会员店清零，盒马为什么干不过山姆？

Core Viewpoint - Hema's membership store business, which started with high expectations in 2020, is set to close all locations by 2025, marking a rapid decline in less than five years [4][6]. Group 1: Hema's Membership Store Journey - Hema's membership store business launched during a "membership craze" in China's retail market, following the successful opening of Costco's first store in Shanghai in 2019 [8][9]. - Hema's first membership store achieved profitability within two months, with a peak daily revenue exceeding 10 million yuan and an annual sales figure nearing 1 billion yuan [12]. - Despite initial success and rapid expansion, by 2023, many stores were underperforming, with some losing over 10 million yuan annually, leading to a strategic retreat and closure of multiple locations [17][20]. Group 2: Strategic Shift and Market Focus - In March 2024, Hema's new CEO shifted the focus from membership stores to expanding "Hema Fresh" and "Hema NB," targeting lower-tier cities [21][23]. - Hema plans to open nearly 100 new "Hema Fresh" stores in 2025, emphasizing growth in third and fourth-tier cities, with a significant increase in customer numbers and profitability reported [23][24]. - Hema NB has rapidly expanded, surpassing 300 stores and achieving annual sales exceeding 10 billion yuan, with plans to reach 1,000 stores [26]. Group 3: Industry Landscape and Competitors - As Hema exits the membership store market, competitors like Sam's Club are thriving, with sales projected to exceed 100 billion yuan in 2024 and a significant increase in membership revenue [28][30]. - Costco faces challenges in China, with a low membership renewal rate of 62%, while local players struggle with supply chain and product selection issues [30][31]. - The varying success of membership-based supermarkets highlights the importance of adapting retail models to local market conditions [30].