<p>當 Currys 宣佈其首席執行官 Alex Baldock 在今年早些時候辭職時，投資者的反應是立竿見影的。</p>
<p>這家電子連鎖店的股價急劇下跌，市值蒸發近 11%。市場正在消化這位被廣泛認為是推動公司悄然成功轉型的領導者的離開。</p>
<p>現在，Baldock 似乎面臨着一個更大的挑戰，他的任務是復興這個已有 177 年曆史的品牌，該品牌的輝煌時光已成往事。週三，有消息稱，離任的 Currys 首席執行官正在被安排接管 Boots。</p>
<p>該公司在週四確認了他的任命，為 Baldock 嘗試説服投資者相信這家英國藥店的價值可能高達 70 億英鎊鋪平了道路。</p>
<p>Baldock 應該非常適合這個角色。他在過去七年中證明了傳統零售商如果能夠迅速現代化，仍然可以蓬勃發展。</p>
<p>在 Currys，這意味着縮減門店數量、削減成本、提升在線銷售，並強調其 “全渠道” 服務、維修、信貸和訂閲的提供。</p>
<p>Berenberg 的零售分析師 Adam Tomlinson 表示，當 Baldock 在 2018 年加入 Currys 時，“公司正處於非常艱難的境地”。</p>
<p>“最初的主要關注點是重組移動部門，該部門已成為整個集團的重大負擔。他完全重新調整了該部門的規模和成本結構，將其從一個問題領域轉變為一個積極的貢獻者。”</p>
<p>Tomlinson 表示，Baldock 的更廣泛戰略是將 Currys 從一個 “以產品為主的零售商轉變為一個綜合服務業務”，通過信貸優惠、配送和安裝、保修、維修和以舊換新來鼓勵客户忠誠度。</p>
<p>“常常被忽視的是，他對員工和同事的關注，” 他補充道。“他有一個信條，即客户體驗永遠不能超過員工體驗。”</p>
<p>Baldock 現在必須在 Boots 上重複這種成功——這個品牌迫切需要轉型。</p>
<p>自 2014 年被納入 Walgreens Boots Alliance 以來，Boots 經歷了關店、重組和多次嘗試擺脱其過時的藥店形象。</p>
<p>其所有者多次表示，他們希望出售這家英國業務。Walgreens 在 2022 年啓動了 Boots 的出售流程。</p>
<p>然而，由於未能在困難的市場條件和上升的借貸成本面前達成其想要的估值，該計劃後來被擱置。從那時起，努力的重點轉向了精簡連鎖店，包括推動進一步的關店和成本削減。</p>
<p>去年，當私募股權公司 Sycamore Partners 以 100 億美元（74 億英鎊）的交易收購 Walgreens Boots Alliance 時，關於出售英國業務的猜測再次升温。</p>
<p>交易完成後不久，Sycamore 將 Walgreens 拆分為五個獨立實體，其中之一就是 Boots。這被視為最終將這家英國藥店重新上市倫敦股市的第一步。</p>
<p>許多人認為 Baldock 被引入是為了讓 Boots 順利完成這樣的倫敦上市——內部人士聲稱這 “始終是計劃”。其所有者希望獲得高達 70 億英鎊的估值。不過，一些人仍然對任何上市是否會很快發生持懷疑態度。</p>
<p>一位高級零售行業人士表示，他的任命與 “任何私募股權擁有的企業” 是一樣的。“工作的目標是為所有者創造儘可能多的價值，” 該人士表示。</p>
<p>鑑於當前倫敦市場的狀況，他們表示，Baldock 更可能是被引入來為 Boots 打下更堅實的基礎。“我認為他被引入進行首次公開募股是不正確的。”</p>
<p>他們表示，Boots 的健康與美容部門現在是 “業務中最重要的部分”，反映出零售內部對 Boots 未來的看法，認為其未來不再主要在藥房，而是在化妝品、護膚和健康領域。</p>
<p>這種轉變在 Boots 許多大型門店中已經可見，美容區越來越佔據商店的主要空間，而傳統的藥房空間則在縮小。</p>
<p>分析師預計 Baldock 將繼續推動業務朝這個方向發展，因為美容產品的利潤率顯著高於藥品或低成本醫療必需品的銷售。</p>
<p>JDM Retail 的 Jonathan De Mello 表示，Boots“正在考慮將更多的店面空間用於美容，而不是應急藥品採購。美容產品的利潤率顯著更高。”</p>
<p>與此同時，Boots 仍面臨在實體店投資與提升在線銷售之間取得平衡的挑戰。</p>
<p>儘管 Boots 在旗艦店和數字基礎設施上投入了大量資金，分析師認為該業務在這兩個方面仍落後於競爭對手。</p>
<p>“優勢卡很強，但網站仍需改進，” De Mello 説。</p>
<p>前高管聲稱，其龐大門店網絡中仍有許多急需投資的區域。翻新所有這些老舊門店將是非常昂貴的。</p>
<p>另一位零售分析師 Clive Black 同意，該連鎖店的資產仍然不均衡，儘管經過多年的投資。</p>
<p>“有些旗艦店顯然在美容方面投入了大量資金，但全國還有很多門店看起來相當疲憊，” Black 説。</p>
<p>如果 Baldock 想要讓 Boots 上市——無論是今年晚些時候還是更遠的將來——他必須説服投資者相信 Boots 可以成為一個增長型企業，而不僅僅是一個可靠的現金生成者。</p>
<p>Black 表示，他懷疑 “Boots 最終可能被視為一個收入故事，而不是一個純粹的增長故事”。</p>
<p>Baldock 還將面臨關於 Boots 國際業務的問題。</p>
<p>雖然這家零售商在英國以外的存在可能對他個人形成了一部分吸引力——畢竟他在英國和海外都領導過 Currys 多年——但分析師認為，一些國際業務最終可能會被出售，因為管理層將更加專注於該連鎖店最強的市場。</p>
<p>德梅洛表示，Boots 在德國和墨西哥等地的業務表現不佳。他認為該公司應該更專注於英國和愛爾蘭，他將這兩個市場描述為公司的 “增長引擎”。</p>
<p>在 Currys，博爾多克成功説服市場，認為實體店在亞馬遜時代仍然有價值，只要它們與強大的在線業務無縫協作。在 2024 年至 2026 年間，他監督了零售商股價的三倍增長。</p>
<p>就在上週，博爾多克告訴《泰晤士報》，他熱愛在 Currys 的角色。他的下一個舉動必須是 “一些真正令人興奮的事情，以使他離開 Currys”。看起來在 Boots，他找到了這樣的機會。他表示，現在標誌着 “Boots 一個激動人心的新篇章的開始”。</p>

沃爾格林聯合博姿

