Core Viewpoint - Hema's X membership stores are set to close, marking a significant shift in the company's strategy as it focuses on its main store formats and discount models [1][2][4]. Group 1: Closure of Hema X Membership Stores - Hema has begun shutting down its X membership stores, including locations in Beijing, Suzhou, and Nanjing, with the last store in Shanghai set to close on August 31, 2025 [1][3]. - The closure aligns with Hema's strategic focus on its main store formats and discount stores, as indicated by industry insiders [2][4]. - Hema X membership stores were launched in 2020, aiming to compete with Costco's membership model, but have not met growth expectations [3][4]. Group 2: Industry Context and Challenges - The membership store model in China has faced challenges, with Costco experiencing low membership renewal rates of 62% compared to a global average of 90% [5][6]. - Other retailers, such as Metro, are attempting to differentiate themselves by increasing the proportion of unique products offered [5]. - Hema's exit from the membership store segment reflects a broader trend where traditional retailers are moving away from membership models in favor of more established formats [7]. Group 3: Hema's Strategic Shift - Hema is pivoting towards hard discount formats and targeting lower-tier markets to create a new growth avenue [8]. - The company has merged its neighborhood and outlet stores into the "Hema NB Division," focusing on low-cost, high-frequency essential goods [8]. - Hema aims to open nearly 100 new fresh stores in 2025, primarily in third and fourth-tier cities, while expanding its neighborhood and outlet store presence [9].

多地盒马X会员店相继停业。 盒马X会员店针对会员设置了不同等级，分为每年收费258元的黄金会员和每年收费658元的钻石会员。通过收 取会员费的方式，成功筛选出了以中产家庭和高端消费群体为主要构成的目标客群。 2021年6月，盒马X会员店首次进军北京市场，自此开启了扩张之路。在2021年12月8日至2022年1月14日这短 短一个多月时间里，就有4家盒马X会员店迅速落地开业。 相关数据显示，截至2023年10月，盒马X会员店已在全国范围内开设了10家门店，分布在上海、北京、南京、 苏州等多个城市。 作为盒马打造的首个仓储式会员店，"盒马X会员店"上海浦东森兰店于2020年10月开业后，如今，宣告即将停 业。 从官网信息来看，盒马X会员店在南京、苏州、北京和上海有线下门店。不过，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。 官网信息显示，盒马如今的业态以盒马鲜生店、盒马X会员店、盒马邻里店和盒马奥莱店四类为主。如今，盒 马X会员店线下门店基本全部宣告停业。 线下门店悉数停业 据盒马X会员店上海浦东森兰店门店7 ...

Core Viewpoint - Hema is shifting its focus towards lower-tier markets, moving away from the previous membership store model to adapt to changing market conditions and competition [3][5][14]. Group 1: Strategic Changes - Hema has undergone significant strategic adjustments under the new CEO, Yan Xiaolei, including the closure of X membership stores and a focus on Hema Fresh and Hema Outlet stores [5][14]. - The company plans to open 100 Hema Fresh stores in the fiscal year 2025, indicating a commitment to expanding its presence in lower-tier markets [5]. - Hema's previous strategy of competing with Sam's Club has been abandoned, leading to the closure of unprofitable membership stores [8][12]. Group 2: Market Position and Competition - Hema's entry into lower-tier markets is seen as a response to the competitive landscape, particularly against traditional retailers like Yonghui and emerging players like Pang Donglai [13][16]. - The company aims to leverage Alibaba's data capabilities for site selection and inventory management, enhancing operational efficiency in less saturated markets [15]. - Hema's market share in eastern regions has reached 3.2%, surpassing Yonghui, indicating a growing presence in the competitive landscape [16]. Group 3: Operational Challenges - Hema faces challenges in maintaining product selection and quality, which are critical for attracting customers in the retail sector [10][11]. - The transition to a more streamlined product offering is complicated by internal complexities and external competition, making it difficult to achieve significant reforms [12]. - The operational intricacies of retail, such as inventory management and customer flow prediction, require strong management capabilities, which Hema is currently working to enhance [11][12].