<p>它有一些翻新的門店。它有一些時尚的新美容產品系列。也許最重要的是，隨着亞歷克斯·博爾多克的任命，它將很快擁有一位經驗豐富的首席執行官，他知道如何扭轉零售業務。</p>
<p>不難理解，為什麼金融城對 Boots 以 70 億英鎊或更高的估值重返倫敦股市的前景感到興奮。</p>
<p>然而，只有一個問題。英國零售業現在非常艱難，投資者信心非常脆弱。實際上，Boots 應該專注於改善其業績——上市將不得不等一等。</p>
<p>有了博爾多克，Boots 無疑會得到一位知道如何扭轉大型零售商的人。作為 Currys 的首席執行官，他因拯救該連鎖店於加速衰退而受到讚譽。</p>
<p>他減少了門店數量，削減了成本，提升了在線業務，並強調服務、信貸和維修與銷售同樣重要。這並不是火箭科學，但它是有紀律的、專注的，並且取得了成果。</p>
<p>該公司的股價從 2024 年的低點翻了一番多，值得注意的是，在他離職的消息傳出後，股價大幅下跌。Currys 的股東會想念他。</p>
<p>Boots 確實需要一個人來按下重置按鈕。當然，它是英國高街上最熟悉的名字之一，擁有悠久的歷史，追溯到諾丁漢的根源。它有一個值得信賴和熟悉的品牌。但當然，許多其他零售商也是如此。</p>
<p>WH Smith 以前的高街業務，現在名為 TJ Jones，似乎已經結束，而 British Home Stores 早已消失。Marks &amp; Spencer 在斯圖爾特·馬欽的領導下成功復甦，表現良好，還有一些跡象表明，約翰·劉易斯在其董事長傑森·塔裏領導下開始復甦。</p>
<p>但與 Boots 同處輝煌時期的偉大名字大多已經消失。</p>
<p>Boots 經歷了一系列不同的所有者，這並沒有幫助。它在 2006 年與 Alliance Unichem 合併，2007 年被 KKR 收購，然後賣給了美國公司 Walgreens，去年又賣給了另一傢俬募股權公司 Sycamore Partners。</p>
<p>這是一段令人困惑的旅程，在許多方面，這個連鎖店能夠存活下來實屬不易。</p>
<p>即便如此，否認它遭受了損失是沒有意義的。門店缺乏投資，幾乎沒有長期規劃，任何首席執行官都很難在這個連鎖店上留下自己的印記。</p>
<p>它已經恢復了盈利，但博爾多克將面臨一個重大挑戰，要讓它的增長速度達到應有的水平。</p>
<p>金融城的假設是，博爾多克被召來是為了讓這家零售商恢復生機，改善業績，找出增長故事，然後在 2027 年或 2028 年領導一次上市。新的所有者可以兑現他們的投資，而企業可以在振興的領導下回歸英國所有。</p>
<p>問題是，在接下來的兩三年內，上市將非常困難。它面臨四個重大障礙。</p>
<p>首先，伊朗的戰爭可能再次升級，加上石油短缺的迫在眉睫的威脅。當然，紐約的科技估值不斷創下新高，但 Boots 並不屬於這一類別。</p>
<p>其次，英國即將向左傾斜，可能會有新的首相和新的財政大臣。</p>
<p>我們已經對零售商施加了越來越多的税收，包括僱主的國民保險增加、更高的商業税、包裝税，以及世界上最高的最低工資之一和額外的電力綠色税。</p>
<p>如果某家公司在支付了所有這些費用後奇蹟般地賺到錢，工黨後座議員會開始要求徵收 “意外税”。英國已經成為一個非常非常難以盈利的地方。</p>
<p>第三，倫敦股市正在穩步衰退。公司不斷退出市場——上週，Tate &amp; Lyle 因收購要約看起來將成為最新的退出者——但幾乎沒有公司來替代它們。</p>
<p>倫敦已經滑落到全球第八大市場，落後於台灣和韓國。它已經變成了一個偏僻的地方，吸引全球投資者的興趣非常困難。他們更願意把錢投入到能夠更快增長的地方。</p>
<p>當然，除此之外，傳統零售業仍然是一個結構性衰退的行業，尤其是它仍然面臨來自互聯網的激烈競爭。</p>
<p>在投資者對人工智能、太空和新興市場感到興奮的時刻，勸説他們將資金投入到南約克郡唐卡斯特或格洛斯特郡切爾滕納姆的處方眼鏡和維生素藥店將非常困難。</p>
<p>如果股息設定得足夠高，他們可能會喜歡。但這不會讓任何人心跳加速。</p>
<p>事實是這樣的。博爾多克顯然是一位聰明的零售商。Boots 很幸運能有一位能夠推動業務前進的首席執行官。然而，在這個階段進行首次公開募股將非常困難。</p>
<p>這將消耗大量管理時間。誘惑將是通過壓榨利潤來美化業績，而不是進行長期投資。</p>
<p>而且，考慮到倫敦市場目前的低迷，它甚至無法獲得全部價值。</p>
<p>Boots 應該專注於重建品牌——重返股市現在只是一個干擾。</p>

<p>Boots 在吸引投資者進行潛在 70 億英鎊的股票市場迴歸方面面臨重大挑戰。儘管在曾成功振興 Currys 的 Alex Baldock 的領導下，英國零售環境依然艱難，投資者信心脆弱。面臨的障礙包括經濟不穩定、税收增加、倫敦股市下滑以及傳統零售的結構性衰退。雖然 Boots 已經恢復盈利，但在考慮上市之前，必須專注於增長，這一上市可能要到 2027 年或 2028 年才能實現</p>

<p>It has some revamped stores. It has some snazzy new ranges of beauty products. And perhaps most of all, with the appointment of Alex Baldock, it will soon have an experienced chief executive who knows how to turn around a retail business.</p>
<div class="lb-trans"><p>它有一些翻新的門店。它有一些時尚的新美容產品系列。也許最重要的是，隨着亞歷克斯·博爾多克的任命，它將很快擁有一位經驗豐富的首席執行官，他知道如何扭轉零售業務。</p>
</div><p>It is not hard to work out why the City is getting excited about the prospect of Boots returning to the London stock market with a value of £7bn or more.</p>
