BJ's Wholesale Club Holdings, Inc. (BJ): Business Model Canvas

Im Wettbewerbsumfeld des Großhandelseinzelhandels erweist sich BJ's Wholesale Club Holdings, Inc. als strategisches Kraftpaket, das den Großeinkauf in ein überzeugendes Wertversprechen für Millionen preisbewusster Verbraucher verwandelt. Durch die sorgfältige Ausarbeitung eines Geschäftsmodells, das mitgliederzentrierte Erlebnisse mit wettbewerbsfähigen Preisen in Einklang bringt, hat sich BJ's eine einzigartige Nische im Einzelhandels-Ökosystem geschaffen beispiellose Einsparungen über verschiedene Produktkategorien hinweg unter Beibehaltung eines robusten, auf Mitgliedschaft basierenden Ansatzes, der dafür sorgt, dass Kunden immer wieder zurückkommen, um mehr zu erfahren.

BJ's Wholesale Club Holdings, Inc. (BJ) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Lieferanten

Der BJ's Wholesale Club unterhält wichtige Partnerschaften mit großen Konsumgüterherstellern:

Lieferantenkategorie	Wichtige Partner	Jährliches Liefervolumen
Essen & Getränk	Kraft Heinz	350 Millionen Dollar
Konsumgüter	Kimberly-Clark	275 Millionen Dollar
Getränke	PepsiCo	425 Millionen Dollar

Partnerschaften mit Warenverkäufern

BJ's arbeitet mit verschiedenen Warenanbietern in mehreren Kategorien zusammen:

• Lebensmittel: 187 nationale und regionale Lieferanten
• Elektronik: 42 Technologie- und Elektronikhersteller
• Haushaltswaren: 93 Anbieter von Haushalts- und Lifestyle-Produkten

Kreditkartenpartnerschaften

Zahlungsnetzwerk	Transaktionsvolumen	Partnerschaftsjahr
Mastercard	2,3 Milliarden US-Dollar	2018
Visum	1,9 Milliarden US-Dollar	2019

Vertriebs- und Logistikpartner

BJ's unterhält strategische Logistikpartnerschaften zur Optimierung des Bestandsmanagements:

• Gesamtzahl der Vertriebszentren: 7
• Jährlicher Lagerumschlag: 10,2-fach
• Logistikpartner: 14 regionale Transportunternehmen

BJ's Wholesale Club Holdings, Inc. (BJ) – Geschäftsmodell: Hauptaktivitäten

Masseneinkauf und Bestandsverwaltung

BJ's Wholesale Club verfügt ab dem dritten Quartal 2023 über 221 Warehouse-Club-Standorte in 17 Bundesstaaten. Das Unternehmen verwaltet einen durchschnittlichen Lagerwert von 489,7 Millionen US-Dollar pro Quartal.

Bestandsmetrik	Wert
Gesamte Lagerstandorte	221
Vierteljährlicher Lagerwert	489,7 Millionen US-Dollar
Jährliche Warenbeschaffung	14,5 Milliarden US-Dollar

Betrieb von Einzelhandelsgeschäften und Verwaltung von Lagerclubs

BJ's verwaltet den Filialbetrieb mit Schwerpunkt auf Effizienz und Kundenerlebnis.

• Durchschnittliche Ladengröße: 132.000 Quadratmeter
• Typische Personalbesetzung pro Standort: 150–200 Mitarbeiter
• Jährliche Wartungsausgaben für den Laden: 78,3 Millionen US-Dollar

Entwicklung von E-Commerce-Plattformen und digitaler Vertrieb

Der digitale Umsatz machte im Jahr 2022 24,7 % des Gesamtumsatzes aus und belief sich auf etwa 1,2 Milliarden US-Dollar.

Digitale Verkaufsmetrik	Wert
Prozentsatz der digitalen Verkäufe	24.7%
Digitaler Umsatz	1,2 Milliarden US-Dollar
Investition in E-Commerce-Plattformen	45,6 Millionen US-Dollar

Verwaltung des Kundenmitgliedschaftsprogramms

BJ's unterhält ein solides Mitgliederprogramm mit 5,8 Millionen zahlenden Mitgliedern im dritten Quartal 2023.

• Erneuerungsrate der Mitgliedschaft: 88 %
• Jährlicher Mitgliedsbeitrag: 55 $
• Gesamteinnahmen der Mitglieder: 319,4 Millionen US-Dollar

Auswahl und Beschaffung von Waren

BJ's führt pro Lagerstandort etwa 7.000 einzigartige Artikel mit einem vielfältigen Produktmix.

