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Retail Formats

The Underlying Logic of Hema Explained in One Go

This article analyzes Hema's supply chain, membership stores, neighborhood stores, independent operation, retail model, valuation, and the impact of economic downturn, arguing that Hema's losses are valuable and its long-term logic is becoming clearer.

蒋文伟
Industry Trends

Understanding Hema: The Key to Retail's Next 20 Years

Hema is planning a funding round, while various new retail models have fought from first-tier to fifth-tier cities over the past two to three years, severely weakening traditional retail giants but also leaving themselves struggling. This outcome was foreseeable before the pandemic, which only created an illusion of prosperity, ultimately benefiting consumers but losing investors money. Today, amid the most intense transformation in China's retail industry, we should consider what retail will look like in 20 years. We believe Hema best represents the future. This analysis is based on interviews with over 20 experts and research on more than 30 Hema stores.

蒋文伟