盒马败走会员店，转向下沉市场

Core Insights - Hema X membership stores are closing, marking the end of Hema's membership store model in retail within five years of its launch [2][5] - Consumer preferences are shifting towards community-oriented, convenient, and cost-effective shopping options, impacting Hema's strategic adjustments [2][11] Group 1: Hema's Strategic Shift - The closure of Hema X membership stores is seen as a strategic adjustment rather than a contraction, focusing on a broader consumer base instead of a limited membership model [3][6] - Hema's initial rapid expansion of X membership stores faced challenges, including high prices compared to competitors, leading to customer dissatisfaction and a decline in sales contribution [5][6] - The decision to terminate the membership store model is viewed as necessary given the operational complexities and market challenges faced by Hema [6][9] Group 2: Market Dynamics and Competitors - The membership store model is facing difficulties not only for Hema but also for traditional supermarkets like Carrefour and Metro, indicating broader challenges in the retail sector [8][9] - Sam's Club has shown resilience in the membership store market, continuing to expand its presence in China despite facing its own challenges [8][9] - The success of membership stores relies on three core factors: global supply chain integration, complete vertical supply chains, and strong consumer loyalty [8][9] Group 3: Focus on Lower-tier Markets - Hema is shifting its focus to lower-tier cities, aiming to tap into a growing consumer base with a target of achieving 100 billion RMB in GMV by 2025 [11][12] - The company plans to open nearly 100 new Hema Fresh stores, with a significant portion located in second and third-tier cities, reflecting a strategic pivot towards these markets [11][12] - Hema's approach includes the launch of nearly 300 discount stores (Hema NB) aimed at community consumers, emphasizing low prices and convenience [12][13]