Trillion service retail market rises: Meituan (03690) renamed its integrated business unit to "Service Retail Business Unit"

On March 10, Meituan (03690) core local business issued an internal email announcing the renaming of the original Integrated Business Division to the Service Retail Business Division. The original Leisure and Beauty Business Division was renamed the Happy Life Business Division, the original Life Event Business Division was renamed the Easy Life Business Division, and the original Integrated Small City Development Division was renamed the Small City Development Division. The original Integrated Business Division is one of the core segments of Meituan in service retail, and this renaming demonstrates that the new trillion-dollar service retail market is rising. Looking at consumer trends, service retail has also entered a period of stable and high-quality growth. On January 24, 2025, the Ministry of Commerce announced data showing that in 2024, the national service retail sales increased by 6.2% year-on-year, with per capita service consumption expenditure accounting for 46.1% of total consumption expenditure, an increase of 0.9 percentage points from the previous year.