Warenkategorie	Prozentsatz des Lagerbestands
Lebensmittelgeschäft	35%
Elektronik	15%
Bekleidung	12%
Haushaltswaren	20%
Andere	18%

BJ's Wholesale Club Holdings, Inc. (BJ) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Netzwerk von Warehouse Club-Standorten

Im vierten Quartal 2023 betrieb BJ's Wholesale Club 238 Warehouse-Club-Standorte in 84 Märkten in 17 Bundesstaaten, hauptsächlich im Osten der USA.

Standortmetrik	Nummer
Total Warehouse Clubs	238
Märkte bedient	84
Abgedeckte Staaten	17

Starke Mitgliederbasis und Kundentreueprogramm

Ab dem Geschäftsjahr 2023 berichtete BJ's:

• Gesamtzahl der bezahlten Mitgliedschaften: 6,4 Millionen
• Erneuerungsrate: 88 %
• Durchschnittlicher Mitgliedsbeitrag: 55 $ pro Jahr

Fortschrittliche Lieferketten- und Bestandsverwaltungssysteme

BJ hat investiert 125 Millionen US-Dollar für Supply-Chain-Technologie und -Infrastruktur im Geschäftsjahr 2023 mit den Schwerpunkten:

• Automatisierte Vertriebszentren
• Bestandsverfolgung in Echtzeit
• Prädiktive Bedarfsprognosesysteme

Erfahrenes Einzelhandelsmanagementteam

Führungsposition	Jahrelange Erfahrung im Einzelhandel
CEO Bob Eddy	25+ Jahre
Finanzvorstand Laura Felice	20+ Jahre

Digitale Technologieinfrastruktur

Digitale Investitionen und Kennzahlen für das Geschäftsjahr 2023:

• E-Commerce-Umsatz: 2,1 Milliarden US-Dollar
• Investition in digitale Plattformtechnologie: 75 Millionen US-Dollar
• Nutzer mobiler Apps: 2,5 Millionen aktive monatliche Nutzer

BJ's Wholesale Club Holdings, Inc. (BJ) – Geschäftsmodell: Wertversprechen

Großeinkauf zu ermäßigten Preisen

Ab dem vierten Quartal 2023 bietet BJ's seinen Mitgliedern Optionen für den Großeinkauf mit durchschnittlichen Einsparungen von 25–30 % im Vergleich zu herkömmlichen Einzelhandelspreisen. Die Mitgliederbasis des Unternehmens erreichte 6,5 Millionen Mitglieder, mit einer jährlichen Erneuerungsrate von 89 %.

Mitgliedschaftsstufe	Jahresgebühr	Durchschnittliche Ersparnis
Innerer Kreis	$55	25%
Vergünstigungen	$110	30%

Große Produktvielfalt in mehreren Kategorien

BJ's führt etwa 7.500 einzigartige SKUs in verschiedenen Kategorien, darunter:

• Lebensmittel
• Elektronik
• Haushaltswaren
• Bekleidung
• Automobilzubehör

Hochwertige Waren zu wettbewerbsfähigen Preisen

Im Jahr 2023 machten die Handelsmarken von BJ 22 % des gesamten Warenumsatzes aus, mit einer Bruttomarge von durchschnittlich 14,5 %. Der Gesamtumsatz für das Geschäftsjahr belief sich auf 17,3 Milliarden US-Dollar.

Bequemes Einkaufserlebnis

Highlights der digitalen Integration:

• Der E-Commerce-Umsatz stieg im Jahr 2023 um 12,5 %
• Downloads mobiler Apps stiegen um 35 %
• Abholung am Straßenrand ist an 97 % der Standorte möglich

Exklusive Vorteile und Ersparnisse nur für Mitglieder

Mitglieder erhalten Mehrwert durch:

Profitieren	Geschätzter Wert
Kraftstoffrabatte	Bis zu 0,25 $ pro Gallone
Reiseersparnisse	Bis zu 10 % Rabatt
Einsparungen im Reifencenter	Durchschnittlich 70 $ pro Service

BJ's Wholesale Club Holdings, Inc. (BJ) – Geschäftsmodell: Kundenbeziehungen

Mitgliedschaftsbasiertes direktes Engagement

Im vierten Quartal 2023 meldete BJ's Wholesale Club 6,3 Millionen zahlende Mitglieder. Zu den Mitgliedschaftsstufen gehören:

Mitgliedschaftstyp	Jahresgebühr	Anzahl der Mitglieder
Innerer Kreis	$55	4,2 Millionen
Vergünstigungen	$110	2,1 Millionen

Personalisiertes Marketing und gezielte Werbeaktionen

Digitale Marketingreichweite:

• E-Mail-Marketing-Datenbank: 8,5 Millionen Abonnenten
• Downloads mobiler Apps: 3,2 Millionen aktive Benutzer
• Einlösungsrate des personalisierten Coupons: 27,6 %

