以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 来源|每日经济新闻 记者 | 陈婷 编辑 | 段炼 魏文艺 杜恒峰 街头配送小哥屡见不鲜，而电动车"挂满大件、堆积如山"的山姆配送员正引发网友热议。 近日，多地网友爆料，山姆会员商店（以下简称"山姆"）配送员驾驶的电动车，粮油货物堆积如山，从车把挂到车尾，行驶中一路摇摇晃晃，看起 来随时可能掉落。 这类超载问题不仅引发公众对配送员安全风险的担忧，作为山姆奋力"下沉"的一个侧写，更让外界重新审视起山姆这家曾被中产追捧、象征"品质生 活"的会员制超市。 10月22日，山姆方面针对网友热议回应《每日经济新闻》记者（以下简称"每经记者"）称："我们与各合作平台正在加速各项安全举措的落地，目 前已在部分区域陆续落实根据货物匹配三轮或四轮车的措施，各平台将于近期推广到全国各地。" 不难发现，在中国市场"躺赚"多年的山姆，日子似乎没那么好过了。今年以来，因选品问题，山姆频频陷入争议，甚至被指"背刺中产"。 每经记者观察到，面对日益激烈的市场竞争，山姆在中国的发展战略也已出现调整。过去主 ...

Core Viewpoint - The recent issues surrounding Sam's Club's delivery practices, particularly the overloaded electric vehicles used by delivery personnel, have sparked public concern regarding safety and have prompted a reevaluation of the company's market strategy in China [3][5]. Group 1: Delivery and Safety Concerns - Reports indicate that Sam's delivery personnel are overloading electric vehicles with goods, raising safety risks during transportation [1][3]. - In response to public outcry, Sam's has announced measures to improve safety, including the introduction of three-wheeled or four-wheeled vehicles for deliveries [3][4]. - The company is facing challenges in balancing rapid expansion with service quality, particularly in its last-mile logistics [3][6]. Group 2: Market Strategy and Competition - Sam's Club is shifting its strategy to penetrate lower-tier cities and urban areas, moving away from its previous focus on affluent suburban customers [3][9]. - The company has been criticized for its product selection, which has led to dissatisfaction among members, indicating potential misalignment with its core customer base [9][10]. - Increased competition from major players like Meituan, Alibaba, and JD.com is intensifying the pressure on Sam's, as these companies are rapidly opening discount stores in key markets [10][11]. Group 3: Financial Performance and Growth - Sam's Club has reported strong growth, with double-digit increases in transaction volume and the opening of new stores, indicating a robust demand for its offerings [7][9]. - The company continues to rely on a membership model and a selective product range to attract middle to high-income consumers, which is crucial for maintaining brand trust [7][9]. - Despite current growth, analysts suggest that Sam's must navigate its expansion carefully to avoid compromising service quality and customer trust [10][11].

Core Insights - The article discusses the shift in consumer behavior from "paying to enter" to "saving upon entry," indicating a growing skepticism towards traditional membership models in retail [1] - Hema, once expected to become "China's Sam's Club," has announced the closure of all its membership stores, highlighting a significant change in the retail landscape [1] - The rise of hard discount supermarkets is noted as a response to the decline of membership-based supermarkets, suggesting a transformation in retail strategies [1] Company Analysis - Hema's membership store closures reflect a broader trend in the retail industry, where consumer preferences are shifting away from membership fees towards immediate savings [1] - The expansion of Hema's hard discount formats, such as Hema Fresh and Hema NB community stores, indicates a strategic pivot to meet changing consumer demands [1] Industry Trends - The decline of membership-based supermarkets is contrasted with the rapid growth of hard discount supermarkets, suggesting a significant shift in market dynamics [1] - The article implies that the retail sector is undergoing a transformation, with hard discount models gaining traction as consumers seek more value [1]

Core Viewpoint - A controversy has arisen regarding the inconsistent labeling of a product named "Crab Four Treasures Crab Yellow Noodles" sold at a Sam's Club in Jiaxing, Zhejiang, leading to an investigation by the local market supervision bureau [1][11]. Group 1: Product Labeling Issues - A consumer complaint revealed that the product has three layers of packaging with conflicting labels, including different names and ingredient lists [2][5]. - The outer packaging lists the product as "Non-heritage Handmade Sun-dried Noodles," while the inner packaging refers to it as "Handmade Dry Alkaline Noodles" [2][5]. - The ingredient list on the outer packaging was found to be a sticker covering the original label, raising questions about the actual contents of the product [5][7]. Group 2: Regulatory Response - The Jiaxing market supervision bureau has initiated an investigation into the labeling discrepancies and has sent a cooperation letter to the supplier's local market supervision department [11]. - Legal experts emphasize that if the product contains food additives like alkaline, it must be clearly labeled according to food safety laws [12]. Group 3: Supplier's Defense - The supplier, Jiangsu Huaxiu Food Co., Ltd., claims that the product's name "Handmade Dry Alkaline Noodles" is accurate, stating that the alkalinity comes from the raw materials used, not from added alkaline substances [12][18]. - The supplier also mentioned that the labeling had passed local compliance checks before the product was marketed [18]. Group 4: Broader Context of Sam's Club - Sam's Club has faced multiple controversies this year, including complaints about declining product quality and changes in product selection [19]. - Recent consumer feedback indicates a disconnect between the expected premium shopping experience and the actual product offerings, with popular items being replaced by more common products [20]. - Management changes within Sam's Club may be contributing to these issues, as organizational restructuring has occurred recently [21].

