With China's economic growth slowing down, all industries must seek new economic growth points. In the context of the rapid development of big data, artificial intelligence and other high-tech technologies, the traditional retail and logistics industries have started to integrate “new retail” and “new logistics” with the help of high technology. Based on a large amount of data collection, this paper uses the FEMA method to identify the risks of new retail logistics. Through the qualitative analysis of the data related to the new retail business of RT-Mart Feiniu in the third and fourth tier cities, we obtain the sources and impacts of the risks related to this representative example in the process of new retail promotion, and prove that the development of new logistics is the basis of new retail success. Further, the current status of the synergy between the two is analyzed by combining data on reaction logistics and e-commerce in Shanxi Province, where there are more third- and fourth-tier cities, through gray correlation analysis. Based on the results, this paper makes recommendations for the development of new retail business in third- and fourth-tier cities, with the aim of using the method proposed in this study to make timely judgments on the risk influencing factors and their correlations, and to take corresponding measures to reduce the risk of “new retail” and “new logistics” in small and medium-sized cities. The purpose of this study is to make timely judgments on the risk factors and their correlations, and take corresponding measures to reduce the risk of “new retail” and “new logistics” in small and medium-sized cities, and to provide reference for the reform and innovation of traditional industries.