In the new era of China’s retail business transformation, retail enterprises have launched online and offline omni-channels, developed all-category business models, and taken the step toward merger and acquisition expansion. This paper studies and analyzes the motivation and performance of Suning’s merger and acquisition of Carrefour China through literature research, case study, the financial index method, non-financial index method, and comparative analysis method. Based on the analysis, this merger and acquisition has improved Suning’s management efficiency but reduced its profitability and increased its risks, mainly due to the pressure of traditional business sales, the unstable operating channels, and the fact that the integration of the two parties has not achieved the desired results.