<p>庫里斯前首席執行官亞歷克斯·博爾多克（Alex Baldock）被任命為博姿（Boots）的首席執行官，旨在振興這一估值為 70 億英鎊的掙扎品牌。博爾多克因通過現代化運營和提升客户體驗而成功轉型庫里斯而受到認可。在沃爾格林聯合博姿的管理下，博姿面臨着包括門店關閉和將重點轉向美容產品而非傳統藥房服務等挑戰。分析師認為，博爾多克的角色可能主要是為了加強博姿，以便為未來可能的首次公開募股（IPO）做準備，儘管短期內上市前景仍不確定</p>

<p>When Currys announced that Alex Baldock, its chief executive, was stepping down earlier this year, the response from investors was immediate.</p>
<div class="lb-trans"><p>當 Currys 宣佈其首席執行官 Alex Baldock 在今年早些時候辭職時，投資者的反應是立竿見影的。</p>
</div><p>Shares in the electronics chain fell sharply – wiping almost 11pc off its valuation – as markets digested the departure of the man widely credited with engineering the company’s quietly successful turnaround.</p>
<div class="lb-trans"><p>這家電子連鎖店的股價急劇下跌，市值蒸發近 11%。市場正在消化這位被廣泛認為是推動公司悄然成功轉型的領導者的離開。</p>
</div><p>Now Baldock appears poised for an even bigger challenge, tasked with reviving a 177-year-old brand that has seen better days. On Wednesday, it emerged that the outgoing Currys chief was being lined up to take the reins at Boots.</p>
<div class="lb-trans"><p>現在，Baldock 似乎面臨着一個更大的挑戰，他的任務是復興這個已有 177 年曆史的品牌，該品牌的輝煌時光已成往事。週三，有消息稱，離任的 Currys 首席執行官正在被安排接管 Boots。</p>
</div><p>The company confirmed his appointment on Thursday, setting the stage for Baldock to try to convince investors that the British chemist could be worth as much as £7bn.</p>
<div class="lb-trans"><p>該公司在週四確認了他的任命，為 Baldock 嘗試説服投資者相信這家英國藥店的價值可能高達 70 億英鎊鋪平了道路。</p>
</div><p>Baldock should be well-suited to the role. He has spent the past seven years proving that legacy retailers can still thrive if they modernise quickly enough.</p>
<div class="lb-trans"><p>Baldock 應該非常適合這個角色。他在過去七年中證明了傳統零售商如果能夠迅速現代化，仍然可以蓬勃發展。</p>
</div><p>At Currys, that meant slimming down the store estate, cutting costs, boosting online sales and emphasising its “omnichannel” offering of services, repairs, credit and subscriptions.</p>
<div class="lb-trans"><p>在 Currys，這意味着縮減門店數量、削減成本、提升在線銷售，並強調其 “全渠道” 服務、維修、信貸和訂閲的提供。</p>
</div><p>Adam Tomlinson, a retail analyst at Berenberg, says that when Baldock arrived at Currys in 2018, “the business was in a very tough place”.</p>
<div class="lb-trans"><p>Berenberg 的零售分析師 Adam Tomlinson 表示，當 Baldock 在 2018 年加入 Currys 時，“公司正處於非常艱難的境地”。</p>
</div><p>“A major focus initially was restructuring the mobile division, which had become a significant drag on the wider group. He completely realigned it in terms of right-sizing both the store base and the cost base, and turned it from being a problem area into a positive contributor.”</p>
<div class="lb-trans"><p>“最初的主要關注點是重組移動部門，該部門已成為整個集團的重大負擔。他完全重新調整了該部門的規模和成本結構，將其從一個問題領域轉變為一個積極的貢獻者。”</p>
</div><p>Tomlinson says Baldock’s broader strategy has been to transform Currys from a “product-first retailer into an integrated services business”, encouraging customer loyalty through credit offers, delivery and installation, warranties, repairs and trade-ins.</p>
