion in annual revenue driven in large part by the pandemic and a

這個業務在過去2年增長超過35%，年收入超過1000億美元，很大程度上是由疫情和

decision Target made 5 years ago to invest in its stores you know lots of retailers said hey Amazon is here let's stop building stores let's remodel what we have let's develop an e-commerce

Target 5年前做出的投資店鋪的決定推動的。你知道的，很多零售商說嘿，亞馬遜來了，讓我們停止建店，讓我們改造我們有的，讓我們開發電子商務

model let's invest in other things target has continued adding stores some of them T to be smaller stores different types of formats while they've invested in e-commerce but they haven't

模式，讓我們投資其他東西。Target繼續增加店鋪，一些是更小的店鋪，不同類型的格式，同時他們投資電子商務，但他們沒有

completely pulled back on expanding their store account the retailer has over 19900 locations in the US which is smaller than Walmart but bigger than Costco around 75% of the US population

完全退縮擴展他們的店數。這家零售商在美國有超過1900個地點，比沃爾瑪小但比Costco大。大約75%的美國人口

lives within 10 mil of one of these stores so Target like lots of retailer established retailers big retailers has this huge benefit right now which is they have the stores already and you

住在這些店10英里以內。所以Target像很多老牌零售商、大零售商一樣，現在有這個巨大的優勢，就是他們已經有店了，你

probably live pretty close to one and that's enabled them to say offer things online for pickup in the store parking lot which has been wildly successful for them during the pandemic because they

可能住得離一家很近，這讓他們能夠提供線上購買、店內停車場取貨的服務，這在疫情期間對他們非常成功，因為他們

have that store for you to go and pick up your online order at the majority of operations like in store and curbside pickup and fulfillment for online orders

有那家店讓你去取你的線上訂單。大多數操作像店內和路邊取貨以及線上訂單履行

get started in the back room of the stores it's been so interesting cuz they started Ed to say like we're going to use our stores we're not going to build

都從店鋪的後面開始。這太有趣了，因為他們開始說我們要使用我們的店鋪，我們不會建

big you know e-commerce warehouses we're going to use our stores several years ago and there was a little bit of skepticism in the market because it didn't seem like you could really be

大的電子商務倉庫，我們要使用我們的店鋪。幾年前市場上有一點懷疑，因為那個模式似乎不能真正

that efficient in that model but in the end they say they've saved a lot of money because a they're not building a huge Warehouse which costs a lot of

那麼高效。但最終他們說他們省了很多錢，因為一、他們沒有建一個巨大的倉庫，這要花很多

money up front and you know they already have the trucks coming to their stores with their goods and they're just using those stores to the maximum possibility last year Target's Brook and mortar

前期成本，你知道的，他們已經有卡車帶貨到他們的店，他們只是最大限度地利用那些店。去年Target的實體

locations handled more than 95% of over $100 billion in sales so walk around any Target and you're likely to see this operation in action workers move carts throughout the store Gathering and scanning

地點處理了超過1000億美元銷售額的95%以上。所以在任何Target走動，你很可能會看到這個操作在進行。工人推著推車在店裡移動，收集和掃描

items while others watch for cars pulling up and deliver their orders in effect Target hires workers specifically for its fulfillment operations the company calls this role a fulfillment expert they're either out on

商品，而其他人觀察開車來的車輛並送出他們的訂單。實際上Target僱用專門做履行操作的工人。公司稱這個角色為履行專家。他們要麼在

the floor collecting Goods off the shelves just like a shopper or they're in the back room packing up things into box getting them labeled appropriately they're really more like warehouse

地板上從貨架收集商品，就像購物者一樣，要麼他們在後面把東西打包、貼標籤。他們真的更像倉庫

workers and now the company is taking this a step further in an effort to bridge the gap between its stores and its delivery location they're doing these things called sortation centers

工人。現在公司正在把這個更進一步，努力彌合它的店鋪和它的配送地點之間的差距。他們在做這些叫做分揀中心的東西

which allow them to basically have or orders from stores that are being packed up by fulfillment workers sent to that more central location but still kind of

讓他們基本上可以讓履行工人打包的店內訂單被送到那個更中心的位置，但仍然有點

close to stores and then picked up and sent out from there Target success is also strongly dependent on the items in its stores at any given time about onethird of Target's inventory is

