是时候和这家会员店告别了！ 上海最后一家盒马X会员店——森兰商都店即将于8月31日正式关闭。记者最新探访看到，店内绝大部分区域已空空荡荡，甚至已经有关闭施工区域。还 有一些工作人员在为最后的闭店做准备。 少数剩余商品以1-3折的清仓价出售，引来市民最后一波"捡漏"。有顾客买了一车原价359.3元的商品，最后只付了32.4元。还有些顾客，不为抢购便宜货 而来，是专门前来和这家店告别的。 清仓商品价格一降再降 "这款式基础，夏天当居家服穿正好。"一位年轻女孩对同伴说，顺手将T恤放进了购物车。在一旁，一位奶奶却扶着老花眼镜看衣服材质："不是棉的，算 了。" 衣服旁边还有其他货品。KN95防护口罩从原价29.9元/盒降到了3元/盒，相当于原价的一折；新鲜生活纸茶杯（260只装）从原价69.9元降至6.3元；翼鲲飞 盘也从原价49.9元/盒降到了7.5元/盒。 一二折顾客"捡漏"忙 走进盒马X会员店森兰商都店，一股空旷感扑面而来。灯火通明依旧，却不见了人头攒动的景象，大量货架、冷柜已空空如也，只剩下几个孤零零的价格 标签，提示着这里曾经陈列过进口牛排和爆款烘焙。一些配套的门面和销售隔间也都已撤空。 "只要有的东西都能买 ...

Core Viewpoint - Hema X membership stores, once seen as a significant growth opportunity for Alibaba, are closing down due to strategic shifts and intensified competition in the membership store sector [5][17]. Group 1: Store Closures - Hema X membership stores in Beijing, Suzhou, and Nanjing will cease operations on July 31, leaving only the Shanghai Senlan store, which is also set to close on August 31, resulting in a complete shutdown of Hema X stores nationwide [2][5]. - The closure of Hema X membership stores reflects a broader strategic retreat by Alibaba, focusing resources on core businesses like Hema Fresh and Hema NB [5][17]. Group 2: Strategic Shifts - Hema X was initially positioned to compete with Sam's Club and Costco, but after Alibaba's divestment from other retail entities, the expansion of Hema X has significantly slowed [5][17]. - The closure of Hema X membership stores is part of Alibaba's strategy to consolidate its membership offerings and enhance the overall customer experience across its platforms [17]. Group 3: Financial Impact - Following the announcement of Hema X store closures, Alibaba's stock price experienced fluctuations, opening at $122.49 on July 29 and closing at $117.04 on August 5, marking a 16.4% decline from its peak earlier in the year [5][17]. - Despite the closures, Hema's main business, Hema Fresh, reportedly achieved profitability, indicating a potential shift in focus towards more sustainable business models [14][15]. Group 4: Leadership Changes - The departure of key figures from Hema's founding team, including co-founder Hou Yi and public affairs head Shen Li, marks a significant transition in leadership as the company moves towards a new management structure [11][14]. - The new CEO, Yan Xiaolei, who has a financial background but lacks retail experience, is expected to implement a flatter management structure, which may influence Hema's operational strategies moving forward [11][14]. Group 5: IPO Prospects - Hema's plans for an initial public offering (IPO) have been postponed, with the company's valuation dropping from $10 billion to under $4 billion, reflecting a cautious market environment for consumer-focused businesses [13][15]. - The company faces challenges in proving the sustainability of its high-cost business model, which has led to skepticism regarding its long-term competitiveness and potential for future growth [15].

Core Viewpoint - Hema X membership stores, once seen as a significant growth opportunity for Alibaba, are closing down, indicating a strategic shift and challenges in the retail sector [2][5][18] Group 1: Store Closures - Hema X membership stores in Beijing, Suzhou, and Nanjing will cease operations by July 31, leaving only the Shanghai Senlan store, which is also set to close by August 31, resulting in a complete shutdown of Hema X stores nationwide [2][5] - The closure of Hema X membership stores reflects a broader trend of Alibaba consolidating its retail strategy and focusing on core businesses like Hema Fresh and Hema NB [5][18] Group 2: Strategic Shifts - Hema X was initially positioned to compete with Sam's Club and Costco, but increased competition and a slowdown in expansion have led to its decline [5][11] - Alibaba's decision to close Hema X stores is part of a larger strategy to integrate resources across its platforms, such as Taobao and Ele.me, and to streamline its membership offerings [18] Group 3: Financial Performance - Following the announcement of Hema X store closures, Alibaba's stock experienced fluctuations, opening at $122.49 and closing at $117.04 on August 5, reflecting a 16.4% decline from its peak earlier in the year [5] - Despite the closures, Hema Fresh has reportedly achieved profitability, with annual sales reaching 61 billion yuan, indicating that the core business remains strong even as Hema X falters [9][15] Group 4: Leadership Changes - The departure of Hema's founding team, including CEO Hou Yi, marks a significant transition for the company, with new leadership under financial expert Yan Xiaolei, who lacks retail experience [10][12] - The management shift coincides with the closure of Hema X stores, suggesting a potential reevaluation of Hema's business model and operational strategies [12][18] Group 5: IPO Prospects - Hema's plans for an IPO have been put on hold, with its valuation dropping from $10 billion to under $4 billion, reflecting market skepticism about its business model and growth potential [14][16] - The overall market sentiment towards consumer-facing businesses has become cautious, impacting Hema's ability to attract investment and achieve its ambitious sales targets [14][16]

