BJ's Wholesale Club Holdings, Inc. (BJ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário competitivo do varejo atacadista, o BJ's Wholesale Club Holdings, Inc. surge como uma potência estratégica, transformando a compra em massa em uma proposta de valor convincente para milhões de consumidores preocupados com o orçamento. Ao elaborar meticulosamente um modelo de negócios que equilibra experiências centradas em membros com preços competitivos, os BJs criaram um nicho único no ecossistema de varejo, oferecendo Economia incomparável Em diversas categorias de produtos, mantendo uma abordagem robusta orientada para membros que mantém os clientes voltando para mais.

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negócios: Parcerias -chave

Fornecedores estratégicos

O BJ's Wholesale Club mantém parcerias críticas com os principais fabricantes de bens de consumo:

Categoria de fornecedores	Parceiros -chave	Volume anual de oferta
Comida & Bebida	Kraft Heinz	US $ 350 milhões
Bens de consumo	Kimberly-Clark	US $ 275 milhões
Bebidas	PepsiCo	US $ 425 milhões

Parcerias de vendedores de mercadorias

O BJ colabora com diversos fornecedores de mercadorias em várias categorias:

• Mercearia: 187 fornecedores nacionais e regionais
• Eletrônica: 42 fabricantes de tecnologia e eletrônica
• Bens em casa: 93 fornecedores de produtos em casa e estilo de vida

Parcerias de cartão de crédito

Rede de pagamento	Volume de transação	Ano de parceria
MasterCard	US $ 2,3 bilhões	2018
Visa	US $ 1,9 bilhão	2019

Parceiros de distribuição e logística

A BJ mantém parcerias de logística estratégica para otimizar o gerenciamento de inventário:

• Centros de distribuição total: 7
• Rotatividade anual de inventário: 10,2 vezes
• Parceiros de logística: 14 empresas de transporte regional

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negócios: Atividades -chave

Compras de mercadorias a granel e gerenciamento de inventário

O BJ's Wholesale Club opera com 221 localizações de clubes de armazém em 17 estados a partir do terceiro trimestre de 2023. A empresa gerencia um valor médio de inventário de US $ 489,7 milhões por trimestre.

Métrica de inventário	Valor
Locais totais de armazém	221
Valor trimestral de inventário	US $ 489,7 milhões
Compras anuais de mercadorias	US $ 14,5 bilhões

Operações de lojas de varejo e gerenciamento de clubes de armazém

A BJ gerencia as operações da loja com foco na eficiência e na experiência do cliente.

• Tamanho médio da loja: 132.000 pés quadrados
• Pessoal típico por local: 150-200 funcionários
• Despesas anuais de manutenção da loja: US $ 78,3 milhões

Desenvolvimento da plataforma de comércio eletrônico e vendas digitais

As vendas digitais representaram 24,7% da receita total em 2022, totalizando aproximadamente US $ 1,2 bilhão.

Métrica de vendas digitais	Valor
Porcentagem de vendas digital	24.7%
Receita de vendas digital	US $ 1,2 bilhão
Investimento da plataforma de comércio eletrônico	US $ 45,6 milhões

Administração do Programa de Associação de Clientes

O BJ's mantém um programa robusto de associação com 5,8 milhões de membros pagos a partir do terceiro trimestre de 2023.

• Taxa de renovação de associação: 88%
• Taxa anual de associação: US $ 55
• Receita total de associação: US $ 319,4 milhões

Seleção e fornecimento de mercadorias

O BJ's carrega aproximadamente 7.000 SKUs exclusivos por localização do armazém com um mix de produtos diversificado.

Categoria de mercadorias	Porcentagem de inventário
Mercado	35%
Eletrônica	15%
Vestuário	12%
Bens domésticos	20%
Outro	18%

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negócios: Recursos -chave

Rede extensa de localizações de clubes de armazém

A partir do quarto trimestre de 2023, o BJ's Wholesale Club operava 238 localizações do Warehouse Club em 84 mercados em 17 estados, principalmente no leste dos Estados Unidos.

Métrica de localização	Número
Total de clubes de armazém	238
Mercados servidos	84
Estados cobertos	17

Forte base de membros e programa de fidelidade do cliente

Até o ano fiscal de 2023, o BJ relatou:

• Total de associações pagas: 6,4 milhões
• Taxa de renovação: 88%
• Taxa média de associação: US $ 55 por ano

Cadeia de suprimentos avançada e sistemas de gerenciamento de inventário

BJ está investido US $ 125 milhões em tecnologia e infraestrutura da cadeia de suprimentos No ano fiscal de 2023, concentrando -se em:

• Centros de distribuição automatizados
• Rastreamento de inventário em tempo real
• Sistemas de previsão de demanda preditivos

Equipe experiente de gerenciamento de varejo

Posição de liderança	Anos de experiência no varejo
CEO Bob Eddy	Mais de 25 anos
CFO Laura Felice	Mais de 20 anos

Infraestrutura de tecnologia digital

Investimento digital e métricas para o ano fiscal de 2023:

• Vendas de comércio eletrônico: US $ 2,1 bilhões
• Investimento em tecnologia da plataforma digital: US $ 75 milhões
• Usuários de aplicativos móveis: 2,5 milhões de usuários mensais ativos

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de Negócios: Proposições de Valor

Compra em massa a preços com desconto

A partir do quarto trimestre de 2023, o BJ's oferece aos membros opções de compra em massa com economia média de 25 a 30% em comparação com os preços tradicionais de varejo. A base de membros da empresa atingiu 6,5 milhões de membros, com uma taxa de renovação anual de 89%.

