Capital, Earnings & M&A
After the Capital Tide Recedes, What Exactly Is the Moat of New Retail?
New retail formats represented by Hema, once market darlings as disruptors, are now collectively in trouble as the wave recedes: Alibaba's Hema has seen its valuation shrink significantly, Yonghui's Super Species has returned to offline retail, JD's 7Fresh has reduced its store count, and Meituan's Xiaoxiang Fresh has ceased operations. Whether online or offline, Hema struggles to break even. A Hema membership store, covering retail, dining, and warehousing, spans about 3,000 square meters with upfront costs up to 30 million yuan.
李欣彤