会员零售繁荣背后"人"的挑战 今年来， 山姆会员店缕缕因食品安全等问题"破圈"； 盒马高调试水会员店模式后，却又于近期面临战略调整……此外， Costco在内地稳步推进， 麦德龙 等本土企业也纷纷入局。 本期热点评论栏目，《培训》杂志特邀江樵咨询CEO、原阿里巴巴资深组织发展总监王凌女士与大家聊聊 会员制零售频频"水土不服"的背后，那些不易 察觉的"人"的挑战？ 关键词：山姆 盒马会员店 零售人才培养 企业管理 文｜刘磊 第二，在供应链与商品管理方面，会员制也有显著不同。会员制更强调"精选+高性价比"，商品不是越多越好，而是要精准匹配会员需求。 编辑｜刘磊 本文约4200字，预计阅读时间5分钟。 01 会员是要靠"新鲜感"留住的 会员制零售对人才能力的差异化要求是什么？关键岗位能力模型有哪些特点？ 从我的观察来看，会员制零售与传统零售在业务逻辑上存在本质差异，这也对人才能力提出了全新的、差异化的要求。 首先， 会员制是客户导向和数据驱动的，而传统零售更关注流量和销售额。 会员制的核心是 "以会员为中心"，强调客户忠诚度和长期价值。企业必须通过数据分析深入理解会员需求，提供个性化服务和精准营销。 比如现在很多企 ...

Core Insights - Walmart Inc. (WMT) is experiencing strong stock performance, nearing a 52-week high due to effective operational execution and resilient consumer demand [1][2] - The company's stock has surged 51.7% over the past year, outperforming the Zacks Retail-Supermarkets industry and broader market indices [3][4] - Walmart's e-commerce sales grew 22% in Q1 FY2026, contributing to its profitability and competitive edge [7][9] Stock Performance - Walmart shares closed at $103.12, close to the 52-week high of $105.30 reached on February 14, 2025 [2] - The stock has outperformed peers like Costco and Kroger, which saw gains of 36.8% and 14.3% respectively, while Target's shares declined by 22% [4] Technical Indicators - The stock is trading above both its 50-day and 200-day moving averages, indicating strong upward momentum and market confidence [5] Revenue Growth - E-commerce sales are a major growth driver, with a 22% increase in Q1 FY2026, supported by marketplace growth and improved delivery capabilities [9] - High-margin revenue streams, including membership and advertising, are expanding rapidly, enhancing Walmart's profit base [10] International Expansion - Walmart is successfully tapping into international markets, with strong performances in regions like China and Flipkart, diversifying its growth and geographic risk [11] Valuation Metrics - Walmart trades at a forward 12-month price-to-earnings (P/E) ratio of 37.46, higher than the industry average of 34.47, indicating strong investor confidence but also raising valuation concerns [13][15] - The consensus estimate for Walmart's current fiscal year is $2.60, reflecting a year-over-year growth of 3.6% [16] Investment Outlook - Walmart's operational strength and diversified growth drivers position it as a high-quality stock, though its premium valuation suggests elevated expectations [17]

Core Insights - Walmart and Amazon are leveraging AI to reshape user experience and internal operations, creating a foundational AI-based operating system for commerce [1][12] - The competition between Walmart and Amazon is twofold: developing advanced AI agents for shopping behaviors and optimizing logistics for faster delivery [2][9] - The retail landscape is shifting towards intelligent, adaptive commerce ecosystems where AI-driven decision-making is becoming central [3][4] AI Integration and Retail Strategy - Amazon anticipates that agentic AI, which acts on behalf of users, will be a significant growth driver, utilizing AWS tools for automating retail transactions [3][7] - Walmart is deploying its own AI "super agents" to enhance customer service and aims for eCommerce to constitute half of its sales within five years [7][12] - The convergence of AI and logistics is expected to redefine competitive advantages in retail, moving away from traditional metrics like scale and supplier relationships [8][12] Delivery and Fulfillment Performance - During a recent retail competition, Walmart outperformed Amazon in same-day delivery, with 48% of grocery-only customers using Walmart's service compared to 36% for Amazon [9][10] - Walmart's hybrid fulfillment model, which includes store fulfillment and curbside pickup, provides a competitive edge in convenience over Amazon's centralized delivery approach [10][12] - Amazon is exploring drone delivery innovations, with regulatory changes potentially facilitating broader deployment and enhancing its delivery capabilities [11][12]

然而，转折点在2024年初悄然来临。当年3月，上海真如店率先关闭，随后多家门店相继停业。到2025年，闭店速度进一步加快，最终在2025年8月31日， 最后一家门店上海森兰店也宣告关闭。据接近盒马的人士透露，撤店是战略规划的一部分，旨在聚焦盒马鲜生与邻里业务，而X会员店作为重投入业态， 与新战略不符。 盒马X会员店的失败并非没有预兆。运营数据显示，X会员店与普通盒马鲜生店存在大量同款商品，但会员店价格反而更高，导致会员费形同虚设。为了 挽救客流，盒马曾尝试永久降价，但因冲击会员权益而被迫暂停续费，彻底偏离了高端会员店的定位。 与此同时，山姆会员店虽然仍处于行业领先地位，但也频陷品质争议。近期，山姆会员店多次被消费者投诉商品变质、存在食品安全问题以及品质降级等 问题。尽管如此，山姆的会员业务仍在增长，会员数已突破500万，每年会员费收入超过13亿元。 回顾盒马X会员店的历程，其起点可谓雄心勃勃。2020年，盒马创始人侯毅高调宣布要进军仓储会员店领域，直接对标国际巨头山姆和Costco。首家门店 在上海森兰商都开业时，店内陈列了1800款精选商品，其中30%为独家定制，展现了盒马对差异化竞争的决心。 盒马X会员店 ...