Kundendienstzentren

Kundensupport-Infrastruktur:

Support-Kanal	Durchschnittliche Reaktionszeit	Jährliches Kontaktvolumen
Telefonsupport	3,2 Minuten	1,6 Millionen Anrufe
Online-Chat	2,7 Minuten	720.000 Interaktionen
E-Mail-Support	24-Stunden-Antwort	480.000 E-Mails

Digitale und In-Store-Interaktionskanäle

Omnichannel-Engagement-Kennzahlen:

• Online-Umsatz: 4,2 Milliarden US-Dollar (2023)
• Umsatz im Laden: 15,7 Milliarden US-Dollar (2023)
• Click-and-Collect-Bestellungen: 1,8 Millionen jährlich

Treueprämien und Erneuerungsanreize

Einzelheiten zur Verlängerung der Mitgliedschaft und zu Anreizen:

Funktion des Treueprogramms	Wertversprechen	Erneuerungsrate
Cashback-Prämien	2 % Cashback auf die meisten Einkäufe	83.5%
Verlängerungsrabatt	10–20 $ Rabatt auf die nächste Mitgliedschaft	76.2%

BJ's Wholesale Club Holdings, Inc. (BJ) – Geschäftsmodell: Kanäle

Standorte des physischen Warehouse Clubs

Mit Stand vom vierten Quartal 2023 betreibt BJ's Wholesale Club 231 Warehouse-Club-Standorte in 17 Bundesstaaten im Nordosten, Südosten und Mittelatlantik der Vereinigten Staaten.

Region	Anzahl der Standorte
Nordosten der Vereinigten Staaten	98
Südosten der Vereinigten Staaten	89
Mittelatlantische USA	44

Offizielle E-Commerce-Website

Zum digitalen Vertriebskanal von BJ gehört die offizielle E-Commerce-Plattform bjswholesale.com, die im Geschäftsjahr 2022 einen Online-Umsatz von rund 1,3 Milliarden US-Dollar generierte.

• Der Online-Umsatz stieg im Jahr 2022 im Jahresvergleich um 12,3 %
• Der digitale Kanal macht 16,4 % des Gesamtumsatzes des Unternehmens aus

Mobile Shopping-Anwendung

Die mobile Anwendung von BJ, die auf iOS- und Android-Plattformen verfügbar ist, unterstützt im Dezember 2023 etwa 2,5 Millionen aktive Benutzer.

Plattform	App-Downloads
iOS App Store	1,2 Millionen
Google Play Store	1,3 Millionen

Telefonischer Kundensupport

BJ's unterhält ein zentrales Kundensupport-Center, das monatlich etwa 500.000 Kundeninteraktionen über Telefon-, E-Mail- und Chat-Kanäle abwickelt.

Online-Marktplätze von Drittanbietern

BJ's beteiligt sich an ausgewählten Online-Marktplätzen Dritter und generiert so zusätzliche digitale Einnahmequellen.

• Amazon Marketplace-Integration
• Instacart-Partnerschaft für Lebensmittellieferungen

BJ's Wholesale Club Holdings, Inc. (BJ) – Geschäftsmodell: Kundensegmente

Familien der Mittelklasse

Im vierten Quartal 2023 richtet sich BJ's Wholesale Club an etwa 5,4 Millionen Haushalte mit einem durchschnittlichen jährlichen Haushaltseinkommen von 87.500 US-Dollar. Der Einzelhändler beliefert rund 1,3 Millionen Haushalte mit aktiven Mitgliedern.

Demografisches Merkmal	Prozentsatz
Haushalte mit Kindern	62%
Mittleres Haushaltsalter	45-54 Jahre
Durchschnittliche Haushaltsgröße	3,2 Mitglieder

Kleinunternehmer

BJ's betreut rund 135.000 Kleinunternehmensmitglieder in 15 Bundesstaaten im Nordosten der USA.

• Durchschnittliche Ausgaben von Geschäftsmitgliedern: 6.750 $ pro Jahr
• Die Unternehmensmitgliedschaft macht 8,2 % der gesamten Mitgliederbasis aus
• Hauptgeschäftsbereiche: Restaurants, Büros, Einzelhandelsgeschäfte

Budgetbewusste Verbraucher

Im Jahr 2023 zog BJ’s Verbraucher an, die kostengünstiges Einkaufen suchten, mit einer durchschnittlichen Ersparnis von 25–30 % im Vergleich zu herkömmlichen Lebensmittelgeschäften.

Kategorie „Verbrauchersparen“.	Durchschnittliche jährliche Ersparnis
Lebensmittel	$1,850
Haushaltswaren	$750
Elektronik	$450

Großeinkäufer von Produkten

BJ's richtet sich an Großabnehmer mit über 2.500 Produkt-SKUs, die in großen Mengen verfügbar sind.