靠近店鋪，然後從那裡取走送出。Target的成功也強烈依賴於它店裡的商品。在任何時候Target大約三分之一的庫存是

exclusive to the retailer through private labels similarly designers will often partner with Target for a limited time capsule collection these capsule collections for Target are sort of marketing right it's

通過自有品牌對這家零售商獨家的。同樣，設計師經常會與Target合作進行限時膠囊系列。這些Target的膠囊系列有點像是行銷，對吧，這是

a way to say hey we're High design big designers are interested in working with us so it gives them a little bit of that cache these collections are nearly as

一種說法，嘿，我們是高級設計，大設計師有興趣與我們合作，所以這給了他們一點那種名望。這些系列幾乎和

fundamental to Target as its Bullseye logo in the late 9s top makeup artist Sonia kashik partnered with Target to create a professional makeup line at affordable prices 16 years later Target

它的靶心標誌一樣是Target的基礎。在90年代末，頂級化妝師Sonia Kashik與Target合作，以可負擔的價格創造專業化妝線。16年後Target

bought the line and today this line is only one of targets more than 45 private labels they have become huge brands for Target and they've added more and more

收購了這條產品線，今天這條線只是Target超過45個自有品牌中的一個。它們已經成為Target的巨大品牌，他們增加了越來越多

and now it's a pretty significant percentage of their sales and private label like at all companies can be lower price for the consumer but more profitable for the retailer so there's a

現在它佔他們銷售相當大的比例。自有品牌像在所有公司一樣可以對消費者更便宜但對零售商更有利可圖。所以任何零售商

big interest for any retailer going in that direction according to a report by CB insights retailers can earn 25 to 30% higher gross margins on private labels compared to manufacturer Brands target

朝那個方向發展都有很大興趣。根據CB insights的報告，與製造商品牌相比，零售商可以在自有品牌上獲得高25%到30%的毛利率。Target

has yet to share the precise margin on its private labels but currently 11 of its brands are worth at least $1 billion with four Brands crossing the 2 billion Mark while target has transitioned

還沒有分享它自有品牌的精確利潤率，但目前它的11個品牌價值至少10億美元，有四個品牌超過20億美元大關。雖然Target自

through many iterations since it got its start in 1962 changing store designs many times and acquiring businesses within its larger brand the company continues to evolve with the everchanging customer they tend to kind

1962年起步以來經歷了很多迭代，多次改變店鋪設計並在其更大品牌內收購業務，公司繼續隨著不斷變化的顧客而進化。他們傾向於有點

of change strategy quickly when things aren't working and I think we see them in the middle of potentially another version of that because the consumer is changing so

快速改變策略當事情不起作用時，我認為我們看到他們可能正處於另一個版本的中間，因為消費者正在

much right now but even as the company evolves some aspects remain the same I think the most consistent thing for target has been this image this idea that they're an elevated brand they're

發生很大變化。但即使公司在進化，一些方面保持不變。我認為Target最一貫的事是這種形象，這個他們是一個升級品牌的想法，他們

different than their competitors they have stuck with that since the beginning and they still really lean on it today this is a tiny home on Airbnb so far this year this listing has brought

與競爭對手不同。他們從一開始就堅持這一點，今天仍然真的依賴它。這是Airbnb上的一個小房子。到目前為止今年這個房源已經為房東帶來了

in over $20,000 for its host the typical US host in 2021 earned over $13,800 according to the company the tiny home doesn't cost a lot to build and yet it can charge hundreds of

超過2萬美元。根據公司的說法，2021年美國典型房東賺了超過13800美元。這個小房子建造成本不高，但它可以每晚收取數百

dollars a night Airbnb posted a profit in its second quarter as guests booked a record number of stays and experiences and hosts increased prices for rentals amid High inflation but people didn't

美元。Airbnb在第二季度實現盈利，因為客人預訂了創紀錄數量的住宿和體驗，房東在高通脹中提高了租金價格。但人們沒有

book as much as analysts had projected and the company's summer bookings forecast fell short of expectations obviously it's an incredible Dynamic period of time but I'm still expecting an incredibly strong period of travel

