Recently, Ye Guofu, founder, chairman of the board of directors and CEO of Mingchuang Premium Group, met with Yu Donglai, founder and chairman of Fat Donglai for the first time. This was the first time that two entrepreneurs representing the retail industry met. It was also the first time that the two sides had in-depth exchanges on the restructuring and upgrading of Yonghui Supermarket since Mingchuang Premium spent 6.3 billion to acquire Yonghui Supermarket and became its largest shareholder.

During the exchange, Ye Guofu and Yu Donglai were firmly optimistic about Yonghui Supermarket and firmly changed the route. Since May of this year, Yonghui Supermarket has successively regulated stores across the country through Fat Donglai to help and learn from Fat Dong's two models of independent regulation. On September 23, Mingchuang Premium announced the acquisition of Yonghui Supermarket for 6.3 billion yuan, making it the largest and most watched acquisition in China this year.

In the investor conference call that evening, Ye Guofu mentioned that he had visited the revised Yonghui supermarket many times and saw the huge potential of Yonghui supermarket through personal observation and experience, as well as store sales data.

At the exchange meeting, Ye Guofu reiterated quality retail, calling for a return to the essence of retail, a return to the consumer, a return to quality, innovation, and not price. Costco and Sam hoped to build a Costco and Sam suitable for Chinese household consumption. He believed that Yonghui Supermarket has the characteristics and resilience of “being the happiest quality community supermarket around you.”

As a “myth” in the retail industry, Fat Donglai has steadfastly created a “beautiful path” and pioneered a new trend of beautiful business. Beauty is based on quality. Ye Guofu and Yu Donglai met for the first time, and the two sides will further work together to create in the field of quality retail. Ye Guofu believes that Fat Donglai is a leader in the industry. In one to two years, Yonghui supermarket studied 780 percent of Fat Donglai. In the future, they will continue to study, continue to optimize, and keep getting closer to Fat Donglai. Yu Donglai said that it is not difficult to build China's Costco. One is that the team is willing to work, and the other is to improve the quality, function, and beauty of the product.

Up to now, Yonghui Supermarket has completed the restructuring and opening of 20 stores across the country. In the future, Fat Dong will help and learn from Fat Dong's main reforms, and plans to increase the number of modified stores to 40 to 50 before the Spring Festival.

The following is a transcript (partial) of Ye Guofu's exchange with Yu Donglai:

Ye Guofu: Mingchuang Premium has always advocated the consumer proposition of high quality and affordability. It advocates a return to the essence of retail, a return to consumers, a return to quality, innovation, and not price. I watched the Zhengzhou Xinwan store, the first store that Fat Donglai helped reform Yonghui Supermarket. I feel very happy. I am full of confidence that the Fat Donglai model will go all over the country, serve every community well, and serve every family well.

Yu Donglai: Entrepreneurs should be happy to be a business, have world-class quality products, be good to people, and make good products. The product must have a reasonable profit, otherwise it will affect creativity.

Ye Guofu: Making a product has a great sense of accomplishment. Selling well is something that consumers are extremely happy about. I think the supermarkets of the future are not the supermarkets of the past; they must have the function of product development.

Yu Donglai: Products must first be quality first, followed by practicality. They must make consumers feel convenient for life, and also have beauty, including quality, craftsmanship, and color and style of design. They must not only be simple products, but also reflect a taste for life.

Yu Donglai: Yonghui Supermarket's goal is to have fun and be a Chinese Costco. It's not difficult to become China's Costco. One is the team, so that the team is willing to work, feel happy at work, and be able to earn money; the other is the product. The other is the product, the salary is higher, the professional can do it, learn from brands such as Sam and Costco, and improve the quality, function, and beauty of the product.

Yu Donglai: Happy employees, good customer experience, and good internal quality. Combining these three doesn't produce satisfaction; it creates beauty.

Ye Guofu: A store clerk in the service industry can get a grievance award for any grievance. This was not the case in the past, and the store clerk felt very well. In the past, some customers knocked over and damaged items in the store, and the loss prevention department would track them down. Now, when Mingchuang Youpin learns, the products are lost, broken, or broken. No matter who is responsible, they are not looking for customer claims or employee claims; all are reimbursed by the company. In this way, employees will feel much easier at work.

Ye Guofu: The mission of Mingchuang Premium is “born for happiness”, so we set every Wednesday as a “happy day”. Birthdays and celebrations are on Wednesday. After lunch on Wednesday, everyone can receive a small dessert after the meal. We are also gradually getting closer to Fat Donglai to do the happy thing, continuously adjust the status of employees, and put employees' happiness first.