BJ's Wholesale Club Holdings, Inc. (BJ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama competitivo de la venta minorista mayorista, BJ's Wholesale Club Holdings, Inc. surge como una potencia estratégica, transformando la compra a granel en una propuesta de valor convincente para millones de consumidores conscientes del presupuesto. Al crear meticulosamente un modelo de negocio que equilibra las experiencias centradas en los miembros con los precios competitivos, BJ ha forjado un nicho único en el ecosistema minorista, ofreciendo ahorros incomparables En diversas categorías de productos, manteniendo un enfoque sólido basado en la membresía que hace que los clientes regresen por más.

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negocios: asociaciones clave

Proveedores estratégicos

El club mayorista de BJ mantiene asociaciones críticas con los principales fabricantes de bienes de consumo:

Categoría de proveedor	Socios clave	Volumen de suministro anual
Alimento & Bebida	Kraft Heinz	$ 350 millones
Bienes de consumo	Clark Kimberly	$ 275 millones
Bebidas	Pepsico	$ 425 millones

Asociaciones de proveedores de mercancías

BJ colabora con diversos proveedores de mercancías en múltiples categorías:

• Grocery: 187 proveedores nacionales y regionales
• Electrónica: 42 fabricantes de tecnología y electrónica
• Productos en el hogar: 93 proveedores de productos para el hogar y el estilo de vida

Asociaciones de tarjetas de crédito

Red de pagos	Volumen de transacción	Año de asociación
Tarjeta MasterCard	$ 2.3 mil millones	2018
Visa	$ 1.9 mil millones	2019

Socios de distribución y logística

BJ Mantiene asociaciones de logística estratégica para optimizar la gestión de inventario:

• Centros de distribución totales: 7
• Volación de inventario anual: 10.2 veces
• Socios logísticos: 14 compañías de transporte regional

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negocios: actividades clave

Compra de mercancías a granel e inventario de inventario

El club mayorista de BJ opera con 221 ubicaciones de Warehouse Club en 17 estados a partir del tercer trimestre de 2023. La compañía administra un valor de inventario promedio de $ 489.7 millones por trimestre.

Métrico de inventario	Valor
Ubicaciones totales de almacén	221
Valor de inventario trimestral	$ 489.7 millones
Adquisición anual de mercancías	$ 14.5 mil millones

Operaciones de tiendas minoristas y gestión de clubes de almacén

BJ administra las operaciones de la tienda con un enfoque en la eficiencia y la experiencia del cliente.

• Tamaño promedio de la tienda: 132,000 pies cuadrados
• Personal típico por ubicación: 150-200 empleados
• Gasto anual de mantenimiento de la tienda: $ 78.3 millones

Desarrollo de plataforma de comercio electrónico y ventas digitales

Las ventas digitales representaron el 24.7% de los ingresos totales en 2022, por un total de aproximadamente $ 1.2 mil millones.

Métrica de ventas digitales	Valor
Porcentaje de ventas digitales	24.7%
Ingresos de ventas digitales	$ 1.2 mil millones
Inversión en plataforma de comercio electrónico	$ 45.6 millones

Administración del Programa de Membresía del Cliente

BJ's mantiene un programa de membresía sólido con 5.8 millones de miembros pagados a partir del tercer trimestre de 2023.

• Tasa de renovación de membresía: 88%
• Tarifa anual de membresía: $ 55
• Ingresos totales de membresía: $ 319.4 millones

Selección y abastecimiento de mercancías

BJ's lleva aproximadamente 7,000 SKU únicos por ubicación de almacén con una mezcla de productos diversa.

Categoría de mercancía	Porcentaje de inventario
Tienda de comestibles	35%
Electrónica	15%
Vestir	12%
Artículos para el hogar	20%
Otro	18%

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negocios: recursos clave

Extensa red de ubicaciones de Warehouse Club

A partir del cuarto trimestre de 2023, el club mayorista de BJ operaba 238 ubicaciones de Warehouse Club en 84 mercados en 17 estados, principalmente en el este de los Estados Unidos.

Métrica de ubicación	Número
Clubes de almacén totales	238
Mercados atendidos	84
Estados cubiertos	17

Base de membresía sólida y programa de fidelización del cliente

A partir del año fiscal 2023, BJ informó:

• Total de membresías pagadas: 6.4 millones
• Tasa de renovación: 88%
• Tarifa promedio de membresía: $ 55 por año

Sistemas avanzados de gestión de la cadena de suministro y el inventario

BJ ha invertido $ 125 millones en tecnología e infraestructura de la cadena de suministro En el año fiscal 2023, centrándose en:

• Centros de distribución automatizados
• Seguimiento de inventario en tiempo real
• Sistemas de pronóstico de demanda predictiva

Equipo de gestión minorista experimentado

Posición de liderazgo	Años de experiencia minorista
CEO Bob Eddy	Más de 25 años
CFO Laura Felice	Más de 20 años

Infraestructura de tecnología digital

Inversión digital y métricas para el año fiscal 2023:

• Ventas de comercio electrónico: $ 2.1 mil millones
• Inversión de tecnología de plataforma digital: $ 75 millones
• Usuarios de aplicaciones móviles: 2.5 millones de usuarios mensuales activos

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negocio: propuestas de valor

Compras a granel a precios con descuento

A partir del cuarto trimestre de 2023, BJ ofrece a los miembros opciones de compra a granel con ahorros promedio de 25-30% en comparación con los precios minoristas tradicionales. La base de membresía de la compañía llegó a 6.5 millones de miembros, con una tasa de renovación anual del 89%.