<div class="lb-trans"><p>Tomlinson 表示，Baldock 的更廣泛戰略是將 Currys 從一個 “以產品為主的零售商轉變為一個綜合服務業務”，通過信貸優惠、配送和安裝、保修、維修和以舊換新來鼓勵客户忠誠度。</p>
</div><p>“What is often overlooked is how much focus he placed on staff and colleagues,” he adds. “He has a mantra that customer experience can never exceed colleague experience.”</p>
<div class="lb-trans"><p>“常常被忽視的是，他對員工和同事的關注，” 他補充道。“他有一個信條，即客户體驗永遠不能超過員工體驗。”</p>
</div><p>Baldock will now have to repeat that success at Boots – a brand which is desperately in need of a turnaround.</p>
<div class="lb-trans"><p>Baldock 現在必須在 Boots 上重複這種成功——這個品牌迫切需要轉型。</p>
</div><p>Since being folded into Walgreens Boots Alliance in 2014, Boots has endured closures, restructurings and repeated attempts to move away from its old-fashioned chemist image.</p>
<div class="lb-trans"><p>自 2014 年被納入 Walgreens Boots Alliance 以來，Boots 經歷了關店、重組和多次嘗試擺脱其過時的藥店形象。</p>
</div><p>Its owners have repeatedly signalled that they would be keen to offload the British business. Walgreens launched a sale process for Boots in 2022.</p>
<div class="lb-trans"><p>其所有者多次表示，他們希望出售這家英國業務。Walgreens 在 2022 年啓動了 Boots 的出售流程。</p>
</div><p>However, it later scrapped the plans after failing to secure a deal at the valuation it wanted in the face of difficult market conditions and rising borrowing costs. Since then, efforts have been focused on honing the chain, including pushing through further store closures and cost reductions.</p>
<div class="lb-trans"><p>然而，由於未能在困難的市場條件和上升的借貸成本面前達成其想要的估值，該計劃後來被擱置。從那時起，努力的重點轉向了精簡連鎖店，包括推動進一步的關店和成本削減。</p>
</div><p>Speculation over a sell-off of the British arm was revived last year when private equity firm Sycamore Partners swooped to buy Walgreens Boots Alliance in a $10bn (£7.4bn) deal.</p>
<div class="lb-trans"><p>去年，當私募股權公司 Sycamore Partners 以 100 億美元（74 億英鎊）的交易收購 Walgreens Boots Alliance 時，關於出售英國業務的猜測再次升温。</p>
</div><p>Shortly after the deal was completed, Sycamore split Walgreens into five standalone entities – one of which was Boots. It was seen as the first major step towards ultimately returning the British chemist to the UK stock market.</p>
<div class="lb-trans"><p>交易完成後不久，Sycamore 將 Walgreens 拆分為五個獨立實體，其中之一就是 Boots。這被視為最終將這家英國藥店重新上市倫敦股市的第一步。</p>
</div><p>Baldock is believed by many to have been brought on to get Boots over the line for such a London listing – something insiders claim was “always the plan”. Its owners are looking for a valuation as high as £7bn. Still, some remain unconvinced that any listing would be imminent.</p>
<div class="lb-trans"><p>許多人認為 Baldock 被引入是為了讓 Boots 順利完成這樣的倫敦上市——內部人士聲稱這 “始終是計劃”。其所有者希望獲得高達 70 億英鎊的估值。不過，一些人仍然對任何上市是否會很快發生持懷疑態度。</p>
