BJ's Wholesale Club Holdings, Inc. (BJ): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage concurrentiel de la vente au détail en gros, BJ's Wholesale Club Holdings, Inc. apparaît comme une puissance stratégique, transformant les achats en vrac en une proposition de valeur convaincante pour des millions de consommateurs soucieux du budget. En fabriquant méticuleusement un modèle d'entreprise qui équilibre les expériences centrées sur les membres avec des prix compétitifs, BJ's a creusé un créneau unique dans l'écosystème de la vente au détail, offrant Économies sans précédent À travers diverses catégories de produits tout en maintenant une approche solide axée sur les membres qui fait revenir les clients pour en savoir plus.

BJ's Wholesale Club Holdings, Inc. (BJ) - Modèle commercial: partenariats clés

Fournisseurs stratégiques

Le BJ's Wholesale Club maintient des partenariats critiques avec les principaux fabricants de biens de consommation:

Catégorie des fournisseurs	Partenaires clés	Volume de l'offre annuelle
Nourriture & Boisson	Kraft Heinz	350 millions de dollars
Biens de consommation	Coup de kimber	275 millions de dollars
Boissons	Pepsico	425 millions de dollars

Partenariats des vendeurs de marchandises

BJ collabore avec divers fournisseurs de marchandises dans plusieurs catégories:

• Épicerie: 187 fournisseurs nationaux et régionaux
• Électronique: 42 fabricants de technologies et d'électronique
• Goods à domicile: 93 vendeurs de produits à domicile et lifestyle

Partenariats de cartes de crédit

Réseau de paiement	Volume de transaction	Année de partenariat
MasterCard	2,3 milliards de dollars	2018
Visa	1,9 milliard de dollars	2019

Partenaires de distribution et de logistique

BJ's maintient les partenariats logistiques stratégiques pour optimiser la gestion des stocks:

• Centres de distribution totaux: 7
• Rétallage des stocks annuels: 10,2 fois
• Partenaires logistiques: 14 sociétés de transport régional

BJ's Wholesale Club Holdings, Inc. (BJ) - Modèle d'entreprise: activités clés

Achats de marchandises en vrac et gestion des stocks

Le BJ's Wholesale Club opère avec 221 emplacements du club d'entrepôt dans 17 États au troisième trimestre 2023. La société gère une valeur d'inventaire moyenne de 489,7 millions de dollars par trimestre.

Métrique des stocks	Valeur
Emplacements de l'entrepôt total	221
Valeur d'inventaire trimestrielle	489,7 millions de dollars
Aachat annuel des marchandises	14,5 milliards de dollars

Opérations de magasin de détail et gestion des clubs d'entrepôt

BJ gère les opérations des magasins en mettant l'accent sur l'efficacité et l'expérience client.

• Taille moyenne du magasin: 132 000 pieds carrés
• Staffing typique par emplacement: 150-200 employés
• Dépenses de maintenance des magasins annuels: 78,3 millions de dollars

Développement de plate-forme de commerce électronique et ventes numériques

Les ventes numériques représentaient 24,7% des revenus totaux en 2022, totalisant environ 1,2 milliard de dollars.

Métrique de vente numérique	Valeur
Pourcentage de ventes numériques	24.7%
Revenus de vente numérique	1,2 milliard de dollars
Investissement de la plate-forme de commerce électronique	45,6 millions de dollars

Administration du programme d'adhésion aux clients

BJ's maintient un programme d'adhésion robuste avec 5,8 millions de membres payés au troisième trimestre 2023.

• Taux de renouvellement des membres: 88%
• Frais d'adhésion annuels: 55 $
• Revenu total des membres: 319,4 millions de dollars

Sélection et approvisionnement des marchandises

BJ transporte environ 7 000 SKU uniques par emplacement de l'entrepôt avec un mélange de produits diversifié.