Nivel de membresía	Tarifa anual	Ahorros promedio
Círculo interior	$55	25%
REPARACIONES	$110	30%

Amplia variedad de productos en múltiples categorías

BJ lleva aproximadamente 7,500 SKU únicos en todas las categorías, incluyendo:

• Comestibles
• Electrónica
• Artículos para el hogar
• Vestir
• Suministros automotrices

Mercancía de alta calidad a tasas competitivas

En 2023, las marcas de etiqueta privada de BJ representaron el 22% de las ventas totales de mercancías, con márgenes brutos con un promedio de 14.5%. Los ingresos totales para el año fiscal fueron de $ 17.3 mil millones.

Experiencia de compra conveniente

Destacados de integración digital:

• Las ventas de comercio electrónico crecieron un 12,5% en 2023
• Las descargas de aplicaciones móviles aumentaron en un 35%
• La recolección de la acera disponible en el 97% de las ubicaciones

Beneficios y ahorros exclusivos solo para miembros

Los miembros reciben valor adicional a través de:

Beneficio	Valor estimado
Descuentos de combustible	Hasta $ 0.25 por galón
Ahorro de viajes	Hasta el 10% de descuento
Ahorros para el centro de neumáticos	Promedio de $ 70 por servicio

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negocios: relaciones con los clientes

Compromiso directo basado en la membresía

A partir del cuarto trimestre de 2023, el club mayorista de BJ reportó 6.3 millones de miembros pagados. Los niveles de membresía incluyen:

Tipo de membresía	Tarifa anual	Miembro Count
Círculo interior	$55	4.2 millones
REPARACIONES	$110	2.1 millones

Marketing personalizado y promociones específicas

Alcance de marketing digital:

• Base de datos de marketing por correo electrónico: 8.5 millones de suscriptores
• Descargas de aplicaciones móviles: 3.2 millones de usuarios activos
• Tasa de redención de cupón personalizada: 27.6%

Centros de apoyo al cliente

Infraestructura de atención al cliente:

Canal de soporte	Tiempo de respuesta promedio	Volumen de contacto anual
Soporte telefónico	3.2 minutos	1.6 millones de llamadas
Chat en línea	2.7 minutos	720,000 interacciones
Soporte por correo electrónico	Respuesta las 24 horas	480,000 correos electrónicos

Canales de interacción digital y en la tienda

Métricas de compromiso omnicanal:

• Ventas en línea: $ 4.2 mil millones (2023)
• Ventas en la tienda: $ 15.7 mil millones (2023)
• Haga clic y recolecte pedidos: 1.8 millones anuales

Recompensas de lealtad e incentivos de renovación

Renovación de membresía y detalles de incentivos:

Característica del programa de fidelización	Propuesta de valor	Tasa de renovación
Recompensas de devolución de efectivo	2% de reembolso en la mayoría de las compras	83.5%
Descuento de renovación	$ 10- $ 20 de descuento en la próxima membresía	76.2%

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negocios: canales

Ubicaciones de Warehouse Club

A partir del cuarto trimestre de 2023, el club mayorista de BJ opera 231 ubicaciones de Warehouse Club en 17 estados en las regiones del noreste, sudeste y media del Atlántico de los Estados Unidos.

Región	Número de ubicaciones
Noreste de los Estados Unidos	98
Sudeste de los Estados Unidos	89
Estados Unidos del Atlántico Medio	44

Sitio web oficial de comercio electrónico

El canal de ventas digitales de BJ incluye su plataforma oficial de comercio electrónico bjswholesale.com, que generó aproximadamente $ 1.3 mil millones en ingresos en línea en el año fiscal 2022.

• Las ventas en línea crecieron 12.3% año tras año en 2022
• Digital Channel representa el 16.4% de los ingresos totales de la compañía

Aplicación de compras móviles

La aplicación móvil de BJ, disponible en plataformas iOS y Android, admite aproximadamente 2.5 millones de usuarios activos a diciembre de 2023.

Plataforma	Descargas de aplicaciones
Tienda de aplicaciones de iOS	1.2 millones
Google Play Store	1.3 millones

Atención al cliente telefónica

BJ's mantiene un centro centralizado de atención al cliente que maneja aproximadamente 500,000 interacciones de clientes mensualmente a través del teléfono, el correo electrónico y los canales de chat.

Mercados de terceros en línea

BJ participa en mercados selectos de terceros en línea, que generan fuentes de ingresos digitales suplementarios.

