盒马败走会员店，转向下沉市场

Core Viewpoint - The closure of Hema X membership stores signifies a strategic adjustment rather than a mere contraction, reflecting a shift in consumer preferences towards more accessible and cost-effective retail options [2][6][11]. Group 1: Hema X Membership Store Closure - Hema X membership store in Shanghai will officially close on August 31, marking the complete withdrawal of this format from the retail scene within five years of its launch [1][3]. - The initial rapid expansion of Hema X, which opened its first store in October 2020 and quickly grew to ten locations, has reversed, with the number of stores reduced to five by April 2023 [4][6]. - By 2023, Hema X contributed less than 10% to Hema's overall sales, indicating a lack of consumer loyalty and brand recognition compared to established competitors like Sam's Club [6][7]. Group 2: Strategic Shift and Market Dynamics - The closure is part of a broader strategic shift to target a wider consumer base by eliminating membership restrictions, thus moving from a membership-focused model to one that caters to the general public [2][11]. - Hema's strategy now emphasizes the expansion of its Hema Fresh stores, aiming for a GMV of 100 billion yuan within three years, with a focus on lower-tier cities [11][12]. - The retail landscape is experiencing significant changes, with Hema's pivot towards community retail and lower-tier markets reflecting a response to evolving consumer demands and competitive pressures [11][13]. Group 3: Industry Context and Competitor Analysis - The challenges faced by Hema X are not isolated; traditional supermarkets and other membership models are also struggling, as seen with Carrefour and Metro's attempts at membership stores [7][9]. - In contrast, Sam's Club continues to thrive, with plans to expand to 48 stores by 2025, demonstrating resilience in the membership retail sector [7][9]. - The success of membership models in China is contingent on factors such as regional consumer spending power and acceptance of pre-paid membership concepts, which vary significantly across different markets [8][9].