本研究旨在探討COVID-19疫情對次文化零售業所帶來的營運衝擊，並以臺灣某實體卡牌專賣店M公司為個案，分析其在疫情期間如何調整營運策略，實踐虛實整合，並逐步建構出具備社群互動性與營運彈性的創新型商業模式。研究採用質性個案研究法，透過深度訪談蒐集第一手資料，並輔以商業模式九宮格（Business Model Canvas, BMC）與SWOT分析，系統性檢視M公司在疫情前後營運邏輯與策略面向之變化。研究結果發現，M公司在疫情爆發初期即面臨門市來客驟減、賽事停辦與營收萎縮等挑戰，但迅速調整經營策略，導入網路拍賣機制、建置線上報名與活動公告平台，並透過Discord維繫核心顧客社群關係，轉化原有以實體場域為主之營運模式，提升數位互動與顧客參與的深度與廣度。
此外，M公司亦整合顧客關係管理系統（CRM），並嘗試建立制度化的線上活動流程，進一步穩定顧客回訪與品牌黏著度。研究指出，顧客參與經驗的重塑、多元通路的建構、以及人力分工與作業模組化，是M公司成功轉型的重要關鍵。研究結果可作為其他中小型零售業者在有限資源情境下進行虛實整合與轉型策略規劃之實務參考。

This study aims to examine the operational impact of the COVID-19 pandemic on subcultural retail enterprises and takes a Taiwanese trading card game (TCG) specialty store, referred to as M Company, as a case study. The research investigates how the company adjusted its business strategy during the pandemic to integrate online and offline channels, eventually developing a hybrid model characterized by digital interaction and operational flexibility. Adopting a qualitative case study approach, the study collects firsthand data through in-depth interviews and applies Business Model Canvas (BMC) and SWOT analysis to systematically assess changes in M Company’s business logic and strategic orientation before and after the pandemic. The findings reveal that M Company faced immediate challenges such as declining store traffic, the suspension of in-store events, and plummeting revenue. In response, it rapidly adjusted by introducing online auctions, creating an online registration and communication platform, and maintaining community interaction via Discord, thus transforming its previously in-person-centric model into a digitally enhanced, participation-driven system.

Furthermore, the company implemented a Customer Relationship Management (CRM) system and developed a standardized process for online activities, enhancing customer retention and brand loyalty. The research identifies customer engagement design, diversified channel construction, and optimized labor allocation as the key factors in its successful transition. The outcomes of this study offer practical insights for other small-to-medium-sized retailers seeking to design hybrid business strategies and resilient operational frameworks under resource-constrained conditions.