Santiago庞大的首都Santiago Malls，将周末购物者的人们绘制到家庭零售商，如百货商店AlmacenesParís，Falabella和Ripley;大型超市巨型和Líder;和家庭改善网点SODIMAC和简单。没有是南美之外的家喻户晓。您希望在这里找到的零售商 - 美国连锁店Home Depot，J.C.Penney和Sears Roebuck，以及欧洲超市庞特克斯托夫斯和北头 - 都从智利来了。“它只是对我们来说是一个有利可图的运作，”德克萨斯大尔················该公司1999年决定将八年在该国出现八年地区，蒂姆利昂蒂姆利昂说。
沃尔玛商店的星球上最大的零售商甚至没有试图渗透这个国家的2,800英里长的豆豆，挤在安第斯山脉和太平洋之间。
Why can't much larger, global champions compete in Chile, given its reputation as the Latin American country most open to trade and foreign investment? "None of them know the credit histories of Chilean clients the way we do," says Rodrigo Irarrázaval, head of retail financing at Cencosud, a conglomerate of hypermarkets, department stores and home improvement centers with a market capitalization of $5.38 billion. By building up sophisticated and widespread retail financing systems that link credit cards, banking and insurance to store sales, Cencosud and other big Chilean retailers have chased away the global giants.
关于消费者的大量信贷数据收集在每个大型智利零售店的顶层，在开放空间，带有信用卡，银行贷款和保险政策的营业店的开放空间。“这个想法是为了满足客户的许多需求，以及智利最大的零售集团的零售融资负责人Michel Awad表示，市场资本化为63.3亿美元。
这样的融资服务给智利主要受潮湿腐烂ailers a nearly unbeatable edge over local and foreign competitors. Irarrázaval estimates that branded credit cards and in-house bank loans raise margins on earnings before interest, taxes, depreciation and amortization at the big Chilean retailers above 15 percent, compared with the margins of less than 10 percent that a new competitor might expect. Store credit cards account for about 60 percent of sales at Chilean department stores and home improvement centers and 20 percent of supermarket sales. Nonpayment rates on these cards run only about 3 percent, thanks to a long history of credit screening that no newly arrived foreign retailer can match.
智利三大零售商都在努力从消费热潮中获利，现在它们正进入传统上属于该国老牌银行和保险公司的领域。因为他们在一个比美国和欧洲大部分地区更自由的监管环境中做生意，所谓的三巨头——法拉贝拉，帕罗ís和Ripley在过去的8年中各自推出了同名银行，其中现在声称占消费者贷款的12%。
Chile's older banks grumble that although regulations oblige them to share their clients' credit background information with rivals, department store banks aren't required to disclose any information on the credit card holders who receive their loans. "Until now the big retailers haven't had to play by the same rules as we do, and that doesn't seem fair," says Gonzalo Menéndez, a senior bank manager who sits on the board of Banco de Chile, the country's second-biggest bank after Banco Santander Chile.
Traditional insurance companies have even more reason to complain about incursions by the major retailers. Cencosud (owner of París), Falabella and Ripley essentially act as brokers for life and property-casualty policies on behalf of their millions of clients, splitting the fees with insurers. "We have been reduced to wholesalers because we have to keep dealing with these carnivores," says the chief executive officer of a leading insurance company, who insists on anonymity. Eduardo Ferretti, an analyst with Feller Rate, a Santiago-based credit rating agency that covers banking and insurance, estimates that "in two or three years, Falabella alone will claim 20 percent of the insurance market." The retailer now has about a 6 percent share.
Retailers have been able to make these inroads so rapidly because the insurance industry is fragmented: Some 40 companies share a market that garnered barely $2.2 billion in premiums in 2005. ING Insurance Chile, a subsidiary of the big Dutch insurer, led this splintered pack last year with an 11 percent market share. Already, financial services -- credit card, banking and insurance products-- account for 12 to 16 percent of revenues at the Big Three retailers, according to a June 2005 report by Fitch Ratings.
