{"_license": "Reuse with attribution is welcome; copying the work is not. Data (/api/**.json): CC BY 4.0. Charts, share images, embeds and quotes: free to reuse when credited \"History of Market · 美股编年史 (historyofmarket.com)\" with a link. No derivative or look-alike sites, no use of the brand names, no citation without the source. Terms: https://historyofmarket.com/license/", "_attribution": "History of Market · 美股编年史 (historyofmarket.com)", "_canonical": "https://historyofmarket.com/api/consumer/extinction.json", "_terms": "https://historyofmarket.com/license/", "updated": "2026-09-06", "title_cn": "零售的灭绝事件", "title_en": "Retail's Extinction Event", "lede_cn": "从 2008 到 2023 的十五年里,五家曾经进过标普 500 的零售商依次申请了破产保护:Circuit City、RadioShack、Sears Holdings、J.C. Penney、Bed Bath & Beyond。同一段时间里,另外五家零售商把它们腾出来的货架、门店和顾客接了过去。今天 XLY 与 XLP 的持仓名单只写着后一半——这就是为什么任何「代表公司」的长期曲线都天然是一份赢家名单。这张图把另一半放回去。", "lede_en": "Across the fifteen years from 2008 to 2023, five retailers that had been S&P 500 members filed for Chapter 11 in turn: Circuit City, RadioShack, Sears Holdings, J.C. Penney and Bed Bath & Beyond. Over the same stretch, five other retailers took over the shelves, the sites and the customers they gave up. Today's XLY and XLP holdings lists contain only the second half — which is why any long-run chart of representative companies is a list of winners by construction. This one puts the other half back.", "casualties": [{"ticker": "CC", "name": "Circuit City Stores", "event_date": "2008-11-10", "fate": "Chapter 11 (Nov 2008), liquidated 2009", "fate_cn": "破产保护 (2008-11),2009 年清算", "fate_en": "Chapter 11 (Nov 2008), liquidated 2009", "note_cn": "美国第二大消费电子连锁,与其加拿大子公司 InterTAN 同日申请保护;重整未成,次年三月关闭全部门店。", "note_en": "The second-largest US consumer-electronics chain filed alongside its Canadian subsidiary InterTAN; reorganisation failed and every store closed the following March.", "source": "https://www.sec.gov/Archives/edgar/data/104599/000010459908000085/ccs111208_8k.htm"}, {"ticker": "RSH", "name": "RadioShack", "event_date": "2015-02-05", "fate": "Chapter 11 (Feb 2015)", "fate_cn": "破产保护 (2015-02)", "fate_en": "Chapter 11 (Feb 2015)", "note_cn": "特拉华州破产法院第 15-10197 号案;门店网络被拆分出售,品牌几经转手后只剩线上。", "note_en": "Case No. 15-10197 in the District of Delaware. The store network was broken up and sold; the brand changed hands repeatedly and survives online only.", "source": "https://www.sec.gov/Archives/edgar/data/96289/000119312515044358/d870535d8k.htm"}, {"ticker": "SHLD", "name": "Sears Holdings", "event_date": "2018-10-15", "fate": "Chapter 11 (Oct 2018)", "fate_cn": "破产保护 (2018-10)", "fate_en": "Chapter 11 (Oct 2018)", "note_cn": "曾是美国最大的零售商,2012 年 9 月已被移出标普 500,六年后在纽约南区申请保护。", "note_en": "Once the largest retailer in the United States; removed from the S&P 500 in September 2012 and filing in the Southern District of New York six years later.", "source": "https://www.sec.gov/Archives/edgar/data/1310067/000119312518298778/d647911d8k.htm"}, {"ticker": "JCP", "name": "J. C. Penney Company", "event_date": "2020-05-15", "fate": "Chapter 11 (May 2020)", "fate_cn": "破产保护 (2020-05)", "fate_en": "Chapter 11 (May 2020)", "note_cn": "2013 年 12 月被移出标普 500;疫情关店成了最后一击,在得州南区申请保护。", "note_en": "Removed from the S&P 500 in December 2013; the pandemic store closures were the last blow, and it filed in the Southern District of Texas.", "source": "https://www.sec.gov/Archives/edgar/data/1166126/000119312520144411/d813078d8k.htm"}, {"ticker": "BBBY", "name": "Bed