Alibaba Group is gradually winding down the last of its Costco-like members-only stores in China, operated under its supermarket chain Hema, including its premium 'Hema X' outlets. This move reflects Alibaba's strategic retreat from the highly competitive Chinese retail market and an effort to improve profitability. Concurrently, Alibaba has launched a new cross-platform loyalty scheme aimed at bolstering user engagement. Separately, Claire's, a fashion jewelry retailer based in the United States, filed for bankruptcy protection for the second time since 2018, citing a slowdown in consumer spending and declining sales. The bankruptcy filing has raised concerns about the future of Claire's stores in the US.