盒马关闭会员店，开始面对新对手

Core Insights - Hema has decided to abandon its membership store model after five years of trials, with multiple locations closing down by the end of August 2023, marking the end of Hema X membership stores [2][5] - The strategic shift focuses on Hema Fresh and Hema NB (neighborhood business) as the two core business lines moving forward [2][7] Group 1: Strategic Shift - The closure of Hema X membership stores is a result of Hema's strategic focus, as the company aims to concentrate on its core businesses amidst increasing competition in the fresh food sector [3][4] - Hema's membership store journey began in October 2020, with ambitious plans to open 100 stores within three years, but faced challenges due to a lack of differentiation and high operational costs [5][6] Group 2: Competitive Landscape - Hema's competitors are increasingly focusing on instant retail and fresh food, leading to a need for Hema to leverage its group resources to enhance competitiveness [4][12] - The integration of Hema into Alibaba's new membership system, which connects various services, is expected to provide Hema with a significant potential customer base [10][11] Group 3: Business Performance - Hema's membership stores peaked with 10 locations and over 3 million paid members, generating nearly 600 million yuan in annual revenue, but the model struggled with profitability [5][7] - The new strategy under CEO Yan Xiaolei emphasizes profitability, with projections indicating Hema's GMV could reach 75 billion yuan in the 2025 fiscal year, marking its first year of overall profitability [7][14] Group 4: Future Directions - Hema plans to open 72 new Hema Fresh stores in 21 cities in 2024, with an additional 100 stores planned for 2025, focusing on enhancing its fresh food offerings [8][9] - Hema NB stores, characterized by smaller sizes and lower prices, are positioned to penetrate community markets effectively, with 216 locations already established by March 2025 [8][9]