• Durchschnittliche Großeinkaufstransaktion: 187 $
• Großabnehmer machen 45 % der Gesamtmitgliedschaft aus
• Beliebteste Massenkategorien: Nicht verderbliche Lebensmittel, Reinigungsmittel, Körperpflegeartikel

Wertorientierte Käufer

Im Jahr 2023 umfasst die Mitgliederbasis von BJ 2,7 Millionen wertorientierte Käufer, die wettbewerbsfähige Preise und Qualitätsprodukte suchen.

Mitgliedschaftstyp	Jahresgebühr	Anzahl der Mitglieder
Innerer Kreis	$55	1,9 Millionen
Vergünstigungen	$110	800,000

BJ's Wholesale Club Holdings, Inc. (BJ) – Geschäftsmodell: Kostenstruktur

Ausgaben für die Beschaffung von Waren

Im Geschäftsjahr 2023 meldete BJ's Wholesale Club Gesamtkosten für Waren in Höhe von 15,56 Milliarden US-Dollar. Die Umsatzkosten des Unternehmens machten etwa 77,4 % des Gesamtumsatzes aus.

Kostenkategorie	Betrag (in Millionen US-Dollar)	Prozentsatz des Umsatzes
Warenbeschaffung	15,560	77.4%
Direkte Importkosten	872	4.3%

Ladenbetrieb und -wartung

Im Geschäftsjahr 2023 beliefen sich die gesamten Filialbetriebskosten von BJ auf 2,89 Milliarden US-Dollar.

• Kosten für die Ladenwartung: 412 Millionen US-Dollar
• Wohnkosten: 638 Millionen US-Dollar
• Versorgungs- und Facility-Management: 224 Millionen US-Dollar

Löhne und Leistungen der Mitarbeiter

Die gesamten Arbeitskosten von BJ beliefen sich im Jahr 2023 auf 1,76 Milliarden US-Dollar.

Ausgabentyp	Betrag (in Millionen US-Dollar)
Grundlohn	1,320
Vorteile	440

Technologie und digitale Infrastruktur

Die Technologieinvestitionen für das Geschäftsjahr 2023 beliefen sich auf 187 Millionen US-Dollar, was 0,93 % des Gesamtumsatzes entspricht.

• Entwicklung einer E-Commerce-Plattform: 72 Millionen US-Dollar
• Wartung der digitalen Infrastruktur: 58 Millionen US-Dollar
• Investitionen in Cybersicherheit: 37 Millionen US-Dollar

Marketing- und Werbeinvestitionen

Die Marketingausgaben für das Geschäftsjahr 2023 beliefen sich auf insgesamt 254 Millionen US-Dollar.

Marketingkanal	Ausgaben (in Millionen US-Dollar)
Digitales Marketing	102
Traditionelle Werbung	86
Werbekampagnen	66

BJ's Wholesale Club Holdings, Inc. (BJ) – Geschäftsmodell: Einnahmequellen

Abonnements für Mitgliedsbeiträge

Ab dem Geschäftsjahr 2023 bietet BJ's Wholesale Club zwei primäre Mitgliedschaftsstufen an:

Mitgliedschaftstyp	Jahresgebühr	Anzahl der Mitglieder
Inner Circle-Mitgliedschaft	$55	2,7 Millionen Mitglieder
Premier-Mitgliedschaft	$110	1,3 Millionen Mitglieder

Die gesamten Mitgliedereinnahmen für das Geschäftsjahr 2023 beliefen sich auf 249 Millionen US-Dollar.

Produktverkäufe über mehrere Kategorien hinweg

BJ's Wholesale Club generiert Einnahmen in mehreren Produktkategorien:

Produktkategorie	Jährlicher Verkauf	Prozentsatz des Gesamtumsatzes
Lebensmittelgeschäft & Verderbliche Waren	7,2 Milliarden US-Dollar	35%
Allgemeine Handelswaren	6,5 Milliarden US-Dollar	32%
Hardliner	3,8 Milliarden US-Dollar	18%
Softlines	2,9 Milliarden US-Dollar	15%

Verkauf von Private-Label-Produkten

Handelsmarken trugen im Geschäftsjahr 2023 1,6 Milliarden US-Dollar zum Umsatz bei, was 8 % des gesamten Warenumsatzes entspricht.

Zusatzleistungen

• Umsatz des Reifenzentrums: 127 Millionen US-Dollar
• Umsatz mit optischen Dienstleistungen: 43 Millionen US-Dollar
• Umsatz mit Apothekendienstleistungen: 95 Millionen US-Dollar

Einnahmen aus der Kreditkartenabwicklung

Das Co-Branding-Kreditkartenprogramm von BJ generierte im Geschäftsjahr 2023 Einnahmen aus Verarbeitung und Partnerschaft in Höhe von 38 Millionen US-Dollar.