預訂得像分析師預測的那麼多，公司的夏季預訂預測低於預期。顯然這是一個不可思議的動態時期，但我仍然期待一個不可思議的強勁旅行時期

even if people pull back spending some so how did the largest Home Sharing platform in the US navigate its biggest crises and could it borrow those lessons

即使人們削減一些支出。那麼美國最大的房屋共享平臺是如何度過它最大的危機的？它能借鑑這些經驗

to weather fears of a recession this is the economics of Airbnb Airbnb started around the time of the 2008 financial crisis this was a time when people were really hard hit by

來應對經濟衰退的擔憂嗎？這是Airbnb經濟學。Airbnb大約在2008年金融危機時開始。這是一個人們被

the recession and they were looking for a way to make an extra bu in 2016 the company launched Airbnb experiences which let Travelers book classes tours and outings Airbnb also

經濟衰退重創的時期，他們在尋找賺外快的方法。2016年公司推出了Airbnb體驗，讓旅行者預訂課程、旅遊和外出活動。Airbnb也

spent more as it grew the CEO branched out into all kinds of things like he wanted to have a media Studios he wanted to Branch into transportation and then

隨著成長花了更多錢。CEO擴展到各種東西，比如他想要有一個媒體工作室，他想要擴展到交通領域，然後

the pandemic hit business was down 80% forcing Airbnb to take on $2 billion in debt and pause all non-essential projects I hope I never do a side

疫情來了。業務下降了80%，迫使Airbnb承擔了20億美元的債務並暫停了所有非必要的項目。我希望我這輩子再也不做

project again in my life I learned a lesson and I think lesson is when you try to do new things aside things they don't work summer of 2020 was a turning

副業項目了。我學到了一個教訓，我認為教訓是當你嘗試做新的事情，副業項目，它們不起作用。2020年夏天是Airbnb的一個轉折

point for Airbnb people started quarantining with their families friends started taking stations while they could work remote um so that's something that definitely benefited Airbnb local travel became its stronghold and people started

點。人們開始和家人一起隔離，朋友們開始在可以遠程工作的時候去度假。所以這絕對是有利於Airbnb的事情。本地旅行成為它的支柱，人們開始

using the platform for longer stays the company was one of the hottest public listings of 2020 though its stock price has fallen since then amid a broad Market cool-off in August Airbnb

用平臺進行更長期的住宿。公司是2020年最熱門的上市公司之一，儘管它的股價在廣泛市場冷卻中已經下跌。8月Airbnb

projected record third quarter revenue on the back of higher rental prices and said it expects to post its first full year profit this year a lot of businesses have lucky moments but

在更高的租金價格支撐下預測創紀錄的第三季度收入，並說它預計今年將實現首個全年盈利。很多企業都有幸運時刻，但

there's something to be said about getting lucky and also being able to ride that wave and capitalize on it that's what Airbnb says it has done from

能夠幸運並且也能乘著那個浪潮並利用它是有道理的。這就是Airbnb說它從

the start back then in 2008 a lot of people turned to hosting because they were losing their homes High um housing prices and a lot of people because they

一開始就做的。那時在2008年，很多人轉向做房東因為他們失去了房子。高房價，很多人因為

didn't have as much money were looking for more affordable ways to travel than ever before that really helped them bring a lot of people who were looking

沒有那麼多錢，在尋找比以往更實惠的旅行方式。這真的幫助他們把很多在尋找

for ways to make up for lost income onto the platform and you can really see them capitalize on timing during the pandemic as well Airbnb redesigned its app and

彌補失去收入方法的人帶到平臺上，你真的可以看到他們在疫情期間也利用了時機。Airbnb重新設計了它的應用程式和

website to focus on local stays during the pandemic last summer it launched a flexible search feature which curates trips for people who don't know where they want to go the pandemic and remote

網站，專注於疫情期間的本地住宿。去年夏天它推出了一個靈活搜索功能，為不知道要去哪裡的人策劃旅行。疫情和遠程

work gave us that flexibility you know we could travel during the week and still work remote so Airbnb starts noticing this trend and it says oh my

工作給了我們那種靈活性，你知道的，我們可以在週間旅行並仍然遠程工作。所以Airbnb開始注意到這個趨勢，它說天哪

God we can you know we can sort of capitalize on this and they do in May Airbnb launched another redesign of its Search tool that split homes into more