Catégorie de marchandises	Pourcentage d'inventaire
Épicerie	35%
Électronique	15%
Vêtements	12%
Marchandises à domicile	20%
Autre	18%

BJ's Wholesale Club Holdings, Inc. (BJ) - Modèle commercial: Ressources clés

Réseau étendu d'emplacements des clubs d'entrepôt

Au quatrième trimestre 2023, le BJ's Wholesale Club a exploité 238 emplacements du club d'entrepôt sur 84 marchés dans 17 États, principalement dans l'est des États-Unis.

Métrique de l'emplacement	Nombre
Total des clubs d'entrepôt	238
Marchés servis	84
États couverts	17

Solide base d'adhésion et programme de fidélisation de la clientèle

Depuis l'exercice 2023, BJ's a rapporté:

• Adhésions totales rémunérées: 6,4 millions
• Taux de renouvellement: 88%
• Frais d'adhésion moyens: 55 $ par an

Systèmes avancés de la chaîne d'approvisionnement et des stocks

BJ est investi 125 millions de dollars en technologie et infrastructure de la chaîne d'approvisionnement Au cours de l'exercice 2023, en se concentrant sur:

• Centres de distribution automatisés
• Suivi des stocks en temps réel
• Systèmes de prévision de la demande prédictive

Équipe de gestion de la vente au détail expérimentée

Poste de direction	Années d'expérience au détail
PDG Bob Eddy	25 ans et plus
CFO Laura Felice	20 ans et plus

Infrastructure technologique numérique

Investissement et métriques numériques pour l'exercice 2023:

• Ventes de commerce électronique: 2,1 milliards de dollars
• Investissement technologique de plate-forme numérique: 75 millions de dollars
• Utilisateurs d'applications mobiles: 2,5 millions d'utilisateurs mensuels actifs

BJ's Wholesale Club Holdings, Inc. (BJ) - Modèle d'entreprise: propositions de valeur

Achats en vrac à des prix réduits

Au quatrième trimestre 2023, BJ's offre aux membres des options d'achat en vrac avec des économies moyennes de 25 à 30% par rapport aux prix de détail traditionnels. La base de membres de la société a atteint 6,5 millions de membres, avec un taux de renouvellement annuel de 89%.

Niveau d'adhésion	Frais annuels	Économies moyennes
Cercle intérieur	$55	25%
Récompenses des avantages	$110	30%

Variété de produits larges dans plusieurs catégories

BJ transporte environ 7 500 références uniques entre les catégories, notamment:

• Épiceries
• Électronique
• Marchandises à domicile
• Vêtements
• Fournitures automobiles

Marchandises de haute qualité à des tarifs compétitifs

En 2023, les marques de marque privée de BJ représentaient 22% du total des ventes de marchandises, avec des marges brutes en moyenne de 14,5%. Le chiffre d'affaires total de l'exercice était de 17,3 milliards de dollars.

Expérience de magasinage pratique

Points forts de l'intégration numérique:

• Les ventes de commerce électronique ont augmenté de 12,5% en 2023
• Les téléchargements d'applications mobiles ont augmenté de 35%
• Camion en bordure de rue disponible dans 97% des emplacements

Avantages et économies exclusives des membres

Les membres reçoivent une valeur supplémentaire par le biais:

Avantage	Valeur estimée
Rabais de carburant	Jusqu'à 0,25 $ par gallon
Économies de voyage	Jusqu'à 10% de réduction
Économies du centre des pneus	Moyenne de 70 $ par service

BJ's Wholesale Club Holdings, Inc. (BJ) - Modèle d'entreprise: relations avec les clients

Engagement direct basé sur l'adhésion

Au quatrième trimestre 2023, le BJ's Wholesale Club a déclaré 6,3 millions de membres payés. Les niveaux d'adhésion comprennent:

Type d'adhésion	Frais annuels	Couper les membres
Cercle intérieur	$55	4,2 millions
Récompenses des avantages	$110	2,1 millions

Marketing personnalisé et promotions ciblées

Reach du marketing numérique:

• Base de données de marketing par e-mail: 8,5 millions d'abonnés
• Téléchargements d'applications mobiles: 3,2 millions d'utilisateurs actifs
• Taux de rachat de coupon personnalisé: 27,6%

