Alibaba Group (BABA) Plans to Wind Up its Members-Only Stores, Bloomberg Reports

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16 hours ago

Alibaba Group Holding Limited (NYSE:BABA) is one of the top most profitable NYSE stocks to buy now. Bloomberg reported on August 5 that Alibaba Group Holding Limited (NYSE:BABA) has plans to gradually wind up the last of its Costco-like members-only stores in a highly competitive Chinese retail arena.
An e-commerce platform displaying a wide range of products to customers online.
Bloomberg reported that according to an individual familiar with the proceedings, the company's supermarket chain Hema has started to shut down premium 'Hema X' outlets. The outlets charge members an annual subscription fee for access.
Talking further about this non-public decision, Bloomberg reported that the individual stated that Alibaba Group Holding Limited (NYSE:BABA) is taking this initiative to support overall profitability.
Alibaba Group Holding Limited (NYSE:BABA) manages and provides technology infrastructure and marketing platforms. It operates through seven segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others segments.
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Disclosure: None. This article is originally published at Insider Monkey.