我們可以，你知道的，我們可以在某種程度上利用這個，他們做到了。5月Airbnb推出了它搜索工具的另一次重新設計，把房屋分成超過

than 50 categories as a way to steer people to places they wouldn't otherwise have picked so what they're trying to do is they're trying to fill existing homes

50個類別，作為引導人們去他們原本不會選擇的地方的一種方式。所以他們試圖做的是他們試圖填充現有的房屋

instead of adding uh more and more homes some analysts say this is key to the company's future growth since Global occupancy rates are low when it comes to addressing safety issues on its platform

而不是增加越來越多的房屋。一些分析師說這是公司未來增長的關鍵，因為全球入住率很低。當涉及到解決平臺上的安全問題時

some cities have complained that Airbnb has been two hands off they're not actively monitoring these properties because frankly they can't they don't own them so that's really where a lot of

一些城市抱怨Airbnb太放手了。他們沒有積極監控這些物業，因為坦率地說他們做不到，他們不擁有它們。所以這真的是很多

their problems stem from four people killed another four hurt all of it happening in a house rented out on Airbnb after a 2019 Halloween shooting the company announced safety measures

他們問題的根源。四人死亡另外四人受傷，都發生在Airbnb出租的房子裡。在2019年萬聖節槍擊事件後，公司宣布了安全措施

including a 247 neighborhood hotline to field complaints we've banned to all parties globally on Airbnb we have a risky reservation queue where we looking at any suspicious activity and we have a

包括一個24/7鄰居熱線來處理投訴。我們已經在全球範圍內禁止了Airbnb上的所有派對。我們有一個風險預訂隊列，我們在尋找任何可疑活動。我們有一個

pretty Hands-On team that's using some pretty Advanced like machine learning technology to essentially identify anything we think is suspicious if it is we'll continue to swe more information

相當動手的團隊，使用一些相當先進的機器學習技術來基本上識別任何我們認為可疑的東西。如果是的話，我們會繼續收集更多資訊

the company says the number of Party complaints have dropped 44% in the last 2 years Airbnb has also been trying to reduce that rate further by doing things

公司說派對投訴數量在過去2年下降了44%。Airbnb也一直在試圖通過做一些事情來進一步降低那個比率

like blocking one or two night stays on New Year's Eve and Halloween for guests without a history of positive reviews but incidents keep happening earlier this year we had a shooting in

比如在新年前夕和萬聖節為沒有正面評價歷史的客人封鎖一兩晚的住宿。但事件仍在發生。今年早些時候我們有一起槍擊案

Pittsburgh and again you know people were injured City officials have also blamed Airbnb for ruining the long-term rental market in some small communities what's happened is a lot of people are

匹茲堡，再一次你知道的，有人受傷了。城市官員也指責Airbnb破壞了一些小社區的長期租賃市場。發生的是很多人

just snapping up properties and uh renting them and as a result locals don't have enough properties to rent longterm Airbnb doesn't think that it's actually affected long-term rental

只是在搶購物業然後出租，結果當地人沒有足夠的長期租賃物業。Airbnb不認為它實際上影響了長期租賃

market but you know if you ask uh City officials they have a different story for example in 2020 the mayor of Sedona Arizona a tourist hotspot said that the

市場。但你知道的，如果你問城市官員，他們有不同的說法。例如2020年亞利桑那州塞多納的市長，一個旅遊熱點，說

demand for Airbnb rentals worsened the shortage of affordable housing and demolished the long-term rental market if we are you know part of the problem we are going to work with cities we've

Airbnb租賃的需求惡化了負擔得起的住房短缺並摧毀了長期租賃市場。如果我們是問題的一部分，我們會與城市合作。我們已經

that's why we've done numerous agreements with cities to create restrictions we actually do want Airbnb to get more and more into long-term housing we want people to really feel

這就是為什麼我們已經與城市達成了很多協議來創建限制。我們其實確實希望Airbnb越來越多地進入長期住房。我們希望人們真正感覺

invested in the community one of the things that Airbnb is doing now is it's trying to direct people to areas where it has Supply and that sort of also

