商业洞察·2025-08-09 09:24Core Viewpoint - The closure of Hema X membership stores signifies the challenges faced by the membership retail model in China, particularly for local brands competing against established foreign players like Sam's Club and Costco [4][5][11]. Group 1: Membership Store Challenges - Hema X membership stores struggled due to high membership fees (200-500 RMB) and a limited target audience among the middle class [7]. - The competition in major cities is tough, with foreign brands already occupying prime locations, making it difficult for local brands to establish a foothold [8]. - The shopping habits of Chinese consumers favor convenience, often opting for nearby community supermarkets or online orders rather than traveling to suburban membership stores [12]. Group 2: Strategic Shifts in Alibaba - Alibaba is divesting from non-core businesses, focusing on e-commerce and AI + cloud services, which impacts Hema's operational strategy [13][14]. - Hema has experimented with various formats but is now concentrating on Hema Fresh and Hema NB, which cater to different market segments [15][17]. - Hema Fresh has over 420 stores in nearly 50 cities, with online sales accounting for over 60% of its revenue, establishing it as the main business [18][19]. Group 3: Future Directions - Hema aims to integrate more closely with Alibaba's overall strategy, similar to how Ele.me has become essential for Alibaba's instant retail competition [20][21]. - The integration of Hema with Taobao's 88VIP membership program creates a significant user base and enhances customer retention through combined benefits [22][23]. - The closure of Hema X membership stores may not be detrimental, as it indicates a clearer direction for the company moving forward [24].