Core Viewpoint - The retail landscape in China is shifting towards hard discount models, with traditional membership-based supermarkets facing challenges and closures, indicating a potential decline in the middle-class consumer illusion [2][7][12]. Group 1: Market Dynamics - Costco's entry into China six years ago highlighted the potential of middle-class consumption, leading to a surge in membership-based retail models [2]. - The acquisition of Metro China by Wumart exemplifies the struggle of foreign brands in China and the ongoing evolution of traditional supermarket brands [2]. - Wumart is now focusing on hard discount models, learning from successful international brands like Aldi [2][4]. Group 2: Hard Discount Model Emergence - Wumart's hard discount brand "Wumart Super Value" has opened its first six stores in Beijing, filling a market gap in northern China [3]. - Competitors like Meituan and JD are also entering the hard discount space, indicating a growing trend among major players [4]. - The hard discount sector is expected to become highly competitive, resembling a "street war" among retailers [5]. Group 3: Performance of Key Players - Hema's X membership stores have expanded rapidly, but face challenges with a low membership renewal rate of 62% in China compared to over 90% globally for Costco [7]. - Aldi has successfully penetrated the Chinese market, achieving a sales figure of 2 billion yuan in 2024, despite only a slight increase in store count [9]. - Hema NB has outpaced Aldi in store openings, leveraging a franchise model and community pickup stores to enhance its market presence [9][12]. Group 4: Supply Chain and Profitability Challenges - The hard discount model operates on low margins, with typical gross margins between 10% to 15%, posing significant profitability challenges [17]. - Successful players in the hard discount sector are focusing on supply chain efficiencies, often relying on private label products to maintain competitive pricing [18]. - Aldi's private label products account for 90% of its offerings, establishing a price advantage over competitors [18]. Group 5: Industry Trends and Future Outlook - The community discount sector in China has substantial growth potential, with current market penetration below 10% compared to over 30% in developed countries [15]. - The hard discount sector is becoming a focal point for major retailers, with a trend of mimicking successful models rather than innovating [21]. - The competitive landscape is intensifying as major players leverage their financial strength and brand recognition to dominate the market [26].

Core Viewpoint - The closure of Hema X membership stores signifies the end of an ambitious attempt by Hema to penetrate the membership store market, highlighting the challenges faced by domestic brands in competing with established foreign players like Sam's Club and Costco [2][10]. Group 1: Hema X Membership Store Challenges - Hema X membership stores are closing, with the last remaining store in Shanghai set to cease operations by the end of the month [1][2]. - The membership model, which requires a higher fee for access to curated products, has not gained sufficient traction among the middle class, indicating a need for further audience cultivation [3][4]. - The competitive landscape is tough, as foreign brands have already established strong positions in convenient locations, making it difficult for local brands to secure prime spots [6][10]. Group 2: Strategic Shifts in Alibaba's Business - Alibaba is divesting from non-core businesses, focusing on e-commerce and AI + cloud services, which includes selling off subsidiaries like Gaoxin Retail and Intime [13][14][16]. - Hema has experimented with various retail formats but is now concentrating on Hema Fresh and Hema NB, which are seen as more viable options moving forward [19][20]. - Hema NB targets the discount market with a focus on near-expiry products and private labels, expanding into cities in Jiangsu, Zhejiang, and Shanghai [21]. Group 3: Integration with Alibaba's Ecosystem - Hema aims to integrate more deeply into Alibaba's ecosystem, similar to how Ele.me has become essential for Alibaba's competitive positioning in the food delivery market [27][28]. - The connection between Hema membership and Taobao's 88VIP program creates a significant user base, allowing for easier member acquisition and retention [29][30]. - The closure of Hema X stores reflects a broader trend where many businesses enter emerging markets but only a few succeed by focusing on their core strengths rather than chasing trends [31].

