Alibaba to Shut Costco-Like China Stores After Rivalry Heats Up
Its supermarket chain Hema has begun shutting down premium 'Hema X' outlets, which charge members an annual subscription for access, a person familiar with the matter said. China's e-commerce leader is taking action to shore up overall profitability, the person said, asking to remain anonymous discussing a non-public decision. The impending closures were first reported by local media including Jiemian.
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