大型零售商在销售商品和金融服务方面的成功，使他们的股票受到智利基金经理的青睐。这些股票尤其受到养老金基金管理公司（administradoras de fondosdepensiones，简称AFPs）的青睐。AFPs是一家管理着700亿美元巨额资产的私人养老基金公司。BBVA Provida AFP总资产230亿美元，持有智利大型零售商4.73亿美元的股份，其中Cencosud 5%的股份价值2.69亿美元，Falabella 2%的股份价值1.27亿美元。”普罗维达（Provida）股票主管胡里奥•莫尔加多（Julio Morgado）表示：“智利任何多元化、流动性相对较高的投资组合几乎都必须包括这两家公司的股票。AFP的投资组合中充斥着世界各地公司的股票，并以持有股票而闻名。他们之所以选择智利零售商，是因为他们认为他们是良好的长期投资。
虽然智利集团提供的零售融资比任何其他拉丁美洲国家的主要公司提供更广泛，更复杂，但世界其他地方的其他努力都是如此。例如，英国超市连锁Tesco为消费者提供广泛的银行和保险产品，与其信用卡运营相关联。然而，在美国，沃尔玛的企图推出全国银行网络已经被国会拒绝，因为这样的网络将违反1999年的格拉米拉德法行法，禁止拥有银行的商业问题。但即使是那些被允许在1999年法案开始之前允许允许银行服务的美国百货商店一直无法与金融服务中智利零售商的不间断增长匹配。
Cencosud和Falabella通过大大不同的商业策略，已成为智利的两个最大的集团。Falabella在百货商店建立了帝国：它于1937年在圣地亚哥开设了第一家商店，现在拥有33位智利，八个秘鲁八，在阿根廷五。该公司于2005年报告的净收入为3.85亿美元的收入，2004年的净收入为2.25亿美元，2004年收入为28.8亿美元。大多数Falabella的增长是有机的。在公司拥有67％的股权，避免干扰企业管理，Solari系列。
相比之下，Cencosud由其沸腾，高调董事长和多数耶斯所有者，Horst Paulmann，一个71岁，德国出生的智利。Paulmann首先通过Jumbo来通过Jumbo，一系列巨型超市，于1976年在圣地亚哥开设了第一家店。自2003年以来，Cencosud迅速扩大了五个主要收购，包括去年智利第三大百货店连锁店的去年收购帕莱斯，占25.6％的市场。法拉贝拉是领导者，份额为36.6％，而Ripley则占用28.0％。Cencosud于2005年报告2005年收入为47.5亿美元的净收入，2004年的净收入为9000万美元。
直到20世纪80年代中期，Falabella只有三家商店，都在圣地亚哥。但是，当时智利在智利右翼专政普通奥古斯托Pinochet的强劲经济增长刺激了商店开放新店：到1991年，它在全国范围内有十几家商店。然后，随着20世纪90年代的经济扩张继续向外国投资者更加适得的1990年代，作为家乐福和J.C.·帕尼等全球服装在智利开展业务。到那时，法腊巴岛，Cencosud和其他本土零售商准备接受它们。
“大智利百货商店和超市一直在进口零售思想多年，”智利大学经济管理学院总监Sergio Olavarrieta表示，位于圣地亚哥。在国外了解的一个关键课程是跟踪消费者品味的重要性，这是臭名昭着的。“我们不断调查我们的客户，”所有46名Falabella百货商店公司经理Juan Pablo Montero Juan Pablo Montero说。“我们通过电话调查它们关于他们对新产品的看法以及它们所展示和销售方式的方式。”
外国零售商并不像任何方法。一些错误地拥抱了疏远智利的均匀拉丁美洲营销方法。Luis Alfredo Lagos, Santiago-based manager for marketing firm Cadem Research International, recalls trying unsuccessfully to dissuade one U.S. department store client from flogging Central Americanstyle guayabera shirts and brightly colored Caribbean dresses in Chile, where most of the 16 million inhabitants live in a temperate, northern Californialike climate. "We Chileans can be chauvinists," says Lagos. "Just because those things are sold by gringos doesn't mean we're going to buy them."