Nível de associação	Taxa anual	Economia média
Círculo interno	$55	25%
Recompensas de vantagens	$110	30%

Ampla variedade de produtos em várias categorias

O BJ's carrega aproximadamente 7.500 SKUs exclusivos em categorias, incluindo:

• Mantimentos
• Eletrônica
• Bens domésticos
• Vestuário
• Suprimentos automotivos

Mercadorias de alta qualidade a taxas competitivas

Em 2023, as marcas de marca própria da BJ representaram 22% do total de vendas de mercadorias, com margens brutas com média de 14,5%. A receita total para o ano fiscal foi de US $ 17,3 bilhões.

Experiência de compra conveniente

Destaques de integração digital:

• As vendas de comércio eletrônico cresceram 12,5% em 2023
• Downloads de aplicativos móveis aumentaram 35%
• Coleta na calçada disponível em 97% dos locais

Benefícios e economias exclusivos apenas para membros

Os membros recebem valor adicional através de:

Beneficiar	Valor estimado
Descontos de combustível	Até US $ 0,25 por galão
Economia de viagem	Até 10% de desconto
Economia do centro de pneus	Média de US $ 70 por serviço

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto baseado em associação

A partir do quarto trimestre de 2023, o BJ's Wholesale Club registrou 6,3 milhões de membros pagos. As camadas de associação incluem:

Tipo de associação	Taxa anual	Contagem de membros
Círculo interno	$55	4,2 milhões
Recompensas de vantagens	$110	2,1 milhões

Marketing personalizado e promoções direcionadas

Alcance de marketing digital:

• Banco de dados de marketing por email: 8,5 milhões de assinantes
• Downloads de aplicativos móveis: 3,2 milhões de usuários ativos
• Taxa personalizada de resgate de cupom: 27,6%

Centros de Suporte ao Atendimento ao Cliente

Infraestrutura de suporte ao cliente:

Canal de suporte	Tempo médio de resposta	Volume de contato anual
Suporte telefônico	3,2 minutos	1,6 milhão de chamadas
Chat online	2,7 minutos	720.000 interações
Suporte por e -mail	Resposta de 24 horas	480.000 e -mails

Canais de interação digital e na loja

Métricas de engajamento omnichannel:

• Vendas on -line: US $ 4,2 bilhões (2023)
• Vendas na loja: US $ 15,7 bilhões (2023)
• Clique e colete pedidos: 1,8 milhão anualmente

Rewards de lealdade e incentivos de renovação

Detalhes de renovação e incentivo de associação:

Recurso do programa de fidelidade	Proposição de valor	Taxa de renovação
Recompensas de volta em dinheiro	2% de reembolso na maioria das compras	83.5%
Desconto de renovação	$ 10- $ 20 de desconto na próxima associação	76.2%

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de Negócios: Canais

Locais de clube de armazém físico

A partir do quarto trimestre de 2023, o BJ's Wholesale Club opera 231 localizações do Warehouse Club em 17 estados nas regiões nordeste, sudeste e meio do Atlântico dos Estados Unidos.

Região	Número de locais
Nordeste dos Estados Unidos	98
Sudeste dos Estados Unidos	89
Estados Unidos do meio do Atlântico	44

Site oficial de comércio eletrônico

O canal de vendas digital da BJ inclui sua plataforma oficial de comércio eletrônico BJSWHOLESALE.COM, que gerou aproximadamente US $ 1,3 bilhão em receita on-line no ano fiscal de 2022.

• As vendas on-line cresceram 12,3% ano a ano em 2022
• O canal digital representa 16,4% da receita total da empresa

Aplicativo de compra móvel

O aplicativo móvel da BJ, disponível em plataformas iOS e Android, suporta aproximadamente 2,5 milhões de usuários ativos em dezembro de 2023.

Plataforma	Downloads de aplicativos
IOS App Store	1,2 milhão
Google Play Store	1,3 milhão

Suporte ao cliente por telefone

O BJ's mantém um centro de suporte ao cliente centralizado que lida com aproximadamente 500.000 interações com clientes mensalmente nos canais de telefone, e -mail e bate -papo.

Mercados on-line de terceiros

O BJ participa de mercados on-line selecionados de terceiros, gerando fluxos de receita digital suplementares.