<div class="lb-trans"><p>不難理解，為什麼金融城對 Boots 以 70 億英鎊或更高的估值重返倫敦股市的前景感到興奮。</p>
</div><p>There is just one snag, however. British retailing is a very tough business right now, and investor confidence is very fragile. In reality, Boots should focus on improving its performance – and a listing will have to wait.</p>
<div class="lb-trans"><p>然而，只有一個問題。英國零售業現在非常艱難，投資者信心非常脆弱。實際上，Boots 應該專注於改善其業績——上市將不得不等一等。</p>
</div><p>With Baldock, Boots will certainly be getting someone who knows how to turn around a massive retailer. As chief executive of Currys, he is credited with rescuing the chain from an accelerating decline.</p>
<div class="lb-trans"><p>有了博爾多克，Boots 無疑會得到一位知道如何扭轉大型零售商的人。作為 Currys 的首席執行官，他因拯救該連鎖店於加速衰退而受到讚譽。</p>
</div><p>He cut down the number of stores, trimmed costs, promoted its online operation, and emphasised services, credit and repairs as much as sales. It was hardly rocket science, but it was disciplined, focused and it delivered results.</p>
<div class="lb-trans"><p>他減少了門店數量，削減了成本，提升了在線業務，並強調服務、信貸和維修與銷售同樣重要。這並不是火箭科學，但它是有紀律的、專注的，並且取得了成果。</p>
</div><p>The company’s share price more than doubled from its 2024 low, and it was telling that it fell sharply on news of his departure. Currys shareholders will miss him.</p>
<div class="lb-trans"><p>該公司的股價從 2024 年的低點翻了一番多，值得注意的是，在他離職的消息傳出後，股價大幅下跌。Currys 的股東會想念他。</p>
</div><p>Boots certainly needs someone to press the reset button. Sure, it is one of the most familiar names on the British high street, with a rich heritage stretching back to its Nottingham roots. It has a trusted and familiar brand. But then, of course, so did plenty of other retailers.</p>
<div class="lb-trans"><p>Boots 確實需要一個人來按下重置按鈕。當然，它是英國高街上最熟悉的名字之一，擁有悠久的歷史，追溯到諾丁漢的根源。它有一個值得信賴和熟悉的品牌。但當然，許多其他零售商也是如此。</p>
</div><p>WH Smith’s former high street business, now named TJ Jones, looks finished, while British Home Stores has long since disappeared. Marks &amp; Spencer has managed to claw its way back, and it is doing well again under Stuart Machin, and there are some signs that John Lewis, under Jason Tarry, its chairman, is starting to recover.</p>
<div class="lb-trans"><p>WH Smith 以前的高街業務，現在名為 TJ Jones，似乎已經結束，而 British Home Stores 早已消失。Marks &amp; Spencer 在斯圖爾特·馬欽的領導下成功復甦，表現良好，還有一些跡象表明，約翰·劉易斯在其董事長傑森·塔裏領導下開始復甦。</p>
</div><p>But the great names that stood alongside Boots in its heyday have mostly faded away.</p>
<div class="lb-trans"><p>但與 Boots 同處輝煌時期的偉大名字大多已經消失。</p>
</div><p>It doesn’t help that Boots has been through a whole series of different owners. It merged with Alliance Unichem in 2006, before being bought out by KKR in 2007, then sold to Walgreens, a US company, which last year was sold to another private equity firm, Sycamore Partners.</p>
