Core Insights - Hema has rapidly entered the top three of China's retail supermarket sector, achieving over 420 stores by March 31, 2025, and ranking third in the 2024 China Chain Top 100 list with a GMV of 75 billion [1] - The growth of Hema and similar retail enterprises has significantly contributed to domestic demand, which accounted for an average of 86.4% of economic growth over the past four years [1] Group 1 - Hema's opening in Jiangsu Taizhou attracted significant attention, with reports of long queues and high sales, such as over 500 king crabs sold in a single day [2] - The company has established a robust supply chain with eight supply chain centers and over 300 direct procurement bases, enhancing its ability to offer unique products and self-branded goods [2][3] - Hema's focus on differentiated global products, including affordable imported salmon and trendy items like durian layer cake, has driven customer traffic and consumption [2] Group 2 - Hema has refined its business model over ten years, focusing on two core formats: Hema Fresh and Hema NB, while strategically closing underperforming stores [4] - The company achieved its first annual profit in the last fiscal year, indicating a successful strategic focus [5] - Hema has integrated its membership system with Alibaba's 88VIP, resulting in a doubling of membership numbers and demonstrating consumer recognition of the brand [6]

Core Insights - Hema has decided to completely shut down its membership store format, marking the end of its attempt to establish a second growth curve that aimed to compete with Costco [2][4] - The closure of all Hema X membership stores indicates a strategic shift towards focusing on its core business of Hema Fresh and outlet formats [4] Summary by Sections Store Closures - Hema X membership stores in Beijing, Suzhou, and Nanjing will cease operations on July 31, 2023, leaving only one store operational, which is also set to close on August 31, 2023 [2][4] - The first Hema X membership store opened in Shanghai in October 2020, and by October 2023, a total of 10 stores had been established across major cities [4] Customer Experience - Observations from the Beijing store indicated that most shelves were empty, with only a few items left for sale, and minimal customer traffic was noted [4] Membership Structure - Hema X offered two membership tiers: a gold membership at 258 yuan per year and a diamond membership at 658 yuan per year, targeting middle-class and high-end consumers [4] Strategic Shift - The decision to close all membership stores is described as a proactive business adjustment by Hema, focusing on enhancing its fresh produce supply chain and delivery capabilities [4]

Core Viewpoint - Hema has decided not to renew its partnership with Sanjiang Shopping, which will end on March 31, 2026, due to changes in the market environment and Hema's overall strategic development plan [4][6]. Group 1: Partnership Details - Sanjiang Shopping's partnership with Hema began in November 2016, with Hema becoming a significant shareholder in Sanjiang Shopping [6]. - The partnership allowed Sanjiang Shopping to operate Hema stores in designated areas, with the first store opening in January 2017 [6]. - Hema has already reclaimed operational rights in Fuzhou and Guiyang, and now plans to end its collaboration with Sanjiang Shopping [4][12]. Group 2: Financial Impact - Following the announcement, Sanjiang Shopping's stock price fell by 5.61% to 10.76 yuan, with a market capitalization of 5.893 billion yuan [3]. - Hema stores contributed approximately 14% to Sanjiang Shopping's overall revenue, with the revenue from Hema stores showing growth over the past three years [8][11]. - Sanjiang Shopping's revenue for 2024 is projected to be 3.875 billion yuan, a slight decrease of 0.53% year-on-year, while net profit is expected to increase by 3.51% to 143 million yuan [11]. Group 3: Future Considerations - The future of the seven Hema stores operated by Sanjiang Shopping in Ningbo remains uncertain, pending further negotiations between the two companies [7][8]. - Sanjiang Shopping plans to discuss transitional arrangements to minimize the impact on employees and customers [6][8]. - Analysts suggest that the end of this partnership may reflect broader challenges in the new retail concept, which has seen diminishing returns [14].

