Sun Art Retail Group, the parent company of RT-Mart hypermarkets, has reported a massive loss of 1.6 billion yuan ($220 million) for the fiscal year ending March 2024. This financial setback is primarily attributed to store closures, asset impairments, and a decline in business due to the dominance of online grocers. The company plans to restructure its operations and focus on its presence in key regions while exploring the potential of its membership-based M Club stores to compete with the thriving warehouse-style model of Sam’s Club.