Bei Jing Shang Bao·2025-08-06 15:13Core Viewpoint - Hema's recent closure of all membership stores and integration into Alibaba's 88VIP system signifies a shift from independence to becoming a tool within Alibaba's ecosystem, aiming to compete in the instant retail and broader retail market [1][2][4] Group 1: Membership System Changes - Hema's membership system is now integrated with Alibaba's 88VIP, which enhances the value of 88VIP while providing Hema access to a larger customer base [2][3] - The integration allows users to earn rewards across multiple platforms, including Taobao, Hema, and Ele.me, increasing user engagement and cross-platform GMV [2][3] - The transition from Hema's paid membership to 88VIP has led to consumer dissatisfaction, with many feeling that the value of Hema's membership has diminished [10][11] Group 2: Business Strategy and Market Position - Hema's closure of membership stores is seen as a necessary move to align with Alibaba's strategic goals, especially in response to competition from Meituan and JD.com [4][15] - The high investment required for membership stores, with costs ranging from 60 million to 200 million yuan per store, poses significant financial challenges for Hema [15] - Hema's previous positioning as a leader in new retail is now challenged by its need to adapt and integrate more closely with Alibaba's broader ecosystem [4][16] Group 3: Future Outlook and Industry Implications - Experts believe that Hema requires time to build trust and develop its product offerings, suggesting a potential 5-10 year timeline for establishing a competitive edge in the membership store segment [17] - The closure of Hema's membership stores does not indicate a failure of the membership store model in China, as there remains significant potential for growth in this sector [17]