Core Viewpoint - Hema has decided not to renew its partnership with Sanjiang Shopping after the current agreement expires on March 31, 2026, due to changes in the market environment and Hema's overall strategic development plan [2][5]. Group 1: Partnership Details - Sanjiang Shopping's partnership with Hema began in November 2016, with Alibaba's subsidiary acquiring up to 32% of Sanjiang Shopping, making it the second-largest shareholder [4]. - The first agreement was renewed in 2023, with the new expiration date set for March 31, 2026 [5]. - Hema has previously ended partnerships in Fuzhou and Guiyang, indicating a trend of consolidating its operations [9]. Group 2: Financial Impact - Sanjiang Shopping's revenue from Hema stores accounted for approximately 14% of its overall income, with the contribution being 14.19% in the previous year [8][6]. - The revenue generated by Hema stores operated by Sanjiang Shopping was reported as 4.29 billion yuan in 2022, 4.47 billion yuan in 2023, and projected to be 5.50 billion yuan in 2024 [6]. - Sanjiang Shopping's stock price fell by 5.61% to 10.76 yuan following the announcement, resulting in a market capitalization of 5.893 billion yuan [1]. Group 3: Future Considerations - The future of the seven Hema stores operated by Sanjiang Shopping in Ningbo remains uncertain, pending further negotiations between the two companies [5][6]. - Sanjiang Shopping plans to discuss transitional arrangements to minimize the impact on employees and customers [5]. - Analysts suggest that the end of this partnership may have limited impact on Sanjiang Shopping's market valuation due to the declining relevance of the new retail concept [13].

Core Insights - Hema's membership store business is coming to an end, with the last store in Shanghai closing on August 31, marking the complete termination of this retail format [1] - The decline in consumer enthusiasm for Hema's membership stores is attributed to product homogenization and insufficient perceived membership benefits [2] - Hema's failure in the membership store segment reflects broader challenges in the new retail landscape, as Alibaba begins to retract its focus on this area [4][5] Group 1: Business Performance - Hema's membership stores initially showed promise, achieving profitability within two months of opening and generating daily revenues exceeding 2 million yuan, with an average transaction value of 1,000 yuan [1] - By the end of 2022, Hema had nearly 3 million members, positioning itself closely to Sam's Club in terms of membership numbers [1] - Despite plans to open 50 new stores by 2023, Hema only managed to operate 10 stores, contributing less than 10% to the overall sales [1] Group 2: Consumer Sentiment - Consumers found Hema's membership offerings lacking in differentiation compared to competitors like Sam's Club, leading to a perception of inadequate value for the membership fee [2] - Issues such as significant price differences between members and non-members for the same products have also harmed consumer trust and satisfaction [2] Group 3: Strategic Challenges - Hema's membership store struggled with a weak supply chain and late entry into the market, which limited its ability to compete effectively against established players like Sam's Club and Costco [4] - Frequent changes in membership policies created confusion among consumers, further damaging the reputation of Hema's membership stores [4] - The closure of Hema's membership stores signifies a shift in Alibaba's strategy, moving away from its previous emphasis on new retail formats [4][5] Group 4: Market Context - The warehouse membership store market in China continues to grow, with Sam's Club achieving significant sales milestones, indicating that the membership store model still holds potential in the market [5] - Hema's struggles highlight that the failure lies not in the membership store model itself, but in Hema's execution and strategy within this segment [5]

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Core Viewpoint - Hema is undergoing significant changes, including the closure of all membership stores, indicating a shift in its business strategy and focus on core operations [1][4][9] Group 1: Business Strategy Changes - Hema has confirmed the closure of its membership stores, with the last remaining store set to close by August 31, 2024 [1][4] - The company is shifting its focus towards its main business lines, Hema Fresh and Hema NB, moving away from the membership store model [2][9] - Hema's CEO has set a target for the company to achieve an annual GMV of 100 billion yuan within three years [11] Group 2: Membership System Adjustments - The closure of membership stores is part of a gradual process, with several stores already closed earlier this year [2][4] - Hema's membership fee for the X membership is 258 yuan per year, with a discount for continuous annual subscriptions [4] - Users have reported successful experiences in obtaining refunds for their membership fees following the store closures [4] Group 3: Market Position and Competition - Hema's membership store model was initially inspired by successful models like Costco, but the company is now pivoting to focus on more sustainable business practices [7][9] - The hard discount segment, where Hema NB operates, is facing increasing competition from other retailers, including JD and Wumart [15] - Hema's integration with Alibaba's platforms, such as the collaboration with Taobao's 88VIP, is expected to enhance its market presence [15] Group 4: Financial Performance - Hema achieved a GMV exceeding 75 billion yuan in the fiscal year 2025 and reported its first positive adjusted EBITA [10] - The company has experienced double-digit growth in store openings across various cities, indicating a successful expansion strategy [13]

