8月4日，据经济观察报消息，盒马会员店将全部停业。 7月29日，盒马X会员店北京世界之花门店的公告显示，该店将于两天后的7月31日停止营业；同在7月31日，盒马X会员店的苏州相城店、南京燕子矶店也 停止营业。此后，盒马X会员店在全国仅余一家，但记者拨打盒马X会员店上海森兰店电话，客服确认该店也将于8月31日停业。 8月5日，#盒马告别会员店#冲上热搜。 盒马X会员店的会员分为258元/年的黄金会员和658元/年的钻石会员，会员费能筛选出以中产家庭和高端消费群体为代表的主要目标客群。彼时任盒马 CEO的侯毅在第一家盒马X会员店开业时曾介绍，"我们希望与Costco、山姆正面交锋，能快速、高效地提升我们自己的能力"。 此前，2月28日，盒马X会员店发布公告称，因业务调整，上海盒马X会员店、高青店、大场店、东虹桥店4月1日起暂停营业。 至此，盒马的所有会员店全部停业。这意味着盒马彻底剥离了曾视作"第二增长曲线"、并号称对标Costco（开市客）的会员店业务。 曾被视作"第二增长曲线" 如今黯然离场 2020年10月，首家盒马X会员店在上海开业。作为盒马鲜生之外的独立会员店业态，X会员店也被视作盒马的"第二增长曲线" ...

Core Viewpoint - The retail industry is experiencing intense competition, with traditional stores facing challenges while new retail formats thrive, leading to a critical need for adaptation and innovation [1][3]. Group 1: Industry Trends - The past year has seen a rise in popularity for new retail formats like live streaming sales, while traditional supermarkets like RT-Mart and Yonghui Supermarket have struggled and changed ownership [1]. - The retail landscape is characterized by a shift from traditional large supermarkets to innovative models, with companies needing to choose between maintaining traditional methods or embracing new trends [3][4]. Group 2: Company Developments - Hema, once a benchmark for new retail, has undergone significant changes under the leadership of new CEO Yan Xiaolei, achieving profitability within a year [2][4]. - Hema's strategy focuses on two core formats: Hema Fresh, which aims for rapid expansion, and Hema NB, which emphasizes community services and product optimization [4][7]. - Hema has opened 72 new stores at an average rate of one every five days, surpassing 430 stores nationwide, with plans for nearly 100 more in the upcoming fiscal year [4][7]. Group 3: Competitive Advantages - Successful companies like Sam's Club and Donglai have established unique competitive advantages that are difficult for others to replicate, such as strong supply chains and high-quality service [5][6]. - Hema aims to enhance its competitive edge by focusing on product quality and leveraging social media for marketing, targeting lower-tier cities and community markets [7][9]. Group 4: Market Insights - The consumption scale in lower-tier markets has exceeded 17 trillion yuan, accounting for nearly 60% of national consumption, with offline retail remaining dominant [7]. - Hema's community supermarket model, Hema NB, targets price-sensitive consumers with its own supply chain and brand offerings, indicating a strategic focus on value [7][9]. Group 5: Future Goals - Hema has set an ambitious goal to exceed 100 billion yuan in GMV (Gross Merchandise Volume) within three years, reflecting confidence in its strategic direction despite competitive pressures [9].

Core Insights - Hema Group has achieved its first annual profitability since its establishment, with consistent profits for nine consecutive months in 2024 [1] - The company is focusing on a dual-line strategy of "Hema Fresh Supermarkets + Hema NB Discount Stores" to expand its market presence [1][5] Group 1: Business Strategy - The dual-line strategy involves rapidly replicating the mature operating model of Hema Fresh Supermarkets while Hema NB focuses on community service, creating a complementary effect [1] - Hema plans to open nearly 100 new stores in 2025, entering dozens of new cities [1][11] - In 2024, Hema opened 72 new stores, bringing the total number of Hema Fresh Supermarkets to 430, surpassing Walmart China [2] Group 2: Operational Efficiency - Hema Fresh has over 60% of its transactions online, with a 30-minute delivery network covering 50 cities [4] - The company has implemented a smart replenishment system that significantly reduces inventory turnover days compared to industry averages [4] - Hema has restarted its front warehouse model, allowing for 30-minute delivery services within a 3-kilometer radius [4] Group 3: Product Offering - Hema's private label SKUs exceed 1,200, with a sales share of 35%, and successful products include the durian mille-feuille cake and strawberry box cake [4] - Hema collaborates with 185 source bases to control the quality and price of products like blueberries and salmon [4] Group 4: Market Expansion - Hema NB stores are expanding into county-level markets, utilizing a "hard discount + community penetration" model to attract price-sensitive consumers [5][7] - As of March 2025, Hema NB has reached 216 stores, with 143 located in Shanghai [5] - Hema's strategy includes targeting second and third-tier cities, with 30% of new stores opened in these markets [11] Group 5: Membership Strategy - Hema is strategically reducing its X membership stores, retaining only five nationwide, while launching "Cloud Enjoy Club" to transition to a more lightweight membership operation [8][10] - The new model integrates Hema's logistics network and allows non-members to purchase member-exclusive products, lowering membership barriers [10] Group 6: Competitive Landscape - Hema faces increasing competition in lower-tier markets from brands like Sam's Club and RT-Mart, which are expanding into county-level cities [13] - The complexity of local competition and supply chain challenges in lower-tier markets necessitates a combination of national supply chains and regional operations [13]

Core Insights - Hema has achieved its first annual profitability since its establishment, marking a significant milestone for the company [2][3] - The company plans to open nearly 100 new Hema Fresh stores in the upcoming fiscal year, indicating a strong focus on expansion [6][18] - Hema's business structure has been streamlined into four core segments, enhancing decision-making efficiency [2][15] Financial Performance - Hema reported a total transaction volume of 59 billion yuan for the 2024 fiscal year, a notable increase from 55 billion yuan in the previous year, with online transactions contributing over 63% to GMV [5] - The company experienced a customer growth rate exceeding 50% and achieved double-digit growth after nine consecutive months of profitability [4][12] Strategic Focus - Under the leadership of new CEO Yan Xiaolei, Hema has shifted its strategy from "model exploration" to "profitability first," focusing on two core business models: Hema Fresh and Hema NB [3][9][11] - Hema is actively enhancing its product offerings and supply chain capabilities, including the introduction of private label products and improvements in logistics [13] Market Expansion - Hema is targeting the lower-tier market, having entered 21 new cities and regions in the past year, with a focus on areas with strong consumer purchasing power [18][19] - The company is adapting its strategies to meet the unique challenges of the lower-tier market, including price sensitivity and varying consumer habits [19]