<div class="lb-trans"><p>Boots 經歷了一系列不同的所有者，這並沒有幫助。它在 2006 年與 Alliance Unichem 合併，2007 年被 KKR 收購，然後賣給了美國公司 Walgreens，去年又賣給了另一傢俬募股權公司 Sycamore Partners。</p>
</div><p>It has been a confusing journey, and in many ways it is remarkable that the chain has survived at all.</p>
<div class="lb-trans"><p>這是一段令人困惑的旅程，在許多方面，這個連鎖店能夠存活下來實屬不易。</p>
</div><p>Even so, there is no point in denying that it has suffered. The stores have been starved of investment, there has been little in the way of long-term planning, and it has been hard for any of its chief executives to leave their mark on the chain.</p>
<div class="lb-trans"><p>即便如此，否認它遭受了損失是沒有意義的。門店缺乏投資，幾乎沒有長期規劃，任何首席執行官都很難在這個連鎖店上留下自己的印記。</p>
</div><p>It has returned to profitability, but Baldock will face a substantial challenge to get it growing as fast as it should do.</p>
<div class="lb-trans"><p>它已經恢復了盈利，但博爾多克將面臨一個重大挑戰，要讓它的增長速度達到應有的水平。</p>
</div><p>The assumption in the City is that Baldock has been drafted to knock the retailer into shape, spruce up the results, figure out a growth story and then lead a stock market float sometime in 2027 or 2028. Its new owners can cash their investment, and the business can be returned to British ownership under revitalised leadership.</p>
<div class="lb-trans"><p>金融城的假設是，博爾多克被召來是為了讓這家零售商恢復生機，改善業績，找出增長故事，然後在 2027 年或 2028 年領導一次上市。新的所有者可以兑現他們的投資，而企業可以在振興的領導下回歸英國所有。</p>
</div><p>The trouble is, it is going to be very hard to list this company at any time in the next two or three years. There are four big obstacles in its way.</p>
<div class="lb-trans"><p>問題是，在接下來的兩三年內，上市將非常困難。它面臨四個重大障礙。</p>
</div><p>To start with, there is a war against Iran that might flare up again, along with the looming threat of oil shortages. Sure, tech valuations in New York keep hitting record highs, but Boots doesn’t fall into that category.</p>
<div class="lb-trans"><p>首先，伊朗的戰爭可能再次升級，加上石油短缺的迫在眉睫的威脅。當然，紐約的科技估值不斷創下新高，但 Boots 並不屬於這一類別。</p>
</div><p>Next, Britain is about to lurch to the Left, with a new prime minister and possibly a new chancellor as well.</p>
<div class="lb-trans"><p>其次，英國即將向左傾斜，可能會有新的首相和新的財政大臣。</p>
</div><p>We have already imposed more and more taxes on retailers, with an increase in National Insurance for employers, higher business rates, a packaging levy, on top of one of the highest minimum wages in the world and extra green levies on electricity.</p>
<div class="lb-trans"><p>我們已經對零售商施加了越來越多的税收，包括僱主的國民保險增加、更高的商業税、包裝税，以及世界上最高的最低工資之一和額外的電力綠色税。</p>
</div><p>If by some miracle a company manages to make any money after paying all those, Labour backbenchers would start demanding a “windfall” tax as well. The UK has become a very, very tough place to make any money.</p>