投入到社區中。Airbnb現在做的一件事是它正在試圖引導人們去它有供應的地區，這也在某種程度上

takes the load off of certain places that that everyone might go to and that might get sort of overburdened in April Airbnb announced that its employees can work from almost

減輕了某些每個人都可能去的地方的負擔，那些可能會變得過度負擔的地方。4月Airbnb宣布它的員工可以幾乎從

anywhere without a pay cut so if more businesses do follow airbnb's lead um Airbnb stands to gain in its home rental business because that would mean more digital Nomads more

任何地方工作而不減薪。所以如果更多企業跟隨Airbnb的腳步，Airbnb在它的房屋租賃業務中會受益，因為那意味著更多數位遊牧民、更多

people traveling and likely booking more airbnbs but some Travelers are concerned about Rising nightly rates and some analysts believe that hotel chains and competitors like Expedia group stand to

人在旅行並且可能預訂更多Airbnb。但一些旅行者擔心上漲的每晚房價，一些分析師認為酒店連鎖和像Expedia集團這樣的競爭對手會

gain as business travel picks up this year so the question is can Airbnb keep up the momentum we're an incredibly lean company we've already been preparing for a storm that what we thought was

在商務旅行今年恢復時受益。所以問題是Airbnb能保持這個勢頭嗎？我們是一家非常精簡的公司。我們已經在為一場我們認為會

inevitable for years to come Airbnb atically cut costs during the pandemic and analysts have credited the company for keeping those down even as travel rebounded while a potential economic downturn could decrease demand Airbnb

在未來幾年不可避免的風暴做準備。Airbnb在疫情期間大幅削減成本，分析師讚揚公司即使在旅行反彈時也保持低成本。雖然潛在的經濟衰退可能減少需求，Airbnb

says it could also bring more hosts to the platform as the economy is going to be slowing down I think more and more people are going to be interested in

說它也可能帶來更多房東到平臺。隨著經濟放緩，我認為越來越多的人會有興趣

saving money and I think they're also going to be interested in new ways to make money and unlike hotels with fixed properties Airbnb can adapt quickly by spotlighting properties that serve

省錢，我認為他們也會有興趣找新的賺錢方式。不像有固定物業的酒店，Airbnb可以通過強調服務

Travelers changing needs like it did during the switch to local travel I think even as we're entering recession people have been kind of isolated for years and they're yearning to get out

旅行者變化需求的物業快速適應，就像它在轉向本地旅行時做的那樣。我認為即使我們進入經濟衰退，人們已經被孤立了好幾年，他們渴望出去

and the one thing I think you're going to see them spend money on is they're going to continue to travel if you've ever seen a commercial for the Home Depot you might be familiar

我認為你會看到他們花錢的一件事是他們會繼續旅行。如果你曾經看過Home Depot的廣告，你可能對

with this tune it's a good time to be a doer Home Depot and its theme song have inspired a wave of videos on social media revealing its cultural status as

這個曲調很熟悉。做事的人的好時光。Home Depot和它的主題曲激發了社交媒體上的一波影片，揭示了它作為

the go-to Home Improvement store for many during the pandemic Home Depot is the world's largest Home Improvement retailer with over 2300 stores across North America what we've seen is home price appreciation and

許多人首選家居裝修商店的文化地位。在疫情期間，Home Depot是世界上最大的家居裝修零售商，在北美有超過2300家店。我們看到的是房價升值和

housing activity at unprecedented levels and what we know is that when homes become more valuable those homeowners are more willing to spend on them with its 2021 fiscal year sales larger than

住房活動達到前所未有的水平。我們知道的是當房屋變得更有價值時，那些房主更願意花錢在上面。它2021財年的銷售額超過了

both Lowe's and Ace Hardware combined one of Home Depot's biggest advantages is its foothold in the professional customer space that is electrican s remodelers plumbers and other Home professionals that place more lucrative

Lowe's和Ace Hardware的總和。Home Depot最大的優勢之一是它在專業客戶領域的立足點。那就是電工、裝修工、水管工和其他下更賺錢的

orders so how exactly has Home Depot attracted more professional customers and what other strategies have helped it become a leader in the Home Improvement retail industry this is the economics of