即使在智利大学的奥拉瓦特塔大学说，外国零售商展示了营销，“他们不知道如何评估智利的信用风险。”与此同时，智利零售商热情地推动他们的品牌信用卡。如今，Falabella声称该国的一季度的800万活跃信用卡 - 总共包括由传统银行和全球信用卡公司发布的总数。许多店内信用卡分发给蓝领或勉强中产阶级客户，甚至没有银行账户。Falabella和其他大智利零售商每月收取高额利率 - 高达3.5％，而传统银行则收取的平均每月费率2％ - 反映了贷款到低收入人民所涉及的风险。惠娜·贾鲁费斯（Rina Jarufe）是惠纪元评级的分析师Rina Jarufe表示，拖娜·贾鲁夫说，“因为这是这些客户所拥有的唯一信誉，并且他们每一切都努力支付商店。”
到目前为止，在工人级智利的持续债务上，很少有声音升起。“如果经济衰退，这是一个可能会令人担忧的事情，”基于圣地亚哥的桑坦德坦的分析师PaulinaGuijón说。但随着过去两年中每年的经济增长超过6％，她补充说，“每个人都很开心。”
政府金融工业看门狗的Superintendencia de Bancos e Instituciones Financiones也谨慎地欣赏讨厌的观点。In a 2005 study, the SBIF noted that household debt in Chile had risen to 49.5 percent of household disposable income in 2005, up from 32 percent in 1999. This is still low compared with 90 percent in Spain and more than 100 percent in the U.S. and the U.K. "But given the rapid growth in levels of personal debt, it will be necessary to constantly monitor this phenomenon," the study concluded.
除了提高零售商的收益,信用卡are reliable detectors of shifting consumer tastes. "They allow us to instantly trace purchases by individual customers and target their preferences," says Juan Guillermo Espinosa, Falabella's manager for planning and development. Most important, by offering credit cards and other financial services, Falabella draws clients into long-term relationships that are increasingly profitable for the retailer.
在Alto Las Condes购物中心，位于Santiago社区的高档，Falabella Store Manager Betty Mandic提供了一个追踪未来青少年夫妇的消费模式的巡回演出。它始于顶层，其中一对新夫妇将检索亲戚和朋友购买的婚礼礼券。“他们将用它们购买他们的第一组家具和厨具，并与Viajes falabella [店内旅行社]为他们的蜜月之旅注册，”Mandic说。“那么我们可能会说服他们开始一个帐户来覆盖给宝宝的购买。他们会在增长时为孩子们买衣服。”父母有很多东西可以为自己购买：女性服装占商店销售额的近30％。在过去的圣诞节季节，高清电视机和MP3播放器，尤其是iPod，轻快地出售。
Falabella credit cards cover 57 percent of sales at the Alto Las Condes outlet and 62 percent of sales at the Falabella store in the nearby Parque Arauco mall. Frequent card use is rewarded with points that translate into discounts on future purchases. But any savings are quickly eaten up by the 2.5 to 3 percent monthly interest rates. Falabella is always looking for credit card customers further down the income scale. The cuenta joven, or young person's account, offered to university students, allows parents to impose spending limits that average about $300 over a period of up to a year. Falabella will issue credit cards to domestic servants, says Mandic, "if their employers vouch for them." The employers also set spending limits on such credit cards.
Chilean retailers sometimes choose to partner with foreign companies in other local retail businesses, though only until they have absorbed their expertise. Falabella, for example, formed a joint venture with Home Depot in 1996 but bought out the U.S. company's operations in Chile in 2001. The ostensible reason for ending the partnership, according to Espinosa, was that Home Depot's do-it-yourself philosophy was not popular with middle-class Chilean housewives, who prefer to pay others to cart home and install purchases. Today Falabella's Sodimac chain of home improvement centers boasts 54 stores in Chile alone. There are an additional nine Sodimac outlets in Colombia and two in Peru.
在过去的两年里，Falabella小心翼翼地进入超市：它在智利中有十个以及秘鲁的两个大型超市。这种情况下的刺激措施并非外国竞争，而Falabella与Cencosud的竞争，其中使用了反向战略，在建立自己作为粮食零售中的主要武力之后进入百货商店。
超市和大卖场仍然是Cencosud的面包和黄油，共有368家分店，其中121家在智利，247家在阿根廷。Cencosud已经推广了信用卡的使用，信用卡在其食品店的购买量中占20%。”我从没想过要用超市的信用卡，”费尔南多·萨拉斯神父说，他是一名耶稣会教徒，在圣地亚哥市中心的一个公共住宅里为牧师们购买散装食品。但购卡打八折改变了他的想法。他打算继续按时付账以避免利息，但折扣保证了他对商店的忠诚。
In the past several years, Cencosud has also expanded its Easy chain to include 14 home improvement stores in Chile and an additional 26 in Argentina. But it was only two years ago that owner Paulmann decided to publicly list his holdings, mounting a more direct challenge to Falabella's retail supremacy.
