Walmart(US:WMT) Sou Hu Cai Jing·2025-12-03 06:45Core Insights - Sam's Club, a representative of warehouse membership supermarkets under Walmart, has accelerated its store openings and achieved impressive performance, but has faced challenges such as app redesign issues, high-level personnel changes, and scrutiny over product selection standards [1] - The rise of "next card" and purchasing through agents has created a unique consumption ecosystem, allowing non-members to experience products [1][5] Group 1: Next Card and Purchasing Agents - A shared membership model known as "next card" has emerged, allowing consumers to rent a shopping opportunity for prices ranging from 10 to 20 yuan, often sourced from existing members or professional rental services [5] - Many consumers prefer this flexible consumption model over fixed membership fees, with some stores turning a blind eye to non-member checkouts as long as sales occur [5] - The purchasing agent industry has flourished, with agents buying popular items in bulk and reselling them to non-members at a markup of 10% to 30%, significantly increasing their monthly revenues [5][6] Group 2: Impact on Business Model - The influx of next card users and purchasing agents may lead to a loss of potential membership fees, with estimates suggesting that if 10% of in-store consumers use next cards or rely on agents, Sam's annual revenue could decrease by several hundred million yuan [7] - The detachment of actual consumption data from membership status complicates consumer behavior analysis, undermining one of the core advantages of membership retail [7] - The presence of purchasing agents diminishes the exclusivity of the membership model, potentially shifting Sam's perception from a "members-only" store to a "high-end supermarket" accessible to the general public [8] Group 3: Adapting to Market Realities - The challenges faced by Sam's Club reflect the difficulties of membership-based retail in China, where consumers prefer to "experience before paying" rather than committing to annual fees upfront [9] - Despite these challenges, Sam's Club continues to grow in China, with 55 stores opened by October 2025, indicating significant success despite the next card and purchasing agent phenomena [9] - To balance the purity of the membership model with the realities of the Chinese market, Sam's Club may need to consider introducing more flexible membership options, such as quarterly cards or lower-tier experience memberships [10]