Bath & Beyond", "event_date": "2023-04-23", "fate": "Chapter 11 (Apr 2023)", "fate_cn": "破产保护 (2023-04)", "fate_en": "Chapter 11 (Apr 2023)", "note_cn": "2017 年 7 月 26 日被移出标普 500(本站 sp500/changes 有这条记录),六年后在新泽西区申请保护。", "note_en": "Removed from the S&P 500 on 2017-07-26 — the removal is on this site's own sp500/changes ledger — and filed in the District of New Jersey six years later.", "source": "https://www.sec.gov/Archives/edgar/data/886158/000119312523111754/d465247d8k.htm"}], "survivors": [{"ticker": "WMT", "name": "Walmart", "event_date": "", "fate": "Survivor", "fate_cn": "幸存", "fate_en": "Survivor", "note_cn": "必需消费一侧的规模基准;在整段灭绝期里持续是标普 500 成分股,并把生鲜与配送做成了防守护城河。", "note_en": "The scale benchmark on the Staples side; an S&P 500 constituent throughout the extinction window, turning groceries and delivery into a defensive moat.", "source": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000104169&type=10-K"}, {"ticker": "COST", "name": "Costco Wholesale", "event_date": "", "fate": "Survivor", "fate_cn": "幸存", "fate_en": "Survivor", "note_cn": "会员制把利润来源从商品毛利搬到了会费,这是它在折扣战里不流血的原因。", "note_en": "The membership model moved the profit pool from merchandise margin to fees — the reason it does not bleed in a discount war.", "source": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000909832&type=10-K"}, {"ticker": "HD", "name": "Home Depot", "event_date": "", "fate": "Survivor", "fate_cn": "幸存", "fate_en": "Survivor", "note_cn": "品类本身抗电商:大件建材的运费与退货成本高,门店半径反而是资产。", "note_en": "A category that resists e-commerce: freight and returns on bulky building materials are costly, so the store radius is an asset rather than a liability.", "source": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354950&type=10-K"}, {"ticker": "TJX", "name": "TJX Companies", "event_date": "", "fate": "Survivor", "fate_cn": "幸存", "fate_en": "Survivor", "note_cn": "尾货折扣模式靠的是别人的库存过剩,所以同行倒下的那几年正是它的补货来源。", "note_en": "An off-price model runs on somebody else's excess inventory, so the years its peers were failing were the years its buyers had the most to choose from.", "source": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000109198&type=10-K"}, {"ticker": "AMZN", "name": "Amazon.com", "event_date": "", "fate": "Survivor", "fate_cn": "幸存", "fate_en": "Survivor", "note_cn": "五家倒下的公司里有四家把「顾客先来店里」当成前提;这条前提失效的过程,就是这家公司的增长曲线。", "note_en": "Four of the five casualties assumed the customer would come to the store first. The failure of that assumption is this company's growth curve.", "source": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001018724&type=10-K"}], "post_crisis_cn": "这五次破产不是同一场危机的五个受害者——它们相隔十五年,各有各的直接死因。共同的那一条是渠道:五家全部把「顾客会先走进门店」当成不需要论证的前提。幸存的五家里,有三家(WMT、COST、HD)守住了门店但改写了门店的用途,另外两家(TJX、AMZN)干脆把别人的失败当成自己的供给。这也是本卷所有「代表公司」曲线的必要注脚:名单是按今天的持仓选出来的,所以它按定义只包含活下来的那一半。", "post_crisis_en": "These five bankruptcies are not five victims of one crisis — they are fifteen years apart and each has its own proximate cause. What they share is the channel: all five treated 'the customer walks into the store first' as a premise that needed no defending. Of the five survivors, three (WMT, COST, HD) kept their stores and rewrote what a store is for; the other two (TJX, AMZN) made other people's failure their own supply. This is also the necessary footnote to every representative-company curve in this volume: the roster is drawn from today's holdings, so by construction it contains only the half that lived."}