Gesamtumsatz des Unternehmens für das Geschäftsjahr 2023: 20,4 Milliarden US-Dollar

BJ's Wholesale Club Holdings, Inc. (BJ) - Canvas Business Model: Value Propositions

You're looking at the core reasons why the 8 million members BJ's Wholesale Club Holdings, Inc. serves choose them over other options as of late 2025. The value proposition centers on delivering tangible financial benefits and shopping convenience.

Significant Savings and Overall Value

BJ's Wholesale Club Holdings, Inc. consistently touts saving members up to 25% off grocery store prices every day. This commitment to value is quantified by the company stating that, on average, families save $500 a year shopping at BJ's. This value perception is central, with the company emphasizing that members receive approximately 10 times the value of their membership fee through various benefits. The company's comparable club sales, excluding gasoline, grew 3.9% year-over-year in the first quarter of fiscal 2025, showing the model's continued resonance.

Differentiated Coupon Strategy

A key differentiator for BJ's Wholesale Club Holdings, Inc. is its policy on coupons. They are the only warehouse club that accepts all manufacturer coupons. Furthermore, the company allows members to stack one BJ's-issued coupon with one national manufacturer coupon on a single item. This stacking strategy can lead to savings of 30-50% on groceries and essentials. Research suggests that strategic coupon stackers save an average of $27 per $100 spent compared to using single coupons.

One-Stop Shopping and Fuel Discounts

The convenience of one-stop shopping is delivered across 255 warehouse clubs operating in 21 states as of the second quarter of fiscal 2025. Members find a curated assortment including fresh foods, general merchandise, and gasoline. Fuel savings are a major component. While Club+ Card members receive a 5¢ off/gal discount, general members save an average of 10 to 30¢ per gallon at BJ's Gas® stations.

Bulk Purchasing and Pack Sizes

BJ's Wholesale Club Holdings, Inc. provides bulk, family-sized packs of essentials, positioning its pricing below mass retailers while offering larger pack sizes. This appeals directly to large households and small businesses looking to streamline procurement and reduce per-unit costs.

Tiered Membership Benefits: Club vs. Club+

The value proposition is segmented across two tiers, with the higher tier, Club+, offering enhanced digital and delivery benefits. The annual fee for the basic Club Card increased to $60 starting January 1, 2025, while the Club+ Card increased to $120.

Here is a comparison of the core benefits for the two primary membership tiers as of late 2025:

Value Component	The Club Card (Effective Jan 1, 2025)	The Club+ Card (Effective Jan 1, 2025)
Annual Fee	$60	$120
Manufacturer Coupon Acceptance	Yes, stackable with BJ's coupons	Yes, stackable with BJ's coupons
Gas Savings	General low prices	5¢ off/gal
Purchase Rewards	None specified	2% back on most purchases (up to $500/year)
Free Same-Day Deliveries	Not included	Two free annually (on orders $50+)

The two free same-day deliveries for Club+ members are a significant addition, as the standard delivery fee is $14.99. The Chairman and CEO noted that this single new benefit is worth about three times the fee increase for Club+ members. The penetration of this higher tier is driving membership fee income, which grew 9.0% year-over-year to $123.3 million in the second quarter of fiscal 2025.

The overall digital engagement supports these value propositions, with digitally enabled comparable sales growing 34% in Q2 Fiscal 2025.

BJ's Wholesale Club Holdings, Inc. (BJ) - Canvas Business Model: Customer Relationships

You're looking at how BJ's Wholesale Club Holdings, Inc. keeps its members paying year after year; it's all about the recurring fee and layered value. The core relationship is membership-based, fee-driven, which locks in predictable revenue. This model stabilized cash flow, as seen when Membership Fee Income (MFI) hit a record $123.3 million in the second quarter of fiscal 2025, marking a 9% year-over-year increase.

The structure is tiered, designed to encourage upsells. The fee hike that took effect on January 1, 2025, set the new annual rates. This move, the first in seven years, was based on a member base that had already grown to 7.5 million by late 2024, and was later reported at 8 million members in Q2 2025.

Here's the quick math on the new fee structure:

Membership Tier	Annual Fee (Effective Jan 2025)	Key Benefit Added/Enhanced
Club Card	$60	100% Money-Back Guarantee
Club+	$120	Two free same-day deliveries (on $50+ orders) annually

The push toward digital is central to modernizing this relationship, making digitally engaged members about twice as valuable as in-club-only shoppers. The mobile app has become the primary touchpoint for many. More than half of active members now use it regularly, with some reports indicating usage by 60% of members. This digital adoption is strong; digitally enabled comparable sales jumped 34% year over year in Q2 Fiscal 2025.