Through Celfin Capital, a leading Chilean investment bank, Cencosud arranged an IPO in May 2004, selling 20.3 percent of the conglomerate for $333 million. Additional share sales have left Paulmann and his family with a 65 percent stake in Cencosud -- and with a great deal of financial leverage for further expansion projects. "The advantage of the IPO was that it enabled Paulmann to buy the Almacenes París department store chain by using Cencosud shares rather than turning to the banks for loans," says Jorge Errázuriz, a senior partner at Celfin. Through an $835 million all-stock transaction in November 2005, Cencosud acquired the 21 París stores, along with the retailer's credit card, bank, insurance and travel businesses. Suddenly, Falabella and Cencosud were competing head-on in every arena.
虽然大型零售商认为自己被激烈的竞争对手，但他们的积极进入金融服务是不合适的传统银行和保险公司。信用卡仍然是零售商的核心扩大到银行和保险。百货商店信用卡正在成为美国快递，万事达卡和签证发布的卡片。它们用于在汽油站，快餐店，DVD租赁网点，药店和所有没有与百货商店连接的各种业务付款。为了帮助客户跟上信用卡付款，百货商店银行为他们提供贷款。“当一名法拉贝拉百货商店客户签署一名Banco Falabella帐户并要求贷款时，我们可以立即检查他的信用历史，”1998年创立了该银行的Falabella零售首席Awad。
传统的银行家自缺乏对这些信用历史的侵害。他们一直在呼吁政府 - 迄今为止没有成功 - 施加关于在百货商店外面使用的品牌信用卡的限制;他们抱怨法拉贝拉，París和Ripley拥有的银行应该是传统银行的严厉监管。“Falabella和其他人只是用银行作为廉价资金来源，以涵盖他们通过商店卡所提供的信贷，”Banco de智利董事会成员Menéndez说。
一些购物者使用Falabella的贷款制作大型一次性购买 - 例如高清电视机或主要房屋改进 - 这将超过信用卡限制。其他人使用贷款来涵盖信用卡付款。但是，传统银行更多的是，百货商店银行贷款远远超出商店的房屋，购买汽车，房屋和度假旅行。百货公司银行不感兴趣的唯一信用活动是企业贷款，因为边缘不够高。
At the end of 2005, after just seven years in existence, Banco Falabella claimed 5.5 percent of the consumer loan market. Traditional banks have stepped up their consumer lending, showing a 14 percent growth in this segment in 2004, the last year for which overall statistics are available. But consumer loans by department store banks grew by 24 percent that same year.