2025年注定是盒马的转折之年。中国最后一家盒马X会员店——上海森兰店，将在8月底关门，至此全 国X会员店悉数谢幕。那么盒马大规模关停的背后究竟隐藏着什么？ ...

Core Insights - Hema, a retail giant, announced the closure of all its warehouse-style membership stores, which has garnered significant attention in the market [1] - The CEO, Yan Xiaolei, stated that the closures represent less than 2% of the total stores, as the company aims to focus on its core business and has implemented various store optimization measures since last year [1] - Hema plans to open nearly 100 new stores and expand into over 50 new cities within the current fiscal year [1] - The last Hema X membership store will close on August 31, marking the company's complete exit from the membership store sector [1] - Hema achieved a milestone of profitability for the first time in the last fiscal year [1] - As of March 31, 2025, Hema Fresh is expected to have over 420 stores, ranking third in China's supermarket industry with a GMV of 75 billion yuan [1] Strategic Adjustments - Experts interpret Hema's decision to exit the membership store business as part of a strategic shift towards a dual-line layout, focusing on Hema Fresh for community fresh produce and Hema NB for hard discount models [5] - The closure of Hema X membership stores aligns with the company's previously stated strategy to concentrate on its main store formats and discount stores [5] - This move reflects a broader trend in the retail industry, shifting from "scale expansion" to "efficiency first," as membership stores require larger spaces and higher investments, leading to longer investment return cycles [5] - Hema Fresh and Hema NB have smaller store sizes and lower capital requirements, allowing for quicker profitability, which aligns with the company's current strategic goals [5]

Group 1 - The core point of the article is that Hema's membership store model, Hema X, is officially declared a failure after nearly five years of trial, leading the company to shift focus towards Hema Fresh and Hema NB formats, targeting lower-tier markets instead of the middle-class consumer segment [1][2][4][5] - Hema X membership stores, which aimed to compete with Costco and Sam's Club, are closing down, with the last store in Shanghai set to cease operations on August 31, 2023. The initial expansion phase from 2021 to 2022 saw the opening of 10 stores and nearly 3 million members, but the model failed to deliver sufficient differentiation and value to customers [2][3][4] - Analysts suggest that Hema X faced a positioning dilemma, trying to be both a premium supermarket and a warehouse discount store, which led to a lack of clear target audience and ineffective supply chain management, resulting in high costs and low customer loyalty [4][6] Group 2 - Hema is now focusing on expanding its Hema Fresh and Hema NB formats, with plans to open nearly 100 new stores in over 50 cities within the fiscal year, aiming for a total of over 500 Hema Fresh stores [1][6] - The new strategy emphasizes smaller store formats and high-density locations, aligning with the "instant retail" model that combines offline presence with efficient logistics, particularly in lower-tier cities and communities [5][6] - Hema's goal is to achieve a total merchandise transaction volume of 100 billion yuan over the next three years, with a projected 2025 fiscal year merchandise transaction volume of 75 billion yuan, indicating a shift towards profitability and operational efficiency [6]