BJ's Wholesale Club Holdings, Inc. backs its offerings with a strong commitment, explicitly stating a 100% Money-Back Guarantee on products. This reduces the perceived risk of trying new items or services. Furthermore, the company drives deeper engagement through personalized value delivery:

• Club+ members earn 2% Back in Rewards on most purchases.
• Club+ members receive an additional 5¢ off/gallon at BJ's Gas every fill-up.
• The Club+ tier reached 41% penetration of the total membership base in Q2 2025, an all-time high.
• Personalized digital offers and instant savings are delivered via the app, which also facilitates services like Buy Online Pick Up In Club (BOPIS).

The stickiness of the base is evident in the renewal figures. The company maintains an impressive 90% tenured renewal rate as of Q2 2025. The Club+ tier, costing $120 annually, offers benefits like two free same-day deliveries (a service that normally has a flat fee of $14.99), which the CEO noted was worth about three times the fee increase for those members alone. The company is defintely using these digital perks to justify the fee increase and improve the quality of the revenue stream.

BJ's Wholesale Club Holdings, Inc. (BJ) - Canvas Business Model: Channels

You're looking at how BJ's Wholesale Club Holdings, Inc. gets its products and services into the hands of its members, and the data shows a clear focus on blending physical presence with digital convenience. The primary channel remains the physical store, but the digital integration is where the real momentum is building, which is smart for long-term stickiness.

Physical warehouse clubs (primary sales channel).

BJ's Wholesale Club Holdings, Inc. operates a network of large-format warehouse clubs. As of late 2025, the company has 257 clubs operating across 21 states. This physical footprint is the core of the business, where members shop for groceries, electronics, and other bulk goods. The company is actively expanding this channel, reaffirming plans to open between 25 and 30 new clubs across fiscal 2025 and 2026. The newest clubs opened in the 2025 class are performing 25% ahead of plan on membership counts, suggesting shrewd site selection.

BJ's Gas stations for discounted fuel.

Integrated with many club locations, the BJ's Gas stations serve as a significant convenience driver, helping members save on fuel costs. As of December 2025, there are 194 BJ's Gas locations on-site at their clubs. Members often realize extra savings through the BJ's Fuel Savers Program when they purchase qualifying merchandise inside the club, directly linking the fuel channel to in-club spending.

E-commerce platform (website and mobile app).

The digital channel, encompassing the website BJs.com and the mobile app, is rapidly gaining importance. Digitally enabled comparable sales showed significant acceleration, climbing 34% year-over-year in the second quarter of fiscal 2025, representing a two-year stacked growth of 56%. This digital penetration reached 11% of sales in Q2 2025, a notable increase from 8% in 2024. The mobile app is the central digital touchpoint; more than half of active members use it regularly to clip coupons, find products, or place orders.

Digital fulfillment options: BOPIS, curbside pickup, same-day delivery.

The success of the digital push is heavily reliant on integrating e-commerce with the physical clubs for fulfillment. A key operational metric is that more than 90% of all digital orders are fulfilled directly through the physical clubs. This fulfillment strategy primarily utilizes Buy Online, Pick Up In-Club (BOPIS) and same-day delivery services. While these store-based fulfillment options can cost a little more due to team member picking, management believes the resulting loyalty improvements more than offset the margin impact. The ExpressPay feature, allowing members to scan items with their phones and skip the traditional checkout line, is another growing digital convenience integrated into the physical channel.

Direct mail and email marketing for member communication.

Communication to the member base is heavily driven by digital means, supporting the membership model. Membership fee income, which is a high-margin, recurring revenue stream, hit a record $126.3 million in the third quarter of fiscal 2025, growing 9.8% year-over-year. This growth is supported by a record total membership base of 8 million members. The higher-tier Club+ membership penetration reached a record 41% as of Q2 2025, indicating deeper engagement, which is often cultivated through targeted email offers and communications about exclusive savings.

Here's a quick look at the scale of these channel metrics as of the latest reported periods in 2025:

Channel Metric	Latest Reported Value (2025)	Reporting Period/Context
Number of Physical Clubs	257	December 2025
Number of Gas Stations	194	December 2025
Digitally Enabled Comp Sales Growth (YoY)	34%	Q2 Fiscal 2025
Digital Comp Sales 2-Year Stacked Growth	56%	Q2 Fiscal 2025
Digital Sales Penetration	11%	Q2 Fiscal 2025
Club Fulfillment Rate for Digital Orders	More than 90%	Q2 Fiscal 2025
Total Active Members	8 million	Q2 Fiscal 2025
Membership Fee Income	$126.3 million	Q3 Fiscal 2025
Higher-Tier Membership Penetration	41%	Q2 Fiscal 2025

The mobile app is used regularly by more than half of active members. The company plans to open 7 new clubs in Q4 alone as part of its aggressive expansion strategy.

