经济学人100:沃尔玛能在非洲得偿所愿吗？

 　　Business Retailing 1 The beast goes on safari 2

　　商业 零售业 巨兽出击
　　Can Wal-Mart make it in Africa?
　　沃尔玛能在非洲得偿所愿吗？
　　FOUR billion dollars doesn't count as an "every day low price", but Wal-Mart, the world's biggest retailer 3, hopes it has found a bargain.
　　对全球最大的零售商沃尔玛来说，40亿美元可不是"天天平价"，但它还是希望自己捡到个大便宜。
　　That is how much ($4.1 billion to be precise) the Arkansas-based "Beast of Bentonville" has offered to acquire Massmart, a retailer with 288 stores in 14 countries in sub-Saharan Africa.
　　这只阿肯色州的"本顿维尔巨兽"，向Massmart开出了41亿美元的价码，想收购这个在撒哈拉以南地区的14个非洲国家、拥有288家门店的零售商。
　　On September 27th Massmart's management confirmed it is in exclusive negotiations 4 to sell the South African-based firm to Wal-Mart.
　　9月27日，Massmart的管理层确认了独家业务谈判，计划将公司在南非的业务出售给沃尔玛。
　　The deal is being overseen 5 by Andy Bond (pictured right), who ran Wal-Mart's British arm, Asda.
　　掌管沃尔玛旗下的英国阿斯达公司的邦德（见图），负责这项谈判的进展。
　　As Massmart's shares initially 6 traded above the offer price, it suggests some investors 7 think there may be other bidders 8, and that Mr Bond might have to come up with some more money to clinch 9 the deal.
　　由于Massmart的股价已经高于收购价，投资者猜测会有其他买家竞标，这样的话，邦德先生就不得不加大筹码来搞定这一单。
　　This is the clearest sign yet that Africa is now near the top of the agenda for the world's leading businesses.
　　然而这是最清楚的一个信号：在全球主要业务的日程安排上，非洲正逼近榜首。
　　The continent still has its problems, but it is no longer "hopeless"—as this newspaper once described it—especially for anyone wanting to be part of a fast-growing consumer market.
　　这块大陆虽然问题犹存，但已经不再是"前途渺茫"——本刊曾经这样描述过它，尤其对那些想要在快速增长的消费市场里分一杯羹的人。
　　Last year, while the global economy struggled with the aftermath of the financial crisis, Africa as a whole continued to advance and is expected to grow by at least 4.3% this year.
　　去年，当全球经济在金融危机的余波中起伏挣扎时，非洲经济却是一路向上，今年的预期增长率至少在4.3%。
　　Some economies, such as Nigeria and Ghana, are racing 10 ahead.
　　一些经济体在增长竞赛中齐头并进，比如尼日利亚和加纳。
　　As the middle class and urban working class expand rapidly, food consumption is expected to grow strongly, along with sales of other consumer products.
　　由于中产阶级和城市工人阶级迅速扩张，预期食品消费将有强势的增长，同时带动着其他的消费商品。
　　There had been speculation 11 that Wal-Mart would go for Shoprite, a rival African retailer, but Massmart offers a lot of products besides food, which is more in keeping with the expanding range of products that Wal-Mart sells elsewhere.
　　曾有推测说，沃尔玛要收购另一家有竞争力的非洲零售商：Shoprite，但是Massmart会提供除食品以外的多类商品，这与沃尔玛在其他地区的销售增长幅度保持得更加一致。
　　Massmart operates under nine different names, including Dion Wired (an electronics retailer) and Builders' Warehouse 12 (a bit like Home Depot).
　　Massmart旗下有九家分号，包括Dion Wired（一家电子产品零售店）和Builders' Warehouse（类似于家得宝）。
　　Wal-Mart, which has built its recent success on world-class logistics, is said to be particularly keen on Massmart's low-cost distribution system.
　　业界认为，最近成功建立起世界级后勤管理体系的沃尔玛，会特别热衷于Massmart低成本的分销系统。
　　Initially, Massmart would be barely visible within Wal-Mart's global empire, which this year is expected to earn profits of around $14 billion on sales of $405 billion in more than 8,500 outlet 13 under 55 different names in 15 countries.
　　起初，Massmart并不入全球帝国沃尔玛的眼，本财年沃尔玛通过遍及15个国家、55家分号的8500多家门店，预计销售额达到4050亿美元，净利润大约140亿美元。
　　It is the growth potential of Africa that is appealing, especially as sales have disappointed of late in America, even though Wal-Mart has been well-placed to benefit from consumers trading down.
　　真正吸引它的，是非洲的增长潜力，尤其在近期，即使沃尔玛瞄好了"降级消费"来从中盈利，它在美国的销售额也没有达到预期。
　　Critics of the deal point out that some of Wal-Mart's international adventures have gone badly, most notably 14 its expansion into Germany, which it eventually abandoned.
　　收购计划的评论家指出，沃尔玛的一些国际冒险进行的很糟，尤其是在德国的扩张计划，最终是铩羽而归。
　　But there is a world of difference between the mature, highly competitive German market and using its global clout 15 to shape an African market that is still in its infancy 16.
　　但是德国市场和非洲市场有着天壤之别，前者成熟且具有高度竞争力，而后者尚在襁褓之中，沃尔玛可以利用自身的全球影响力随意地搓圆揉扁。
　　It will have to deal with unions, which have been agitating 17 recently at Massmart, perhaps having got wind of Wal-Mart's potential offer.
　　收购计划还得应付工会，也许是风闻了沃尔玛潜在的雇佣意向，Massmart的工人们开始躁动不安。
　　But outside America, Wal-Mart is not the ideological 18 enemy of organised labour that it is at home.
　　其实在美国本土之外，沃尔玛并不是劳工组织在意识形态上的敌人。
　　And it has thought sufficiently 19 hard about social engagement—especially since it got green religion in the aftermath of Hurricane Katrina—that it knows it will need to view South Africa's black-empowerment laws as an opportunity not a cost.
　　而且它确实很充分地考虑到了参与社会活动，尤其是在美国卡特里娜飓风的余波中，沃尔玛产生了绿色宗教。沃尔玛知道自己要把南非的"黑人权利"法律视为机会，而不是成本支出。
　　Massmart's management is reportedly negotiating with the expectation of being retained after the acquisition, which seems plausible 20 given their local knowledge and impressive track record. Mr Bond is certainly no good ol' boy from Arkansas.
　　据报道，Massmart的管理层正在商谈，希望兼并后保留原班人马，看起来，他们熟悉本土，且有骄人的工作业绩，这个提议是合情合理的。
　　But nor is Mike Duke, Wal-Mart's chief executive, who took the top job after heading its international operations.
　　但邦德先生显然不是阿肯色州的好男孩，沃尔玛的CEO麦克?杜克也不好相与。
　　The bid for Massmart is an attempt to gain a first-mover advantage by one of the world's most sophisticated companies, and it is likely to be seen as the moment when the beasts of the corporate 21 world recognised that Africa is the next big growth market.
　　在完成了全球业务主管的任务后，麦克?杜克接管了沃尔玛。对Massmart的竞价只是全球最复杂公司的一次尝试，目的是获取先动优势。它更像是一个重要契机：公司界的巨兽视非洲为下一个巨型增长市场。
　　And what if it all goes wrong, as it might?
　　如果这一切错了呢？
　　The great thing about being a big beast is that you can lose $4 billion and barely notice.
　　作为一只巨兽，无非就是损失了40亿美元。