新零售平台盒马决心放弃会员制商店的业态。 南都湾财社记者注意到，目前，盒马X会员店全国仅剩最后一家门店，但该店（上海森兰店）于近期发 布公告称将于8月31日停业。8月4日，南都湾财社就此事采访盒马，截至发稿前未得到回应。 盒马放弃效仿山姆早有苗头，今年以来，共有7家盒马X会员店停业，分布在上海、北京、南京和苏 州。针对X会员店相继停业，此前，盒马方面曾回应南都湾财社记者称，盒马主要重点将落在盒马鲜生 和盒马NB业态，并持续聚焦盒马鲜生业态的逆势扩张。 与之形成对比的是，以山姆、开市客为代表的会员制商超则加快在中国的拓店速度。山姆母公司沃尔玛 在财报中多次表扬山姆在华表现，最新一个财报季度，山姆会员商店中国的会员收入增长超过40%；开 市客相关负责人也告诉南都湾财社记者，公司持续推进在华拓店计划。 盒马最后一家X会员店将于8月底结业 盒马不再效仿山姆的相关话题曾于今年2月登上微博热搜。南都此前报道，今年2月28日，盒马在上海的 三家X会员店均宣布于4月1日停业。彼时，盒马向南都湾财社记者表示，盒马确实主动调整会员店，目 前主要重点在盒马鲜生和盒马NB业态，今年会持续聚焦盒马鲜生业态的逆势扩张，在新的财年将开出 ...

Core Viewpoint - Walmart's stock rose over 3% to $102.68 following a Morgan Stanley report maintaining an "Overweight" rating with a target price of $115, indicating positive sentiment towards the company's e-commerce strategy and membership growth [1] Group 1: Membership Growth - Walmart's paid membership service, Walmart+, reached a record high of approximately 28.3 million members in July 2025, marking a significant achievement in its e-commerce strategy [1] - The membership penetration rate for Walmart+ is about 22% of U.S. households, with an adjusted rate of 14%, reflecting strong market presence [1] - The number of Walmart+ members increased by 1.1 million from June, representing the highest growth since the survey began in September 2020, with a year-over-year growth of approximately 27% [1]

Core Viewpoint - Walmart's stock rose over 3% to $102.68 following a report from Morgan Stanley, which maintained an "Overweight" rating with a target price of $115, indicating positive sentiment towards the company's strategic positioning in the e-commerce sector [1] Group 1: Membership Growth - Walmart's paid membership service, Walmart+, reached a record high of approximately 28.3 million members as of July 2025, reflecting the effectiveness of its e-commerce strategy [1] - The membership penetration rate for Walmart+ is about 22% of U.S. households, with an adjusted rate of 14% [1] - The number of Walmart+ members increased by 1.1 million from June, marking the highest growth since the survey began in September 2020, with a year-over-year growth of approximately 27% [1]

Core Viewpoint - Walmart's stock rose over 3% to $102.68 following a Morgan Stanley report maintaining an "Overweight" rating with a target price of $115, indicating positive sentiment towards the company's e-commerce strategy and membership growth [1] Membership Growth - Walmart+ membership reached approximately 28.3 million in July 2025, marking a significant milestone for the retail giant's e-commerce strategy [1] - The membership penetration rate is about 22% of U.S. households, with an adjusted rate of 14% [1] - This figure represents a month-over-month increase of 1.1 million members, the highest since the survey began in September 2020 [1] - Year-over-year, Walmart+ membership grew approximately 27% based on a rolling three-month statistic [1]

-投资动态- 玛士撒拉完成超亿元B+轮融资 近日，玛士撒拉（上海）生物科技有限公司宣布完成超亿元B+轮融资，由产业投资方百联商投和百联挚高联合领投，老股东弘晖基金、弘盛资本继续追 加投资。本轮融资募集资金将主要用于加强核心产品的持续研发投入、临床试验推进，持续巩固公司在"临床+消费"双场景中的领先优势。 玛士撒拉是一家专注于医学营养的创新型企业。当前，公司已形成百余款医学营养SKUs，拥有6张特医批件及FDA注册资质，满足从临床治疗到慢病管 理、日常健康干预的多元化人群需求。（投资界） 小编评： 玛士撒拉深耕行业十余年，此次赢得资金支持将进一步赋能品牌加速线下渠道布局，让临床级营养产品走出医院，并最终促使其成为医学营养领域的领导 者。 知名鱼子酱公司鲟龙科技被指拟赴港上市 近日，巴菲特旗下伯克希尔哈撒韦公司披露，已对卡夫亨氏公司持股计提38亿美元（税后，折合人民币约274亿元）减值损失。 提交给监管机构的文件显示，6月底伯克希尔哈撒韦将其所持卡夫亨氏股份的账面价值降至84亿美元。此前，伯克希尔的代表已于5月从卡夫亨氏董事会辞 职，限制了伯克希尔现在能够获取的关于卡夫亨氏的信息。卡夫亨氏目前正在计划拆分。（华尔 ...

29 July 2025 US Consumer US Consumer Tracker (2Q25): Inflation up, real income down, tariffs test consumers in H2 Zhihan Ma, CFA +1 917 344 8303 zhihan.ma@bernsteinsg.com Alexia Howard +1 917 344 8453 alexia.howard@bernsteinsg.com Aneesha Sherman +1 917 344 8457 aneesha.sherman@bernsteinsg.com Danilo Gargiulo +1 917 344 8475 danilo.gargiulo@bernsteinsg.com Nadine Sarwat, CFA +44 207 676 6849 nadine.sarwat@bernsteinsg.com Jessica Tian +1 917 344 8413 jessica.tian@bernsteinsg.com Hazel Wang +1 917 344 8346 ha ...