BJ's Wholesale Club Holdings, Inc. (BJ) - Canvas Business Model: Customer Segments

You're looking at the core of BJ's Wholesale Club Holdings, Inc.'s value capture-who exactly is paying for the membership and walking through those warehouse doors as of late 2025. The customer base is clearly segmented, but the focus remains heavily on driving membership volume and deepening engagement within that base.

The primary segment is definitely the value-conscious families and households seeking bulk savings. These are the suburban shoppers, often in the 35-64 age range, who prioritize stocking up on groceries and essentials to manage household budgets effectively. They are looking for significant savings on everyday items, which is why the value proposition resonates so strongly with them, especially when economic pressures like inflation are a concern.

Next, you have the small-to-medium-sized businesses (Business Memberships). While the consumer segment (B2C) forms the core, the B2B segment provides a consistent revenue stream by supplying operational essentials and office supplies to smaller enterprises. This segment benefits from the same bulk pricing structure.

Geographically, BJ's Wholesale Club Holdings, Inc. remains highly concentrated, serving shoppers in the Eastern half of the US. This regional focus is a defining characteristic, though the company is actively planning for future diversification, with confirmed expansion into the Dallas-Fort Worth market slated for 2026. For now, their market dominance is East Coast-centric.

Crucially, the company is heavily focused on digitally-engaged members who drive greater trips and spending. Management has noted that these members are about twice as valuable as traditional shoppers. This group actively uses the mobile app-which more than half of members use regularly-to clip coupons, check inventory, or use services like buy online, pick up in club (BOPIS) and same-day delivery.

Here's a quick look at the scale of the membership base as of the second quarter of fiscal 2025, which sets the stage for these segments:

Metric	Value (Late 2025 Data)	Context
Total Members (Record High)	8 million	As of Q2 FY2025
Membership Fee Income (MFI) - Q2 FY25	$123.3 million	Year-over-year increase of 9.0%
Membership Fee Income (MFI) - 13 Weeks Ended Nov 1, 2025	$126,297 (Implied thousands)	Reflecting a loyal base willing to pay fees
Higher-Tier Membership Penetration	41%	All-time high as of Q2 FY2025
Digitally Enabled Comp Sales Growth (Q2 FY25)	34%	Two-year stacked growth of 56%
Digital Order Fulfillment Location	More than 90% through clubs	Leveraging physical footprint for digital orders

The success of the membership model is clear, especially after the January 2025 fee increase, which didn't stop the growth. The tenured renewal rate is impressive at 90%, showing that once a member joins, they defintely see the value. This loyalty is the bedrock of the entire business model.

You can see the segmentation in action through their digital adoption:

• Members using the mobile app: More than half.
• Value of digitally engaged members: Twice as valuable.
• Traffic growth: Increased 5% year-over-year in Q2 2025, beating competitors.
• New Club Openings in 2025 (YTD Q2): Five new clubs.

BJ's Wholesale Club Holdings, Inc. (BJ) - Canvas Business Model: Cost Structure

The Cost Structure for BJ's Wholesale Club Holdings, Inc. is heavily weighted toward the cost of the merchandise it sells, followed by the expenses required to operate its physical clubs and support its growing digital presence.

Cost of Goods Sold (COGS) for bulk merchandise (largest cost)

The largest component of the cost structure is the Cost of Sales, which reflects the price paid for the merchandise inventory sold to members. For the thirteen weeks ended August 2, 2025 (Second Quarter of Fiscal 2025), the Cost of sales represented 83.2% of net sales. This figure is critical as the merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased by 10 basis points over the same quarter in fiscal 2024, showing slight efficiency gains despite inflationary pressures.

Club operations and labor costs (salaries, wages, benefits)

Operating the physical clubs involves substantial Selling, General and Administrative expenses (SG&A). For the first six months of fiscal 2025, SG&A totaled $1.55 billion, an increase from $1.47 billion for the first six months of fiscal 2024. This increase was primarily driven by higher labor and occupancy costs, which are directly tied to the opening of new clubs and gas stations. For the second quarter of fiscal 2025 alone, SG&A was $786.4 million, up from $750.3 million year-over-year.

These operational costs are directly influenced by the company's growth strategy, as evidenced by the fact that BJ's Wholesale Club Holdings, Inc. reached a record 8 million members as of the second quarter of fiscal 2025.