Centres d'assistance au service client

Infrastructure de support client:

Canal de support	Temps de réponse moyen	Volume de contact annuel
Support téléphonique	3,2 minutes	1,6 million d'appels
Chat en ligne	2,7 minutes	720 000 interactions
Assistance par e-mail	Réponse 24h / 24	480 000 e-mails

Canaux d'interaction numériques et en magasin

Métriques d'engagement omnicanal:

• Ventes en ligne: 4,2 milliards de dollars (2023)
• Ventes en magasin: 15,7 milliards de dollars (2023)
• Cliquez et collectez les commandes: 1,8 million par an

Récompenses de fidélité et incitations de renouvellement

Renouvellement des membres et détails d'incitation:

Fonctionnalité du programme de fidélité	Proposition de valeur	Taux de renouvellement
Récompenses de remise en argent	2% de cashback sur la plupart des achats	83.5%
Remise de renouvellement	10 $ - 20 $ de réduction sur l'adhésion suivante	76.2%

BJ's Wholesale Club Holdings, Inc. (BJ) - Modèle d'entreprise: canaux

Emplacements du club de l'entrepôt physique

Au quatrième trimestre 2023, le BJ's Wholesale Club exploite 231 emplacements du club d'entrepôt dans 17 États dans les régions du nord-est, du sud-est et du milieu de l'Atlantique des États-Unis.

Région	Nombre d'emplacements
Nord-Est des États-Unis	98
Sud-est des États-Unis	89
États-Unis Mid-Atlantic	44

Site Web de commerce électronique officiel

Le canal de vente numérique de BJ comprend sa plateforme de commerce électronique officielle BJSWHOLESALE.COM, qui a généré environ 1,3 milliard de dollars de revenus en ligne au cours de l'exercice 2022.

• Les ventes en ligne ont augmenté de 12,3% en glissement annuel en 2022
• Le canal numérique représente 16,4% du total des revenus de l'entreprise

Application de magasinage mobile

L'application mobile de BJ, disponible sur les plates-formes iOS et Android, prend en charge environ 2,5 millions d'utilisateurs actifs en décembre 2023.

Plate-forme	Téléchargements d'applications
IOS App Store	1,2 million
Google Play Store	1,3 million

Téléphone Assistance à la clientèle

BJ's maintient un centre de support client centralisé gantant environ 500 000 interactions client tous les mois sur le téléphone, les e-mails et les canaux de chat.

Places de marché en ligne tierces

BJ participe à certains marchés en ligne tiers, générant des sources de revenus numériques supplémentaires.

• Amazon Marketplace Intégration
• Partenariat Instacart pour livraison d'épicerie

BJ's Wholesale Club Holdings, Inc. (BJ) - Modèle d'entreprise: segments de clientèle

Familles de classe moyenne

Au quatrième trimestre 2023, le club de gros de BJ cible environ 5,4 millions de ménages avec un revenu annuel moyen des ménages de 87 500 $. Le détaillant dessert environ 1,3 million de ménages d'adhésion actifs.

Caractéristique démographique	Pourcentage
Ménages avec enfants	62%
Âge médian du ménage	45-54 ans
Taille moyenne du ménage	3.2 membres

Propriétaires de petites entreprises

BJ's dessert environ 135 000 membres de petites entreprises dans 15 États du nord-est des États-Unis.

• Dépenses moyennes des membres de l'entreprise: 6 750 $ par an
• L'adhésion aux entreprises représente 8,2% du total des membres
• Secteurs d'affaires primaires: restaurants, bureaux, magasins de détail

Consommateurs soucieux du budget

En 2023, BJ a attiré les consommateurs à la recherche d'achats rentables avec une économie moyenne de 25 à 30% par rapport aux épiceries traditionnelles.

Catégorie d'économie de consommation	Économies annuelles moyennes
Épiceries	$1,850
Fournitures ménagères	$750
Électronique	$450

Acheteurs de produits en vrac

BJ s'adresse aux acheteurs en vrac avec plus de 2 500 SKU de produits disponibles en grande quantité.