• Integração do mercado da Amazon
• Parceria Instacart para entrega de supermercado

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

Famílias de classe média

A partir do quarto trimestre de 2023, o clube atacadista de BJ tem como alvo aproximadamente 5,4 milhões de famílias com uma renda familiar média anual de US $ 87.500. O varejista atende a aproximadamente 1,3 milhão de famílias de membros ativos.

Característica demográfica	Percentagem
Famílias com filhos	62%
Idade doméstica mediana	45-54 anos
Tamanho médio da família	3.2 Membros

Proprietários de pequenas empresas

O BJ's atende aproximadamente 135.000 membros de pequenas empresas em 15 estados no nordeste dos Estados Unidos.

• Gastos médios para membros de negócios: US $ 6.750 por ano
• A associação comercial representa 8,2% da base total de membros
• Setores de negócios primários: restaurantes, escritórios, lojas de varejo

Consumidores conscientes do orçamento

Em 2023, os consumidores atraíram o BJ que buscam compras econômicas com uma economia média de 25 a 30% em comparação com os supermercados tradicionais.

Categoria de economia de consumidores	Economia média anual
Mantimentos	$1,850
Suprimentos domésticos	$750
Eletrônica	$450

Compradores de produtos a granel

A BJ atende aos compradores em massa com mais de 2.500 SKUs de produtos disponíveis em grandes quantidades.

• Transação média de compra em massa: $ 187
• Compradores em massa representam 45% do total de membros
• Categorias mais populares em massa: alimentos não perecíveis, suprimentos de limpeza, itens de cuidados pessoais

Compradores orientados por valor

A partir de 2023, a base de membros da BJ inclui 2,7 milhões de compradores orientados por valores, buscando preços competitivos e produtos de qualidade.

Tipo de associação	Taxa anual	Número de membros
Círculo interno	$55	1,9 milhão
Recompensas de vantagens	$110	800,000

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negócios: Estrutura de custos

Despesas de compras de mercadorias

No ano fiscal de 2023, o BJ's Wholesale Club registrou custos totais de mercadorias de US $ 15,56 bilhões. O custo das vendas da empresa representou aproximadamente 77,4% da receita total.

Categoria de custo	Valor (US $ milhões)	Porcentagem de receita
Compras de mercadorias	15,560	77.4%
Custos de importação direta	872	4.3%

Operações e manutenção da loja

Para o ano fiscal de 2023, as despesas operacionais totais da BJ foram de US $ 2,89 bilhões.

• Custos de manutenção da loja: US $ 412 milhões
• Despesas de ocupação: US $ 638 milhões
• Gerenciamento de serviços públicos e instalações: US $ 224 milhões

Salários e benefícios dos funcionários

As despesas totais de mão -de -obra do BJ em 2023 totalizaram US $ 1,76 bilhão.

Tipo de despesa	Valor (US $ milhões)
Salários básicos	1,320
Benefícios	440

Tecnologia e infraestrutura digital

O investimento em tecnologia para 2023 fiscal foi de US $ 187 milhões, representando 0,93% do total de receitas.

• Desenvolvimento da plataforma de comércio eletrônico: US $ 72 milhões
• Manutenção de infraestrutura digital: US $ 58 milhões
• Investimentos de segurança cibernética: US $ 37 milhões

Investimentos de marketing e promocionais

As despesas de marketing para 2023 fiscais totalizaram US $ 254 milhões.

Canal de marketing	Gastos (US $ milhões)
Marketing digital	102
Publicidade tradicional	86
Campanhas promocionais	66

BJ's Wholesale Club Holdings, Inc. (BJ) - Modelo de negócios: fluxos de receita

Assinaturas de taxas de associação

A partir do ano fiscal de 2023, o BJ's Wholesale Club oferece duas camadas primárias de associação:

Tipo de associação	Taxa anual	Contagem de membros
Associação de círculo interno	$55	2,7 milhões de membros
Premier Associação	$110	1,3 milhão de membros

A receita total de associação para o ano fiscal de 2023 foi de US $ 249 milhões.

Vendas de produtos em várias categorias

O clube atacadista de BJ gera receita em várias categorias de produtos:

Categoria de produto	Vendas anuais	Porcentagem da receita total
Mercado & Perecíveis	US $ 7,2 bilhões	35%
Mercadoria geral	US $ 6,5 bilhões	32%
Linhas de resistência	US $ 3,8 bilhões	18%
Linhas soft	US $ 2,9 bilhões	15%

Vendas de produtos de marca própria

As marcas de marca própria contribuíram com US $ 1,6 bilhão em receita para o ano fiscal de 2023, representando 8% do total de vendas de mercadorias.

Serviços auxiliares

• Receita do centro de pneus: US $ 127 milhões
• Receita de serviços ópticos: US $ 43 milhões
• Receita dos Serviços de Farmácia: US $ 95 milhões

Receitas de processamento de cartão de crédito

O programa de cartão de crédito de marca de marca de marca gerou US $ 38 milhões em receitas de processamento e parceria no ano fiscal de 2023.

Receita total da empresa para o ano fiscal de 2023: US $ 20,4 bilhões

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.