Core Insights - Hema X membership stores, once seen as a key growth initiative, are set to close all locations by the end of the month after less than five years of operation [1][3] Group 1: Business Performance - Hema X membership stores aimed to emulate Costco and rapidly expanded, opening ten stores across major cities like Shanghai and Beijing by October last year [3] - Despite rapid expansion, Hema X membership stores failed to establish a competitive advantage in supply chain and product selection, leading to a lack of differentiation [3] - The pricing strategy of Hema X membership stores has been criticized, with some products priced higher than those in Hema Fresh, contradicting the value proposition of membership stores [3][5] Group 2: Market Position and Strategy - Hema X membership stores have not built a substantial user base, with their contribution to overall sales remaining below 10% [5] - In contrast, Sam's Club has seen significant success in China, growing its membership from 2 million in 2019 to nearly 9 million by 2024, generating annual membership revenue of 2.3 billion yuan [5] - Following the closure of Hema X membership stores, Hema is shifting focus to expanding Hema Fresh and Hema NB formats, planning to open nearly 100 new Hema Fresh stores by 2025 and aiming for 300 Hema NB stores in three years [6] Group 3: Customer Engagement - To retain customer loyalty, Hema is collaborating with Taobao 88VIP to offer a limited-time promotion for 90 days of free X membership rights [6] - The upgraded "Cloud Enjoyment Club" will continue to offer over 800 MAX products and exclusive member prices, providing consumers with more choices and discounts [6]

Group 1 - The membership-based supermarket model in China is facing challenges, with Hema deciding to withdraw from this model by the end of 2024 and focus on its core businesses, Hema Fresh and Hema Neighborhood [1] - Sam's Club has successfully targeted high-net-worth consumers in China, achieving rapid growth by meeting the emotional value of mid-to-high-end consumers, but now faces a decision point regarding its future strategy [2] - Hema's membership store has struggled with positioning, attempting to compete with Sam's Club and Costco while also managing its existing businesses, leading to inconsistent membership policies [1] Group 2 - The membership growth for Sam's Club is nearing its limit, creating pressure to either expand further into the high-end market or adopt a more niche approach to retain loyal customers [2] - The decision to exit the membership supermarket model by Hema is seen as a realization of the difficulties in this market rather than a simple retreat [1]

Core Points - Hema's X membership stores are set to close, marking a significant shift in its retail strategy [1][4][11] - The closure aligns with Hema's focus on its main store and discount store formats, as part of a broader strategic adjustment [3][6][12] - Hema's initial ambition for the X membership stores was to rapidly expand, aiming to open 100 stores in three years, but this goal has not been realized [5][11] Company Strategy - Hema has been closing stores since 2023, including locations in Hangzhou and Wuhan, with the last X membership store in Shanghai set to close by August 31, 2025 [7][11] - The company is transitioning towards hard discount formats and targeting lower-tier markets to establish a new growth trajectory [11][12] - Hema's new strategy includes merging its neighborhood and outlet stores into the "Hema NB Division," focusing on low-cost, high-frequency essential goods [12] Industry Context - The closure of Hema's X membership stores reflects a broader trend in the retail industry, where membership-based supermarkets are facing challenges [8][10] - Competitors like Costco and Sam's Club are also experiencing difficulties in the Chinese market, with Costco's membership renewal rate at only 62% [8][9] - Other retailers are exploring different strategies, such as Metro's focus on differentiated products and the emergence of new retail models like Aldi, which emphasizes low-cost, no-fee shopping [9][10]

Core Viewpoint - The closure of Hema X membership stores signifies the end of a once-promising business model that aimed to compete with Sam's Club and Costco in China's retail market [3][22]. Group 1: Hema X Membership Store Overview - Hema X membership stores were launched in October 2020, with the first store opening in Shanghai, aiming to create a new growth avenue for Hema [3][4]. - The membership structure included Gold and Diamond memberships, priced at 258 yuan and 658 yuan per year, targeting middle-class families and high-end consumers [3][4]. - The stores featured over 15,000 square meters of space, offering a wide variety of products and a unique shopping experience [4]. Group 2: Reasons for Closure - Strategic shifts under new CEO Yan Xiaolei led to the marginalization of Hema X, focusing instead on Hema Fresh and Hema NB as core business models [7][15]. - The lack of product differentiation and a weak supply chain hindered Hema X's ability to compete effectively with established players like Sam's and Costco [10][12]. - Hema X's market positioning was unclear, failing to create a compelling reason for consumers to choose its offerings over competitors [12][26]. Group 3: Financial Performance and Strategic Shift - Hema Group achieved its first annual profit from April 2024 to March 2025, with a GMV of 75 billion yuan, marking a significant turnaround [13][14]. - The decision to close Hema X allowed the company to focus on more profitable ventures, such as expanding Hema Fresh and Hema NB, which cater to consumer preferences for convenience and affordability [15][21]. - Hema Fresh and Hema NB have successfully tapped into the demand for high-frequency, low-cost shopping experiences, contrasting with the membership model [21][26].