• Integración del mercado de Amazon
• Asociación de Instacart para entrega de comestibles

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negocios: segmentos de clientes

Familias de clase media

A partir del cuarto trimestre de 2023, el club mayorista de BJ se dirige a aproximadamente 5.4 millones de hogares con un ingreso familiar anual promedio de $ 87,500. El minorista atiende a aproximadamente 1,3 millones de hogares activos de membresía.

Característica demográfica	Porcentaje
Hogares con niños	62%
Edad del hogar mediana	45-54 años
Tamaño promedio del hogar	3.2 miembros

Propietarios de pequeñas empresas

BJ's atiende a aproximadamente 135,000 miembros de la pequeña empresa en 15 estados en el noreste de los Estados Unidos.

• Gasto promedio de miembros comerciales: $ 6,750 por año
• La membresía comercial representa el 8.2% de la base de membresía total
• Sectores de negocios principales: restaurantes, oficinas, tiendas minoristas

Consumidores conscientes del presupuesto

En 2023, BJ atrajo a consumidores que buscan compras rentables con un ahorro promedio de 25-30% en comparación con las tiendas de comestibles tradicionales.

Categoría de ahorro del consumidor	Ahorros anuales promedio
Comestibles	$1,850
Suministros para el hogar	$750
Electrónica	$450

Compradores de productos a granel

BJ atiende a compradores a granel con más de 2,500 SKU de productos disponibles en grandes cantidades.

• Transacción promedio de compra a granel: $ 187
• Los compradores a granel representan el 45% de la membresía total
• Categorías a granel más populares: alimentos no perecederos, suministros de limpieza, artículos de cuidado personal

Compradores impulsados ​​por el valor

A partir de 2023, la base de membresía de BJ incluye 2.7 millones de compradores de valor que buscan precios competitivos y productos de calidad.

Tipo de membresía	Tarifa anual	Número de miembros
Círculo interior	$55	1.9 millones
REPARACIONES	$110	800,000

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negocio: Estructura de costos

Gastos de adquisición de mercancías

En el año fiscal 2023, el club mayorista de BJ reportó costos totales de mercancías de $ 15.56 mil millones. El costo de ventas de la compañía representaba aproximadamente el 77.4% de los ingresos totales.

Categoría de costos	Cantidad ($ millones)	Porcentaje de ingresos
Adquisición de mercancías	15,560	77.4%
Costos de importación directos	872	4.3%

Almacenar operaciones y mantenimiento

Para el año fiscal 2023, los gastos operativos totales de la tienda de BJ fueron de $ 2.89 mil millones.

• Costos de mantenimiento de la tienda: $ 412 millones
• Gastos de ocupación: $ 638 millones
• Gestión de servicios públicos y de instalaciones: $ 224 millones

Salarios y beneficios de los empleados

Los gastos laborales totales de BJ para 2023 ascendieron a $ 1.76 mil millones.

Tipo de gasto	Cantidad ($ millones)
Salario base	1,320
Beneficios	440

Tecnología e infraestructura digital

La inversión en tecnología para el año fiscal 2023 fue de $ 187 millones, lo que representa el 0,93% de los ingresos totales.

• Desarrollo de la plataforma de comercio electrónico: $ 72 millones
• Mantenimiento de infraestructura digital: $ 58 millones
• Inversiones de ciberseguridad: $ 37 millones

Inversiones de marketing y promoción

Los gastos de marketing para el año fiscal 2023 totalizaron $ 254 millones.

Canal de marketing	Gasto ($ millones)
Marketing digital	102
Publicidad tradicional	86
Campañas promocionales	66

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negocios: Freve de ingresos

Suscripciones de tarifas de membresía

A partir del año fiscal 2023, el club mayorista de BJ ofrece dos niveles de membresía primario:

Tipo de membresía	Tarifa anual	Recuento de membresía
Membresía del círculo interno	$55	2.7 millones de miembros
Membresía principal	$110	1.3 millones de miembros

Los ingresos totales de membresía para el año fiscal 2023 fueron de $ 249 millones.

Venta de productos en múltiples categorías

El club mayorista de BJ genera ingresos en varias categorías de productos:

Categoría de productos	Venta anual	Porcentaje de ingresos totales
Tienda de comestibles & Productos perecederos	$ 7.2 mil millones	35%
Mercancía general	$ 6.5 mil millones	32%
Líneas duras	$ 3.8 mil millones	18%
Líneas suaves	$ 2.9 mil millones	15%

Venta de productos de etiqueta privada

Las marcas de etiquetas privadas contribuyeron con $ 1.6 mil millones en ingresos para el año fiscal 2023, lo que representa el 8% de las ventas totales de mercancías.

Servicios auxiliares

• Ingresos del centro de neumáticos: $ 127 millones
• Ingresos de servicios ópticos: $ 43 millones
• Ingresos de servicios de farmacia: $ 95 millones

Ingresos de procesamiento de tarjetas de crédito

El programa de tarjeta de crédito de marca compartida de BJ generó $ 38 millones en ingresos de procesamiento y asociación en el año fiscal 2023.

Ingresos totales de la compañía para el año fiscal 2023: $ 20.4 mil millones

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.