新京报贝壳财经记者 俞金旻 编辑 陈莉 校对 穆祥桐 8月初，全国最后一家盒马X会员店即将停业的消息引爆社交平台。 8月5日消息，盒马X会员店上海森兰商都店将在8月31日停止营业，这是盒马在全国仅余的一家会员 店。 新京报贝壳财经记者注意到，其实早在7月中旬，全国多家盒马X会员店已相继宣布停止营业。7月31 日，盒马X会员店北京世界之花门店、盒马X会员店的苏州相城店、南京燕子矶店相继宣布停止营业。 今年4月1日，盒马X会员店上海高青店、大场店、东虹桥店暂停营业。 对于盒马X会员店全部停业，贝壳财经记者从盒马官方人士处获悉，此次关店系盒马主动做的业务调 整。 8月5日下午，贝壳财经记者实地探访上海乃至全国仅剩"独苗"的盒马X会员森兰店。该店位于上海浦东 新区东北部的外高桥地区，走进大门，在明显的位置记者就看到标牌显示，门店将于8月31日停止营 业。 ▲ 全国"独苗"，仍在营业的盒马X会员上海森兰商都店。新京报贝壳财经记者俞金旻 摄 实探全国"独苗"盒马X会员门店，货架大部分已清空 贝壳财经记者注意到，店内绝大部分货架已清空，仅剩下部分盒马玩偶、矿泉水、方便面、酒等商品还 在销售。在生鲜、冷藏等区域均已清空歇业， ...

另一边，京东将在江苏宿迁、河北涿州两地五店同开，落地京东折扣超市。首个涿州京东折扣超市门店 面积达5000平方米。据介绍，京东折扣超市在开设的区域、门店面积、SKU数量、线下运营优势上与目 前行业内已有的折扣超市均不相同，京东折扣超市依靠供应链优势以及产地直采、京东自有品牌，同 时，布局下沉市场，聚焦大众消费，店内商品价格普遍低于市场常规售价。 两则不同的消息，折射出互联网巨头线下战略的显著分化。 近年来，越来越多互联网巨头入局，线下引流实体超市，线上布局自营超市。随着电商市场竞争的日益 激烈，互联网巨头们的电商平台利润空间逐渐被压缩，也难以进一步扩大市场份额。这样的背景下，互 联网巨头开设线下超市似乎能够有效拓宽利润来源，通过线下渠道实现流量转化，将线上的用户引导到 线下消费，从而达到利润增长的目的。或许，互联网巨头忙着开设线下超市，并非是单纯为了赚钱，而 是出于多方面的考量。 不过，互联网巨头们的线下超市，应该为消费者带来更多购物选择和便利。以会员店为例，不少转型会 员店业务的传统超市都面临了"玩不转"的问题，还衍生出了各种行业乱象。例如，有超市会在顾客购物 时不厌其烦地推销会员卡，引发消费者吐槽。 当线 ...

近日，零售业界传来消息，盒马会员店业务全面按下暂停键。这一决定，源自早前盒马X会员店发布的一则公告，预告了上海多家门店即将于4月1日起暂 停营业。随着这一时间点的到来，盒马旗下所有会员店均已不再运营，标志着盒马正式告别了其曾寄予厚望的"第二增长曲线"——会员店业务。 回顾往昔，2020年10月，盒马X会员店在上海首开先河，以其独立会员店业态，对标国际知名会员制仓储超市Costco，被视为盒马业务版图的新增长点。 此后，盒马X会员店迅速扩张，特别是在2021年进军北京市场后，迎来了开设高峰，短时间内新开多家门店，足迹遍布上海、北京、南京、苏州等地。 然而，如今这一切已成过往。近日，记者走访了盒马X会员店北京某门店，发现店内多数货架已空，仅剩少量商品在打折促销，顾客寥寥。店员透露，盒 马已决定放弃会员店业态，这或许是导致门店关闭的直接原因。盒马X会员店曾推出258元年费和658元年费的会员制度，旨在吸引中产家庭和高端消费群 体，但显然，这一策略并未能持续奏效。 对于盒马会员店的全面停业，业内人士分析认为，这是盒马基于市场环境和自身资源作出的战略调整。中国商业联合会专家委员会委员赖阳指出，盒马正 在聚焦盒马鲜生及奥 ...