Core Viewpoint - Hema announced the closure of its last X membership store in Shanghai on August 31, marking the end of its local membership model amid strategic contraction by Alibaba and competition from foreign giants like Sam's Club [1] Group 1: Company Strategy - Hema is shifting its strategy from large-scale operations to a focus on smaller, faster formats such as fresh food and NB small stores, as well as front warehouses [1] - The decision reflects a response to changing consumer habits and the need for real-time adjustments to meet demand [1] Group 2: Industry Context - The retail industry is experiencing generational shifts in consumer behavior, indicating that there is no permanent template for success [1] - The competitive landscape is intensifying with foreign players like Sam's Club posing significant challenges to local brands [1]