中产们的“讨伐” 山姆中国全年销售增长四成里的进退抉择

Core Insights - In 2025, Sam's Club China achieved a sales milestone of 140 billion yuan, marking a 40% increase from 100.5 billion yuan in 2024, solidifying its position as a key growth driver for Walmart China [1] - The number of paid members surpassed 10 million, with an average annual contribution of 13,100 yuan per member [1] - Walmart China has set a sales target of over 200 billion yuan for 2026, aiming to be nearly three times the size of its closest competitor [1] Expansion Strategy - Sam's Club has experienced rapid growth since its entry into China in 1996, initially struggling with a slow expansion rate, opening only 10 stores in 17 years [2] - From 2020 to 2024, the company accelerated its expansion, opening 5-6 new stores annually, and in 2025, it opened a record 10 new stores, bringing the total to 63 [3][4] - The new stores are strategically located in lower-tier cities, reflecting a shift from focusing solely on first-tier cities [4] Membership Dynamics - The former president emphasized that members are the lifeblood of Sam's Club, with a focus on limited SKUs, high-value/low-margin products, and strict operational discipline [6] - Targeting young mothers from the 80s and 90s, Sam's Club aims to provide a curated shopping experience that reduces decision-making time and alleviates shopping anxiety [7] - However, recent criticism from members regarding product selection indicates a potential disconnect between the brand's offerings and member expectations [8] Market Reactions - The backlash against certain product selections has led to a divide among consumers, with some viewing it as a sign of middle-class discontent while others criticize the perceived exploitation of members [9] - The introduction of new products has sparked debates about value and quality, with some members feeling that they are being charged excessively for items that should be available at lower prices [9] - Frequent changes in the executive team have further eroded member confidence, raising concerns about the brand's commitment to quality [10]