盒马收缩，背后是中产萎缩

Core Viewpoint - The closure of Hema X membership stores signifies the end of an ambitious attempt by Hema to penetrate the membership store market, highlighting the challenges faced by domestic brands in competing with established foreign players like Sam's Club and Costco [2][10]. Group 1: Hema X Membership Store Challenges - Hema X membership stores are closing, with the last remaining store in Shanghai set to cease operations by the end of the month [1][2]. - The membership model, which requires a higher fee for access to curated products, has not gained sufficient traction among the middle class, indicating a need for further audience cultivation [3][4]. - The competitive landscape is tough, as foreign brands have already established strong positions in convenient locations, making it difficult for local brands to secure prime spots [6][10]. Group 2: Strategic Shifts in Alibaba's Business - Alibaba is divesting from non-core businesses, focusing on e-commerce and AI + cloud services, which includes selling off subsidiaries like Gaoxin Retail and Intime [13][14][16]. - Hema has experimented with various retail formats but is now concentrating on Hema Fresh and Hema NB, which are seen as more viable options moving forward [19][20]. - Hema NB targets the discount market with a focus on near-expiry products and private labels, expanding into cities in Jiangsu, Zhejiang, and Shanghai [21]. Group 3: Integration with Alibaba's Ecosystem - Hema aims to integrate more deeply into Alibaba's ecosystem, similar to how Ele.me has become essential for Alibaba's competitive positioning in the food delivery market [27][28]. - The connection between Hema membership and Taobao's 88VIP program creates a significant user base, allowing for easier member acquisition and retention [29][30]. - The closure of Hema X stores reflects a broader trend where many businesses enter emerging markets but only a few succeed by focusing on their core strengths rather than chasing trends [31].