山姆“变阵”与“扩张”

Core Insights - Sam's Club is undergoing a significant organizational restructuring, increasing its regions from six to seven, with the addition of Jiangsu and Zhejiang, while eliminating the original Eastern region. This change reflects a new phase of "scale efficiency" under the leadership of Jane Ewing, who has been in position for only 100 days [1][4]. Expansion Strategy - Sam's Club is rapidly expanding, with plans to open 11 new stores in 2025, surpassing the original target of eight. By June, six new stores had already opened, bringing the total to 56 nationwide. The expansion is heavily concentrated in the East China region, where 70% of the new stores are planned [2][4]. - The expansion strategy focuses on "high net worth sinking" into county-level markets, targeting affluent areas rather than just first-tier cities. For instance, Zhangjiagang, with a projected GDP per capita of 218,000 yuan (approximately $31,000) in 2024, exemplifies this approach [4][12]. Store Distribution and Characteristics - The planned new store openings include: - Shanghai Jinqiao - Third store in Pudong, opening by the end of 2025 - Jiangsu Zhangjiagang - Third store in a county-level city, opening in 2025 - Jiangsu Wuxi - Second store in Wuxi, opening in 2025 - Zhejiang Wenzhou - Seventh store in Zhejiang, opening in the first half of 2025 - Shaanxi Xi'an - First store in Northwest China, with at least two stores planned for 2025 - Hubei Wuhan - New store in Jiang'an District, opened on May 28 [3][4]. Organizational Restructuring - The restructuring into seven regions is seen as a crucial step towards "efficiency-driven" management. This change aims to enhance local competition and organizational vitality, particularly in the densely populated East China region, which houses nearly 40% of Sam's stores [5][12]. Performance and Operational Efficiency - Sam's Club is projected to exceed 100 billion yuan in sales in 2024, with top-performing stores achieving annual sales of 3.67 billion yuan, significantly outperforming traditional hypermarkets [6][12]. - The company's unique growth model is supported by three core engines: product selection, rapid delivery through front warehouses, and strong member trust. The product strategy involves a streamlined SKU count of around 4,000, with a focus on high-quality, exclusive items [6][8][11]. Supply Chain and Delivery Network - The integration of front warehouses allows for over 50% of sales to come from online channels, with 80% of orders delivered within an hour. This efficient delivery network is crucial for member acquisition and retention [10][11]. - The "first warehouse, then store" model has been validated in cities like Hefei, where online sales began before the physical store opened, demonstrating the effectiveness of this strategy [10][11]. Member Engagement and Trust - Membership revenue grew by 35% during the 2025 Spring Festival sales season, with average annual spending per member exceeding 10,000 yuan and a renewal rate of 92%. This high level of trust among members is a significant competitive advantage for Sam's Club [11][12].