<div class="lb-trans"><p>如果某家公司在支付了所有這些費用後奇蹟般地賺到錢，工黨後座議員會開始要求徵收 “意外税”。英國已經成為一個非常非常難以盈利的地方。</p>
</div><p>Thirdly, the London stock market is steadily dying. There is a constant flow of companies leaving the market – with a takeover offer last week, Tate &amp; Lyle looks like it will be the latest addition to the list – but virtually none to replace them.</p>
<div class="lb-trans"><p>第三，倫敦股市正在穩步衰退。公司不斷退出市場——上週，Tate &amp; Lyle 因收購要約看起來將成為最新的退出者——但幾乎沒有公司來替代它們。</p>
</div><p>London has slipped to only the eighth largest market in the world, behind Taiwan and South Korea. It has turned into a backwater, and it is hard to get global investors very interested in it. They prefer to put their money somewhere where it can grow a lot faster.</p>
<div class="lb-trans"><p>倫敦已經滑落到全球第八大市場，落後於台灣和韓國。它已經變成了一個偏僻的地方，吸引全球投資者的興趣非常困難。他們更願意把錢投入到能夠更快增長的地方。</p>
</div><p>And of course on top of all that, traditional retailing remains an industry in structural decline, especially as it still faces intense competition from the internet.</p>
<div class="lb-trans"><p>當然，除此之外，傳統零售業仍然是一個結構性衰退的行業，尤其是它仍然面臨來自互聯網的激烈競爭。</p>
</div><p>At a time when investors are excited about AI, space and emerging markets, it is going to be hard to persuade them that what they really need to do is put their cash into shops selling prescription glasses and vitamin pills in Doncaster, South Yorkshire, or Cheltenham, Gloucestershire.</p>
<div class="lb-trans"><p>在投資者對人工智能、太空和新興市場感到興奮的時刻，勸説他們將資金投入到南約克郡唐卡斯特或格洛斯特郡切爾滕納姆的處方眼鏡和維生素藥店將非常困難。</p>
</div><p>They might like the dividend if it is set high enough. But it is not going to quicken anyone’s pulse.</p>
<div class="lb-trans"><p>如果股息設定得足夠高，他們可能會喜歡。但這不會讓任何人心跳加速。</p>
</div><p>The blunt truth is this. Baldock is clearly a smart retailer. Boots is lucky to have a chief executive who can drive the business forward. And yet an IPO at this stage is going to prove very hard.</p>
<div class="lb-trans"><p>事實是這樣的。博爾多克顯然是一位聰明的零售商。Boots 很幸運能有一位能夠推動業務前進的首席執行官。然而，在這個階段進行首次公開募股將非常困難。</p>
</div><p>It would consume significant amounts of management time. The temptation would be to flatter the results by squeezing out profits when it should be investing for the long term.</p>
<div class="lb-trans"><p>這將消耗大量管理時間。誘惑將是通過壓榨利潤來美化業績，而不是進行長期投資。</p>
</div><p>And it won’t even get full value, given how depressed the London market is right now.</p>
<div class="lb-trans"><p>而且，考慮到倫敦市場目前的低迷，它甚至無法獲得全部價值。</p>
</div><p>Boots should focus on rebuilding the brand – a return to the stock market is just a distraction right now.</p>
<div class="lb-trans"><p>Boots 應該專注於重建品牌——重返股市現在只是一個干擾。</p>
</div>

靴子對投資者來説將是一個非常難以銷售的產品