Core Viewpoint - The article emphasizes that the essence of membership-based supermarkets is not merely a replication of business models but a deep integration of supply chain, product strength, operational capability, and brand trust, which requires time to develop into a systematic project [1][5]. Group 1: Membership Supermarket Trends - Hema has decided to close all offline X membership stores by the end of August this year, marking a complete withdrawal from the membership store format [2]. - The membership supermarket format, which originated in the U.S. and entered China in the 1990s, requires consumers to pay a membership fee to gain shopping access, distinguishing it from traditional supermarkets [2][3]. - The initial enthusiasm for membership stores, sparked by Costco's success in Shanghai in 2020, has faded, with many retailers like Yonghui and Carrefour moving away from this business model [3]. Group 2: Challenges Faced by Membership Supermarkets - Membership supermarkets require a robust supply chain to ensure product uniqueness and cost-effectiveness, with Costco's model exemplifying this through its strict gross margin policy [3][4]. - Product strength is a core competitive advantage, necessitating a deep understanding of member preferences, as demonstrated by Costco's focus on high-income families and Sam's Club's appeal to the middle class [4]. - Operational capabilities are critical, with Hema's X membership store facing issues such as product quality fluctuations and member rights management, contributing to its decline [4]. Group 3: Brand Trust and Market Positioning - Membership stores operate on a "fan" business model, where brand trust is a significant competitive advantage, as profits are derived from membership fees rather than product markups [5]. - The decline of membership supermarkets reflects a rational return to the industry, prompting players to reassess their strengths and consider more practical market strategies [5].