“10岁”不是闯的年纪？盒马拟关闭所有“X会员店”

Core Insights - Hema has decided to close all its membership stores, with the last remaining store in Shanghai set to cease operations on August 31, 2024, marking a significant shift in the company's strategy [1][3][9] - The closure of membership stores aligns with Hema's new focus on its core business segments, Hema Fresh and Hema NB, under the leadership of new CEO Yan Xiaolei [1][12][14] Business Strategy - Hema's decision to close membership stores is part of a gradual process that began with the announcement of multiple store closures in early 2025, indicating a strategic pivot towards its main store formats [5][9] - The company aims to optimize its business structure by concentrating resources on Hema Fresh and Hema NB, which are seen as key growth areas [9][12] - Hema's annual GMV exceeded 75 billion yuan in the 2025 fiscal year, marking its first positive adjusted EBITDA, reflecting a shift towards profitability [11][12] Membership System Changes - The Hema X membership system, which was initially launched in 2018, has undergone several changes, including a temporary suspension of new memberships in December 2023 due to business adjustments [6][8] - Following the closure of membership stores, Hema has assured customers that their membership rights will still be honored, with annual fees set at 258 yuan [5][6] Competitive Landscape - Hema faces increasing competition in the hard discount sector, with new entrants like JD and Wumart launching similar store formats [13] - The integration of Hema's membership system with Alibaba's Taobao platform indicates a strategic move to enhance customer engagement and expand its market reach [13][14] Future Outlook - Hema has set an ambitious goal of achieving an annual GMV of 100 billion yuan within three years, focusing on expanding its store presence in lower-tier cities [12][14] - The company is expected to benefit from the growth of Alibaba's instant retail initiatives, positioning itself as a key player in the evolving retail landscape [13][14]