Alibaba Shutters China Costco-Like Stores Amid Retail Shift

Alibaba is closing its special stores in China that were similar to Costco because they weren't as popular.

These stores, called Hema X, needed a membership to shop there.

This is happening because it's hard to compete with stores like Walmart's Sam's Club and Costco.

Alibaba wants to focus on Artificial Intelligence and attracting customers to their online stores.

They also sold some of their shares in other businesses.

This is part of a bigger plan to make more money and focus on what works best.