訂單的家居專業人員。那麼Home Depot究竟是如何吸引更多專業客戶的？什麼其他策略幫助它成為家居裝修零售行業的領導者？這是

Home Depot walking into a Home Depot you'll see a huge floor space dozens of long aisles with everything from screws and other Hardware to tools to major appliances garden supplies doors windows

Home Depot經濟學。走進Home Depot，你會看到一個巨大的地面空間，幾十條長通道，從螺絲和其他五金到工具到大型電器、園藝用品、門、窗

toilets really uh anything You' need for a home improvement project a typical Home Depot store stocks about 30,000 to 40,000 items throughout the year most locations are around 104,000 Square ft

馬桶，真的是任何你做家居裝修項目需要的東西。一家典型的Home Depot店全年庫存大約3萬到4萬件商品。大多數地點大約有10.4萬平方英尺

the scale of the store gives customers the opportunity to buy raw materials in bulk and pick up items quickly they try to be somewhere that you can go if

這種商店規模給顧客機會大量購買原材料和快速取貨。他們試圖成為一個你可以去的地方，如果

you're just an individual trying to fix up something in your kitchen they also try to be a place that you can go if you're a contractor trying to uh buy

你只是一個想修理廚房裡什麼東西的個人。他們也試圖成為一個你可以去的地方，如果你是一個承包商，想買

lumber to help renovate somebody's home or if you're a plumber that needs all kinds of pipe fittings so they really try to uh be a good source on both sides

木材來幫助翻新某人的房子，或者如果你是一個需要各種管件的水管工。所以他們真的試圖在兩邊都是好的來源

of that equation Home Depot began when co-founders Bernie Marcus and Arthur Blank were fired from a home improvement company called handy dance they wanted to launch a store that would be

那個方程式。Home Depot開始於聯合創始人Bernie Marcus和Arthur Blank被一家叫Handy Dan的家居裝修公司解僱時。他們想推出一家會

significantly bigger and cheaper than competitors in 1979 they opened their first two Home Depot locations in Atlanta the Home Depot the founders had a vision for a home improvement retailer

比競爭對手大得多、便宜得多的商店。1979年他們在亞特蘭大開了前兩家Home Depot店。Home Depot的創始人對家居裝修零售商有一個願景

that could be a One-Stop shop for the DIY or do-it-yourself customer you've never seen anything like it the Home Improvement customer to us is unique they're a doer that's where that word

可以成為DIY或自己動手的顧客的一站式商店。你從來沒見過這樣的東西。家居裝修顧客對我們來說是獨特的，他們是做事者。這就是那個詞

comes from since its founding Home Depot has grown into a multi-billion dooll company that increasingly caters to the professional contractor as well as the DIY consumer while many Industries like

的來源。自成立以來，Home Depot已經發展成一家越來越多地服務專業承包商和DIY消費者的數十億美元公司。雖然許多行業像

service and Hospitality took a hit during the pandemic Home Depot's Revenue continued to grow the pandemic fueled a boom in the Home Improvement industry as people spent more time and money on

服務業和酒店業在疫情期間受到打擊，Home Depot的收入繼續增長。疫情推動了家居裝修行業的繁榮，因為人們在

remodeling projects between middle of 2020 and the middle of 20121 uh there were four straight quarters where Home Depot grew its sales by more than 20% year-over-year Which is a very fast pace

改造項目上花了更多時間和金錢。在2020年中到2021年中之間，有連續四個季度Home Depot的銷售同比增長超過20%，這對一家大型成熟公司來說是非常快的速度

for a large established company Home Depot says they are seeing increasing demand for professional projects as people feel comfortable inviting contractors back into their homes there's been this buildup of projects uh

Home Depot說他們看到專業項目的需求在增加，因為人們願意讓承包商回到他們家裡。有一個項目的積累

that require profession professionals that more recently people have been willing to get to and that's sort of led to a second wind of of sales growth what

需要專業人員的，最近人們更願意去做，這在某種程度上導致了銷售增長的第二波

kind of person would come here at 5:45 a.m. well there's Carly our Carpenter Home Depot has positioned itself to attract more business from these contractors and home professionals particularly ones that place big orders

什麼樣的人會在早上5:45來這裡？嗯，有木匠Carly。Home Depot已經定位自己來吸引更多來自這些承包商和家居專業人員的業務，特別是下大訂單的

everything we do we do for them in the 2021 fiscal year about 50% of its sales came from Pro customers even though they made up less than 10% of its customer

