从闭眼买到不想续：山姆会员店的“精英滤镜”被撕碎？

Core Insights - The Chinese retail industry is undergoing rapid changes in 2024 due to consumption stratification and digital transformation, with Sam's Club leading in paid membership retail with over 80 million global members and revenue exceeding 80 billion yuan in China [1][3] Group 1: Membership and Revenue - Sam's Club's membership fee revenue grew by 28% year-on-year in 2024, accounting for 15% of total revenue, with average annual sales per store surpassing 2 billion yuan [1] - The number of Sam's Club members reached over 4 million in 2024, generating membership fee income of 2 billion yuan, with a high repurchase rate of around 70% [5][10] Group 2: Competitive Challenges - In 2024, the growth rate of new Sam's Club stores dropped sharply from 40% in 2023 to 18%, with lower sales efficiency in lower-tier markets compared to first-tier cities [3][10] - Online GMV growth for Sam's Club was only 25%, significantly lagging behind competitors like Hema X and JD Seven Fresh, which reported growth rates of 65% and 50% respectively [3][10] Group 3: Market Position and Strategy - Sam's Club has built a strong market position over 26 years, but faces challenges from rising competition, including Costco and Hema X, which are encroaching on its market share [4][12] - The market share of Sam's Club in first-tier cities declined by 2.3% in 2024, while Costco and Hema X saw increases of 4.1% and 3.8% respectively [12] Group 4: Consumer Trends and Preferences - The proportion of members under 30 years old dropped from 28% in 2020 to 15% in 2024, indicating a shift in consumer demographics and preferences [11] - Hema X's focus on localized products and smaller packaging options has attracted younger consumers, contrasting with Sam's Club's traditional larger packaging approach [11][12] Group 5: Operational Efficiency and Supply Chain - Sam's Club's supply chain management is highlighted as a strength, with a global procurement team ensuring high-quality products, but faces pressure from competitors offering lower prices [6][10] - The return rate for Sam's Club increased by 3 percentage points to 8.5% in 2024, and member satisfaction dropped to 79%, indicating potential issues with customer trust and product value [10]