大型百货公司在保险方面取得了更大的进步。法拉贝拉再次领跑同行，2005年的保费收入为1.3亿美元，占总保费22亿美元市场的6%左右。百货公司在20世纪90年代初开始从事保险业务，他们为“无赖”投保：他们向户主出售保险，这样，如果他们在支付商店账单前死亡，商店将得到补偿。十年后，大型零售商开始涉足汽车保险业。他们将数千名拥有汽车的客户的保单捆绑在一起，然后拍卖给出价最低的保险公司。”市场总监拉各斯说：“车主们很高兴看到他们的费率下降。同时，法拉贝拉和其他零售商与保险公司分摊费用，后者承担大部分间接费用。
虽然汽车政策占其保险收入的近40％，但百货商店在过去三年中越来越关注人寿保险。在这里，他们又捆绑了数千名客户，保险公司发挥了批发商的作用。“我们提供了个人无法自行获得的政策，”Cencosud零售业负责人Irarrázaval说。典型的政策可能包括人寿保险6,000美元，每月保费低至2美元。“没有保险公司会触及个别政策，因为不值得行政费用，”Irarrázaval说。“但我们的实力是大众营销，我们可以联系到这些客户 - 他们是我们的购物者。”据百货商店介绍，增长最快的市场部门是4万美元的人寿保险政策，每月溢价为10至12美元 - 对于传统的保险公司来说仍然太低了。但是Falabella，Ripley和Cencosud的París说，他们准备好迈出了下一级：百万美元的人寿保险政策专门由传统保险公司出售 - 直到现在。
大型零售商的另一个快速增长市场是商业房地产开发。然而，在这个舞台上，他们发现了合作的优点。尽管它们为消费者和金融服务竞争而斗争，但企业集团往往将其商店设在同一个商场，它们往往共同建设和拥有这些商场，从而吸引了大量的购物者。”对很多人来说，法拉贝拉，帕íCencosud的Irarr说：“s和Ripley在宣传活动中互相竞争，但选择了相同的地点。”á“扎瓦尔。”但要想拥有一个成功的购物中心，你必须邀请你的亲密敌人。”
Kind neighbors? Chile's retailers look abroad
With their domestic market secured, Falabella, Cencosud and other big Chilean retailers are branching beyond their borders. Together they have invested more than $3 billion, mostly in the past five years, in Argentina, Colombia and Peru. But while growth prospects abroad are enticing, the deep-pocketed Chileans are encountering the same political problems that have bedeviled U.S. and European multinationals -- among them, Ahold, Carrefour, Home Depot and Wal-Mart Stores -- in their attempts to make inroads in the region.
对全球化的恐惧一直是选举活动中的一个主要问题，最近，左翼民粹主义政府在整个拉丁美洲上台执政。这些国家的政客们越来越多地把智利的大型零售商与美国和欧洲的巨头视为全球资本主义的祸害。事实上，智利新当选的中左翼总统米歇尔·巴切莱特（Michelle Bachelet）要说服她的南美邻国，让他们相信，他们对在自己城市里萌芽的大型超市、里普利百货公司和其他智利企业没有什么好怕的，这将是一个挑战。”这是巴切莱特最大的外交任务之一úl Sohr，智利外交和安全问题的主要媒体评论员。
政治不是智利零售商唯一的问题。虽然他们似乎继续在家中占据主导地位，但他们对国外竞争的能力有所怀疑，他们面临着丰富的全球竞争对手。智利经济学和管理学院总监Sergio Olavarrieta表示，智利的零售商仍然是侏儒队仍然是侏儒。根据2005年12月由Deloitte Touche Tohmatsu发布的调查，没有智利公司的排名高于Falabella（228），是世界250个最大的零售商。
The Chileans, however, believe that U.S. and European retailers are too focused on North America and Asia. They are letting the Latin American market slip away, says Juan Guillermo Espinosa, Falabella's manager for planning and development. "That's a big opportunity for Chileans. We are world-class retailers, and we have access to capital markets and low-interest financing."
大智利商店也擅长定制其vaunted零售融资方法的地方情况。例如，在阿根廷，政府法规防止零售商参与银行业;这意味着Falabella没有信用数据收集资源，在那里它在智利享有。但在布宜诺斯艾利斯市中心的法拉贝拉百货商店，客户们迎来了一个着名的标志，敦促他们报名参加由Malabella和Banco Galicia的Falabella和Banco Galicia提供的商店信用卡，可以访问信用历史超过250万客户。
在邻近的拉丁美洲国家，智利零售商暴露在同样的风险上，即绝对和家庭仓库面临的风险，但如果当地经济严重摇摇欲洋，他们就会带走他们的巨大资产。在阿根廷，该地区最易受通胀的经济体之一，政府已强迫Cencosud和其他主要粮食零售商，同意价格下跌15％。由于近期政府措施旨在放缓从中国进口的衣物进口流动，阿根廷五个法拉筋百货商店必须储存当地制造的产品较低，成本更高。
With the retailer's future abroad uncertain, it's little wonder that Falabella's five-year projections show the conglomerate continuing to depend on the Chilean market for at least 75 percent of its income. That's not a bad bet: According to a 2005 report by the Inter-American Development Bank, Chile has moved ahead of all other Latin American nations economically: Only 18 percent of its population is below the poverty line. The country's emergence as a fully developed economy seems well within reach over the next generation. -- J.K.