ESG解读｜盒马闭店风波致会员权益受损，闭店倒逼供应链改革

Core Insights - The closure of the last Hema X membership store in Shanghai by August 31, 2025, signifies the complete exit of this business model from the market, following the shutdown of stores in Beijing, Suzhou, and Nanjing [3] - Hema's new fiscal year strategy focuses on opening nearly 100 Hema Fresh stores across over 50 new cities while completely shutting down all X membership stores, driven by nine months of continuous profitability and double-digit growth in 2024 [3][4] - The decision to abandon the membership store model is attributed to the overlap in product offerings with Hema Fresh and the lack of differentiation in its private label "Hema MAX," leading to consumer perceptions of poor value [3][10] Expansion Plans - As of March 2025, Hema Fresh has over 420 stores, with online transactions contributing over 60% to its GMV, and the company aims to expand its footprint in lower-tier cities, particularly in East China [4] - The expansion strategy is supported by a verified profitability model for new store openings, ensuring a balance between growth and profitability [4] Customer Relations and Refund Issues - The closure of membership stores has led to customer dissatisfaction regarding refund policies, where members feel their rights are compromised due to pro-rata deductions based on used benefits [5][8] - Complaints about the refund process highlight inefficiencies, with members facing difficulties in obtaining refunds through the app or customer service [5][8] Supply Chain Challenges - The closure of membership stores has exposed structural flaws in Hema's supply chain management, including a lack of alignment between product offerings and customer needs, with a high overlap in products between Hema MAX and Hema Fresh [10] - Hema's supply chain heavily relies on domestic suppliers, with only 35% of products sourced globally, limiting its ability to compete on price and variety compared to international membership stores like Sam's Club and Costco [10] - The closure is expected to allow Hema to streamline its supply chain to better serve Hema Fresh and Hema NB, potentially improving procurement efficiency and addressing previous inventory management issues [11]