盒马会员店“败走麦城”：对标山姆梦碎，第二条增长曲线戛然而止

Core Viewpoint - The closure of Hema X membership stores marks a significant setback for Hema, which had positioned this model as a potential second growth driver for its business [1][5]. Summary by Sections Hema X Membership Store Closure - Hema X membership stores in Beijing, Suzhou, and Nanjing ceased operations on July 31, with the last remaining store in Shanghai set to close on August 31 [3]. - The membership model, which aimed to compete with Costco and Sam's Club, has now been deemed unsuccessful [4]. Membership Model Challenges - Hema's membership journey has faced numerous challenges, including price adjustments and management changes, leading to a decline in user satisfaction [4]. - Initially launched in 2019 with a low annual fee of 218 yuan, the membership fee was later adjusted to 258 yuan to align more closely with competitors [4]. - Despite attracting nearly 3 million paid users at its peak, the model has struggled, culminating in a temporary suspension of the Hema X membership service in December 2023 [5]. Comparison with Competitors - In contrast to Hema's struggles, Sam's Club has seen significant success in China, with a reported sales revenue of 158.845 billion yuan in 2024, a 19.6% increase year-on-year [6]. - Sam's Club's membership revenue grew over 35% in the last quarter, highlighting the effectiveness of its business model compared to Hema's [6]. Consumer Perception and Market Dynamics - Consumers have expressed dissatisfaction with Hema's membership offerings, noting that the product selection and pricing did not justify the membership fees [7]. - Industry analysts suggest that Hema's failure to establish a strong brand and supply chain has hindered its ability to compete effectively in the membership space [8]. Future Prospects for Hema - Experts believe that abandoning the membership store model is a wise decision for Hema, given its current operational challenges [8]. - Hema is focusing on strengthening its other business formats, such as Hema Fresh, with plans to open nearly 100 new stores in the upcoming fiscal year [9]. - Despite the challenges, Hema's overall gross margin was reported at 18.3% for Q1 2025, with a notable decline in fresh product margins [10].