Core Viewpoint - Hema X membership stores are undergoing a complete shutdown as part of a strategic focus shift, with all physical locations ceasing operations by August 31, 2025 [5][6][8]. Summary by Sections Store Closures - All Hema X membership stores will stop operations, with the last store closing on August 31, 2025. The stores will continue to offer online ordering and home delivery services through the Hema app [6][8]. - The closure includes multiple locations across major cities such as Shanghai, Beijing, and Suzhou, with the first store opening in October 2020 [12][13]. Business Adjustments - Hema X membership stores have faced continuous shrinkage since May of the previous year, with several locations closing in July 2023 [12]. - The membership model was initially inspired by international giants like Costco and Sam's Club, but Hema has struggled to establish a sustainable competitive advantage in this segment [14][19]. Strategic Focus - Following the appointment of a new CEO, Hema is shifting its strategy to focus on Hema Fresh and Hema NB (Neighborhood) stores, aiming for refined operations and product offerings [15][24]. - Hema has reported significant growth, with 72 new Hema Fresh stores opened in 2024, marking the fastest expansion in five years [28][29]. Market Dynamics - The membership store model has proven challenging, with many players exiting the market. Hema's decision to close its membership stores reflects a broader trend of consolidation and resource optimization in the retail sector [30][32]. - The competitive landscape for membership stores is evolving, with established players like Sam's and Costco maintaining a strong presence while new entrants explore the market [33][34]. Future Outlook - Hema's strategic pivot towards its core business and the successful integration of online and offline retail is expected to drive future profitability and growth [29][34]. - The company aims to continue expanding its footprint in lower-tier cities and enhance its product offerings to meet changing consumer preferences [26][28].

Core Viewpoint - Hema is shutting down all its warehouse-style membership stores, marking a strategic shift towards focusing on its main business and achieving profitability for the first time in the last fiscal year [1][5]. Group 1: Store Closures and Strategy - Hema's CEO, Yan Xiaolei, announced that the total number of closed stores since last year does not exceed 2% of the overall store count [1]. - The last Hema X membership store in Shanghai will cease operations on August 31, indicating a complete exit from the membership store format [1]. - Hema plans to open nearly 100 new stores within the fiscal year, expanding into over 50 new cities [1]. Group 2: Financial Performance and Market Position - As of March 31, 2025, Hema Fresh is expected to have over 420 stores [1]. - Hema ranked third in China's supermarket sector with a GMV of 75 billion yuan, following Walmart China and RT-Mart, according to the 2024 China Chain Store Top 100 list [1]. Group 3: Strategic Adjustments - Analysts suggest that Hema's exit from the membership store business reflects a broader trend in retail, shifting from "scale expansion" to "efficiency first" [5]. - The closure of Hema X membership stores aligns with the company's strategy to focus on Hema Fresh and Hema NB discount stores, which require less investment and can achieve profitability more quickly [5].

Group 1 - Hema plans to open nearly 100 new stores within the fiscal year, expanding into over 50 new cities, which will bring the total number of Hema Fresh stores to over 500 [1][2] - Hema has refuted rumors of store closures, stating that only 10 exploratory X member stores were closed, accounting for less than 2% of total stores [1][2] - Since the appointment of CEO Yan Xiaolei, Hema has focused on its core businesses, Hema Fresh and Hema NB, achieving significant growth with a projected GMV of over 75 billion yuan for the fiscal year 2025 [2] Group 2 - Hema has integrated its membership system with 88VIP, allowing all 88VIP members to receive a 90-day free Hema X membership, resulting in a doubling of membership numbers shortly after the launch [3] - Over the past decade, Hema has built a robust supply chain, establishing 8 supply chain centers and over 300 direct sourcing bases, making it one of the top three retail chains in China [4] - Hema has focused on product innovation, launching successful products like HPP juice, which has seen significant sales growth, and expanding its HPP product line with new offerings [4][5]

Core Viewpoint - The closure of Hema X membership stores signifies the challenges faced by the membership retail model in China, particularly for local brands competing against established foreign players like Sam's Club and Costco [4][5][11]. Group 1: Membership Store Challenges - Hema X membership stores struggled due to high membership fees (200-500 RMB) and a limited target audience among the middle class [7]. - The competition in major cities is tough, with foreign brands already occupying prime locations, making it difficult for local brands to establish a foothold [8]. - The shopping habits of Chinese consumers favor convenience, often opting for nearby community supermarkets or online orders rather than traveling to suburban membership stores [12]. Group 2: Strategic Shifts in Alibaba - Alibaba is divesting from non-core businesses, focusing on e-commerce and AI + cloud services, which impacts Hema's operational strategy [13][14]. - Hema has experimented with various formats but is now concentrating on Hema Fresh and Hema NB, which cater to different market segments [15][17]. - Hema Fresh has over 420 stores in nearly 50 cities, with online sales accounting for over 60% of its revenue, establishing it as the main business [18][19]. Group 3: Future Directions - Hema aims to integrate more closely with Alibaba's overall strategy, similar to how Ele.me has become essential for Alibaba's instant retail competition [20][21]. - The integration of Hema with Taobao's 88VIP membership program creates a significant user base and enhances customer retention through combined benefits [22][23]. - The closure of Hema X membership stores may not be detrimental, as it indicates a clearer direction for the company moving forward [24].