</div><p>A senior retail industry source says his appointment is the same “as with any private equity-owned business”. “The job is to create as much value as possible for the owners,” the source says.</p>
<div class="lb-trans"><p>一位高級零售行業人士表示，他的任命與 “任何私募股權擁有的企業” 是一樣的。“工作的目標是為所有者創造儘可能多的價值，” 該人士表示。</p>
</div><p>Given the current state of the London market, they say it is more likely that Baldock has simply been brought in to put Boots on a stronger footing. “I don’t think it’s right that he’s been brought in for an IPO.”</p>
<div class="lb-trans"><p>鑑於當前倫敦市場的狀況，他們表示，Baldock 更可能是被引入來為 Boots 打下更堅實的基礎。“我認為他被引入進行首次公開募股是不正確的。”</p>
</div><p>They say Boots’ health and beauty division is now “by far the most important part of the business”, reflecting the growing view inside retail that the future of Boots lies less in pharmacy and more in cosmetics, skincare and wellness.</p>
<div class="lb-trans"><p>他們表示，Boots 的健康與美容部門現在是 “業務中最重要的部分”，反映出零售內部對 Boots 未來的看法，認為其未來不再主要在藥房，而是在化妝品、護膚和健康領域。</p>
</div><p>That shift is already visible inside many of Boots’ larger stores, where beauty halls increasingly dominate the shop floor while traditional pharmacy space shrinks.</p>
<div class="lb-trans"><p>這種轉變在 Boots 許多大型門店中已經可見，美容區越來越佔據商店的主要空間，而傳統的藥房空間則在縮小。</p>
</div><p>Analysts expect Baldock to continue pushing the business in that direction because beauty products offer significantly stronger margins than dispensing medicines or selling low-cost healthcare essentials.</p>
<div class="lb-trans"><p>分析師預計 Baldock 將繼續推動業務朝這個方向發展，因為美容產品的利潤率顯著高於藥品或低成本醫療必需品的銷售。</p>
</div><p>Jonathan De Mello, of JDM Retail, says Boots is “looking at devoting more floor space to beauty rather than distress pharmaceutical purchasing. The margins on beauty products are significantly better”.</p>
<div class="lb-trans"><p>JDM Retail 的 Jonathan De Mello 表示，Boots“正在考慮將更多的店面空間用於美容，而不是應急藥品採購。美容產品的利潤率顯著更高。”</p>
</div><p>At the same time, Boots still faces the challenge of balancing investment in physical stores with the need to boost online sales.</p>
<div class="lb-trans"><p>與此同時，Boots 仍面臨在實體店投資與提升在線銷售之間取得平衡的挑戰。</p>
</div><p>For all the investment Boots has poured into flagship stores and digital infrastructure, analysts argue the business still lags behind rivals on both fronts.</p>
<div class="lb-trans"><p>儘管 Boots 在旗艦店和數字基礎設施上投入了大量資金，分析師認為該業務在這兩個方面仍落後於競爭對手。</p>
</div><p>“The Advantage Card is strong, but the website still needs work,” says De Mello.</p>
<div class="lb-trans"><p>“優勢卡很強，但網站仍需改進，” De Mello 説。</p>
</div><p>Former executives claim there are also still swathes of its sprawling estate which are in urgent need of investment. Renovating all of these old stores would be painfully expensive.</p>
<div class="lb-trans"><p>前高管聲稱，其龐大門店網絡中仍有許多急需投資的區域。翻新所有這些老舊門店將是非常昂貴的。</p>
</div><p>Clive Black, another retail analyst, agrees the chain’s estate remains uneven despite years of investment.</p>
