RT-Mart was China's top hypermarket chain — it closed 20 stores and lost ¥1.6B in one year

RT-Mart (大润发) was China's largest hypermarket chain, operated by Sun Art Retail (高鑫零售, 6808.HK), which Alibaba Group took a controlling stake in as part of its 'New Retail' strategy. At its peak, the chain operated hundreds of large-format stores across China, combining groceries, general merchandise and food courts under one roof.

The hypermarket model — large suburban stores designed for weekly car-borne shopping trips — was already under pressure from e-commerce, community group-buying and smaller-format convenience retail. The pandemic accelerated the shift. Sun Art's revenue declined for several consecutive years.

In fiscal year 2024, the deterioration became stark. Revenue fell 13.3% year-on-year to ¥72.567 billion. The company swung from a ¥109 million profit in 2023 to a ¥1.668 billion loss. Twenty hypermarkets were closed; four were being converted to membership-warehouse format. CEO Lin Xiaohai resigned in March 2024, recalled to Alibaba for other duties.

On 27 September 2024, Sun Art's shares were suspended on the Hong Kong Stock Exchange pending an announcement related to a potential acquisition under the Takeovers Code. The suspension signalled that Alibaba was exploring an exit from its New Retail investment.