我們做的一切都是為了他們。在2021財年，大約50%的銷售來自專業客戶，即使他們只佔不到10%的顧客

base in comparison about 20 to 25% of Lowe's total sales come from Pro customers according to the company as a key part of its Pro customer strategy

群。相比之下，根據公司的說法，大約20%到25%的Lowe's總銷售來自專業客戶。作為其專業客戶策略的關鍵部分

Home Depot has invested $ 1.2 billion in expanding its supply chain and distribution Network the company says it is building 150 new distribution centers to help speed up the replenishment of

Home Depot已經投資了12億美元來擴展其供應鏈和配送網絡。公司說它正在建造150個新的配送中心來幫助加速補充

store shelves and quickly deliver purchases to customers doors each facility with some as large as about 14 professional football fields can hold a huge amount of inventory and deliver

店鋪貨架和快速遞送購買品到顧客門口。每個設施，一些大到大約14個專業足球場，可以容納大量庫存並遞送

orders directly to a project site one thing we know that's important to our Pros is delivery of product to the job site we've shifted our model to a network of nearly 150 distribution

訂單直接到項目現場。我們知道對我們的專業客戶來說重要的一件事是把產品送到工地。我們已經把我們的模式轉變為一個近150個配送

centers that are engineered to deliver those big and bulky products that are unique to the Home Depot and unique to the pro think Lumber think doors think Windows think vanities we're designing a

中心的網絡，這些中心被設計來遞送那些Home Depot獨有的、專業客戶獨有的大件笨重產品。想想木材、門、窗、浴室櫃。我們正在設計一個

network that will will deliver those goods same day or next day to 90% of the population in our Market the Home Improvement Giants distribution network works in tandem with their online

網絡，將在當天或次日把這些商品送達我們市場90%的人口。這個家居裝修巨頭的配送網絡與他們的線上

strategy giving Pro customers more flexible options that better align with busy schedules we're one of the largest e-commerce retailers in the country by volume when people come to pick up

策略配合，給專業客戶更多靈活的選擇，更好地配合繁忙的日程。我們是全國最大的電子商務零售商之一（按數量）。當人們來取

orders from our lockers or from our service desk they often shop for more products in the store and so that's an economic flywheel that our website creat Crees for our company these

我們的儲物櫃或服務臺的訂單時，他們經常在店裡購買更多產品。所以這是我們網站為我們公司創造的經濟飛輪。這些

possibilities have really helped the company grow its sales quite a bit over the last 2 years uh sales from e-commerce channels have gone up by about 100% so basically doubled though

可能性真的幫助公司在過去2年大幅增長銷售。電子商務渠道的銷售增長了約100%，基本上翻了一倍。雖然

Home Depot has seen a long period of consistent Revenue growth the Home Improvement retail space remains a competitive and fragmented Market this is a space where uh customers are very

Home Depot經歷了長期的持續收入增長，家居裝修零售領域仍然是一個競爭激烈且分散的市場。這是一個顧客非常

sensitive to prices so if one brand is charging a higher price for a certain type of equipment that's something that buyers could pick up on and and could

對價格敏感的領域，所以如果一個品牌對某種設備收更高的價格，買家可能會注意到，可能

easily shift to another retailer so Home Depot is definitely very uh sensitive to other big chains to smaller M and pop stores the industry is also sensitive to economic fluctuations especially with

很容易轉到另一家零售商。所以Home Depot絕對對其他大連鎖店、對較小的夫妻店非常敏感。這個行業也對經濟波動敏感，特別是

spending Trends tied to the housing market going back to the Great Recession and the financial crisis uh 10 years ago that was a very difficult time for Home Improvement retailers a turbulent period

與住房市場相關的支出趨勢。回到大蕭條和10年前的金融危機，那是家居裝修零售商非常困難的時期。一個動盪的時期

for Home Depot in the last couple years during the pandemic that housing Market's been very strong certainly a company that uh would be in a very different position if there was some

對Home Depot來說。在過去幾年疫情期間，住房市場非常強勁。當然，一家公司如果有某種

kind of big downturn in the housing market in general

住房市場整體的大衰退，會處於非常不同的位置