第一财经网·2025-08-08 12:01Core Viewpoint - Hema has officially abandoned its "Sam's Club" dream as it shifts focus towards a lighter business model, Hema NB, while facing intense competition from Meituan and JD.com [2][6][8] Group 1: Hema's Strategic Shift - Hema has closed its last X membership store, marking the end of its direct competition with Sam's Club [2] - The company is now focusing on Hema Fresh and Hema NB, aiming to expand into lower-tier markets through franchising [2][6] - Hema's previous strategy of "going up" and "going down" has led to internal conflicts, ultimately resulting in the abandonment of the X membership store model [3][4] Group 2: Challenges Faced - Hema's X membership stores were unprofitable, with reports indicating low customer traffic and financial losses [4] - The company has faced ongoing issues with product quality and supply chain management, leading to multiple food safety complaints [4][6] - Hema's reliance on Alibaba's ecosystem has hindered its ability to build a robust supply chain, resulting in high spoilage rates and cost inefficiencies [4][6] Group 3: Competitive Landscape - Meituan and JD.com are intensifying their competition with Hema, launching discount supermarket formats that threaten Hema's market position [6][7] - Hema NB has over 200 stores, primarily in Shanghai, but faces challenges in expanding to other regions against the backdrop of aggressive competition from Meituan and JD [7] - The competitive pressure is compounded by Meituan's plans to open 1,000 stores and JD's simultaneous expansion efforts [7][8] Group 4: Strategic Value to Alibaba - Hema's role may evolve into a strategic component for Alibaba's transition from e-commerce to a broader consumer platform [2][8] - Hema's integration with Alibaba's initiatives, such as the launch of the Hema section on Taobao, highlights its strategic importance [8] - Despite the challenges, Hema remains a key player in Alibaba's vision of "new retail," as articulated by Jack Ma [8]