<div class="lb-trans"><p>另一位零售分析師 Clive Black 同意，該連鎖店的資產仍然不均衡，儘管經過多年的投資。</p>
</div><p>“There are some flagship stores where they have clearly invested heavily in beauty, but there are also an awful lot of stores around the country that look pretty tired,” says Black.</p>
<div class="lb-trans"><p>“有些旗艦店顯然在美容方面投入了大量資金，但全國還有很多門店看起來相當疲憊，” Black 説。</p>
</div><p>If Baldock wants to take Boots public – be it later this year or further down the line – he will have to convince investors that Boots can be a growth business rather than simply a reliable cash generator.</p>
<div class="lb-trans"><p>如果 Baldock 想要讓 Boots 上市——無論是今年晚些時候還是更遠的將來——他必須説服投資者相信 Boots 可以成為一個增長型企業，而不僅僅是一個可靠的現金生成者。</p>
</div><p>Black says he suspects that “Boots may end up being seen more as an income story than a pure growth story”.</p>
<div class="lb-trans"><p>Black 表示，他懷疑 “Boots 最終可能被視為一個收入故事，而不是一個純粹的增長故事”。</p>
</div><p>Baldock will also inherit questions over Boots’ international operations.</p>
<div class="lb-trans"><p>Baldock 還將面臨關於 Boots 國際業務的問題。</p>
</div><p>While the retailer’s presence outside the UK may have formed part of the attraction for him personally – having steered Currys for years in both the UK and overseas – analysts suggest some international businesses could ultimately be sold off as management focuses more tightly on the chain’s strongest markets.</p>
<div class="lb-trans"><p>雖然這家零售商在英國以外的存在可能對他個人形成了一部分吸引力——畢竟他在英國和海外都領導過 Currys 多年——但分析師認為，一些國際業務最終可能會被出售，因為管理層將更加專注於該連鎖店最強的市場。</p>
</div><p>De Mello says Boots’ operations in places such as Germany and Mexico are underperforming. He argues the business would be better concentrating on the UK and Ireland, which he describes as the company’s “engine room for growth”.</p>
<div class="lb-trans"><p>德梅洛表示，Boots 在德國和墨西哥等地的業務表現不佳。他認為該公司應該更專注於英國和愛爾蘭，他將這兩個市場描述為公司的 “增長引擎”。</p>
</div><p>At Currys, Baldock managed to convince the markets that physical stores still had value in the Amazon era, provided they worked seamlessly alongside a strong online offer. Between 2024 and 2026, he oversaw a tripling in the retailer’s share price.</p>
<div class="lb-trans"><p>在 Currys，博爾多克成功説服市場，認為實體店在亞馬遜時代仍然有價值，只要它們與強大的在線業務無縫協作。在 2024 年至 2026 年間，他監督了零售商股價的三倍增長。</p>
</div><p>Just last week, Baldock told The Times that he loved his role at Currys. His next move would have to be “something properly exciting to take me away from Currys”. With Boots, it seems that Baldock has found that. Now, he said, marked the start of “an exciting new chapter for Boots”.</p>
<div class="lb-trans"><p>就在上週，博爾多克告訴《泰晤士報》，他熱愛在 Currys 的角色。他的下一個舉動必須是 “一些真正令人興奮的事情，以使他離開 Currys”。看起來在 Boots，他找到了這樣的機會。他表示，現在標誌着 “Boots 一個激動人心的新篇章的開始”。</p>
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Currys 的扭轉局面專家被委任以 70 億英鎊的回報來複興疲憊不堪的 Boots