• Transaction d'achat en vrac moyen: 187 $
• Les acheteurs en vrac représentent 45% de l'adhésion totale
• Catégories en vrac les plus populaires: aliments non périssables, produits de nettoyage, articles de soins personnels

Acheteurs axés sur la valeur

Depuis 2023, la base de membres de BJ comprend 2,7 millions d'acheteurs axés sur la valeur à la recherche de prix compétitifs et de produits de qualité.

Type d'adhésion	Frais annuels	Nombre de membres
Cercle intérieur	$55	1,9 million
Récompenses des avantages	$110	800,000

BJ's Wholesale Club Holdings, Inc. (BJ) - Modèle d'entreprise: Structure des coûts

Frais d'approvisionnement des marchandises

Au cours de l'exercice 2023, le BJ's Wholesale Club a déclaré un coût total de marchandises de 15,56 milliards de dollars. Le coût des ventes de l'entreprise représentait environ 77,4% du total des revenus.

Catégorie de coûts	Montant (millions de dollars)	Pourcentage de revenus
Marchandise marchandise	15,560	77.4%
Coûts d'importation directes	872	4.3%

Opérations et entretien des magasins

Pour l'exercice 2023, les dépenses d'exploitation totales de BJ étaient de 2,89 milliards de dollars.

• Coûts d'entretien des magasins: 412 millions de dollars
• Dépenses d'occupation: 638 millions de dollars
• Gestion des services publics et des installations: 224 millions de dollars

Salaire et avantages sociaux des employés

Les dépenses totales de la main-d'œuvre de BJ pour 2023 s'élevaient à 1,76 milliard de dollars.

Type de dépenses	Montant (millions de dollars)
Salaire de base	1,320
Avantages	440

Technologie et infrastructure numérique

L'investissement technologique pour l'exercice 2023 était de 187 millions de dollars, ce qui représente 0,93% du total des revenus.

• Développement de la plate-forme de commerce électronique: 72 millions de dollars
• Maintenance des infrastructures numériques: 58 millions de dollars
• Investissements en cybersécurité: 37 millions de dollars

Marketing et investissements promotionnels

Les frais de marketing pour l'exercice 2023 ont totalisé 254 millions de dollars.

Canal de marketing	Dépenses (millions de dollars)
Marketing numérique	102
Publicité traditionnelle	86
Campagnes promotionnelles	66

BJ's Wholesale Club Holdings, Inc. (BJ) - Modèle d'entreprise: Strots de revenus

Abonnements aux frais d'adhésion

Depuis l'exercice 2023, le BJ's Wholesale Club propose deux niveaux d'adhésion primaires:

Type d'adhésion	Frais annuels	Nombre d'adhésion
Adhésion au cercle intérieur	$55	2,7 millions de membres
Adhésion au premier plan	$110	1,3 million de membres

Le chiffre d'affaires total de l'exercice 2023 était de 249 millions de dollars.

Ventes de produits dans plusieurs catégories

Le club de gros de BJ génère des revenus dans plusieurs catégories de produits:

Catégorie de produits	Ventes annuelles	Pourcentage du total des revenus
Épicerie & Denrés périssantes	7,2 milliards de dollars	35%
Marchandises générales	6,5 milliards de dollars	32%
Lignes de rides	3,8 milliards de dollars	18%
Lignes souples	2,9 milliards de dollars	15%

Ventes de produits de marque privée

Les marques de marques privées ont contribué 1,6 milliard de dollars de revenus pour l'exercice 2023, ce qui représente 8% du total des ventes de marchandises.

Services auxiliaires

• Revenus du centre des pneus: 127 millions de dollars
• Revenus de services optiques: 43 millions de dollars
• Revenus de services de pharmacie: 95 millions de dollars

Revenus de traitement des cartes de crédit

Le programme de cartes de crédit co-marquée de BJ a généré 38 millions de dollars de revenus de traitement et de partenariat au cours de l'exercice 2023.

Revenu total de l'entreprise pour l'exercice 2023: 20,4 milliards de dollars

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.