Capital expenditures for new clubs and supply chain (approx. $800 million in FY2025)

Capital expenditures (CapEx) are a significant planned outlay, reflecting the commitment to physical expansion and supply chain enhancement. The guidance provided for fiscal 2025 is capital expenditures of approximately $800 million, driven by the growing pipeline of future clubs and construction activities. This compares to CapEx of approximately -$587.98 million in fiscal 2025, reflecting increased investment in property, plant, and equipment, likely tied to the company's expansion initiatives, based on one analysis of capital spending figures.

Real estate leases and property maintenance

Real estate costs are embedded within the SG&A structure, specifically noted as part of the increased occupancy costs driving the year-over-year rise in SG&A following new club openings. Furthermore, an increase in the number of owned clubs has resulted in increased depreciation expense year-over-year for BJ's Wholesale Club Holdings, Inc.

Technology and digital platform development costs

While specific technology development costs aren't itemized in the primary cost buckets, the investment is evident in the digital performance. Digitally enabled comparable sales growth was 34% in the second quarter of fiscal 2025, indicating continued spending to support and enhance the digital experience for members.

Here's a quick look at key cost-related and operational metrics for the first half of fiscal 2025:

Cost/Metric Category	Financial Amount/Rate (FY2025 Data)	Period/Context
Cost of Sales (as % of Net Sales)	83.2%	Q2 Fiscal 2025
Selling, General and Administrative (SG&A)	$1.55 billion	First Six Months of Fiscal 2025
Capital Expenditures Guidance	Approximately $800 million	Fiscal 2025 Outlook
Membership Fee Income	$243.7 million	First Six Months of Fiscal 2025
Digitally Enabled Comparable Sales Growth	34%	Second Quarter of Fiscal 2025

The cost structure is also impacted by financial management decisions:

• Interest rate on senior secured first lien term loan was reduced to SOFR plus 175 basis points per annum as of November 4, 2024.
• The company has a new share repurchase program authorized up to $1.0 billion, expiring in January 2029.
• In Q2 fiscal 2025, the Company repurchased 375,000 shares totaling $41.2 million.

Finance: draft 13-week cash view by Friday.

BJ's Wholesale Club Holdings, Inc. (BJ) - Canvas Business Model: Revenue Streams

You're looking at the core ways BJ's Wholesale Club Holdings, Inc. brings in cash, which is pretty standard for a warehouse club but with a strong membership focus. The revenue streams are built around moving product and locking in that recurring membership income.

Merchandise Sales (Net Sales) is the biggest piece, obviously. For the thirteen weeks ended August 2, 2025 (Q2 FY2025), Net Sales hit $5.26 billion. That's a 3.2% increase year-over-year for the quarter. It's important to note that comparable club sales, which is a measure of sales from stores open over a year, actually decreased by 0.3% overall, but that was directly because of lower retail fuel prices. When you strip out the gas effect, merchandise-only comparable club sales were up 2.3%, which shows the core business is gaining traffic. For the first six months of fiscal 2025, Net Sales totaled $10,290,001 thousand.

The second major pillar is Membership Fee Income (MFI). This is pure, high-margin revenue, and it's growing nicely. Q2 FY2025 MFI was $123.3 million, a 9.0% jump from the prior year. This growth is tied to reaching a record 8 million members. To be fair, the increase in annual membership fees that took effect in January 2025 helped this number, too. Higher-tier memberships are also a bigger part of the mix, making up 41% of the total, which is an all-time high.

Here's a quick look at the key components for Q2 FY2025:

Revenue Stream Element	Q2 FY2025 Reported Amount	Year-over-Year Growth	Key Context
Net Sales (Merchandise)	$5,256,907 thousand	3.2%	Total merchandise revenue for the quarter
Membership Fee Income (MFI)	$123,300 thousand	9.0%	Driven by 8 million members
Total Revenue	$5.38 billion	3.4%	Net Sales plus MFI and other revenue
Comparable Club Sales (Excl. Gas)	N/A	2.3%	Core merchandise performance metric

Beyond the main two, BJ's Wholesale Club Holdings, Inc. pulls in revenue from a few other areas, though specific dollar amounts for these weren't broken out in the Q2 FY2025 highlights you mentioned. You defintely need to track these as they add to the total revenue figure of $5.38 billion for the quarter.

The other revenue streams include:

• Gasoline sales at BJ's Gas locations. While lower fuel prices negatively impacted comparable sales by 0.3%, the volume of gas sold still contributes significantly to the top line, even if it's a lower-margin component.
• Ancillary services. This covers things like optical, tire sales, and travel services offered to members.
• Credit card income. This comes from the co-branded Mastercard program, which partners, like Cap One, help drive adoption to boost long-term lifetime value.

Finance: draft 13-week cash view by Friday.