盒马X会员店线下门店，停业

Core Insights - The closure of multiple Hema X membership stores indicates a significant shift in the company's strategy and operational focus [1][4][6] - Hema X membership stores were initially positioned as a second growth curve for Hema, aiming to compete with international retail giants like Costco [2][4] - The rapid expansion of Hema X membership stores has been reversed, with all locations now set to close, reflecting a broader strategic realignment within the company [3][4] Summary by Sections Store Closures - Hema X membership stores in cities including Beijing, Shanghai, Nanjing, and Suzhou have announced closures, with the last operational store in Shanghai set to close by August 31, 2025 [1][3] - The first Hema X membership store opened in October 2020, but by October 2023, only 10 stores had been established nationwide, highlighting limited growth [2][3] Business Strategy - The initial goal was for Hema X membership stores to become a significant revenue source, with expectations of profitability within two months of opening [4] - Following a leadership change in early 2024, the company shifted its focus away from the Hema X membership model, leading to the closure of all related stores [4][6] Market Positioning - Hema X membership stores aimed to attract middle-class and high-end consumers through a tiered membership system, but faced challenges in maintaining a clear market position [2][6] - The struggle to balance high-end positioning with aggressive market expansion led to operational inefficiencies and ultimately contributed to the decision to close the stores [6]