Walmart(US:WMT) 东京烘焙职业人·2025-11-29 08:32Core Viewpoint - The article discusses the growing trust crisis faced by Sam's Club in China, highlighted by over 13,000 complaints on the Black Cat platform, with members expressing dissatisfaction regarding product quality and value for membership fees [3][12][34]. Group 1: Trust Crisis and Member Feedback - As of November 11, complaints about Sam's Club have exceeded 13,000, with members stating that the quality of products has declined and that the membership is no longer worth the fee [3][34]. - The trust crisis has been exacerbated by various operational changes, including product selection and app modifications, leading to a perception that Sam's Club is no longer catering to the middle class effectively [8][19]. - The shift in management and strategy, particularly with the appointment of new executives, has introduced a more algorithm-driven approach, which some believe compromises the brand's original values [11][12][19]. Group 2: Financial Performance and Expansion Plans - Despite the complaints, Sam's Club's financial performance remains strong, with projected revenues exceeding 100 billion yuan in 2024 and a membership base nearing 9 million [11][12]. - Sam's Club is accelerating its expansion in China, planning to open 8-10 new stores annually after 2025, with 10 new stores expected in 2024 alone [13][19]. - Walmart's overall revenue growth in the Chinese market is also notable, with a projected increase of over 13% year-on-year, indicating a robust market presence [12][19]. Group 3: Competitive Landscape - The competitive landscape is intensifying, with local brands like Pang Dong Lai gaining traction and online competitors such as Oriental Selection launching membership models that directly target Sam's Club's core demographic [15][17][19]. - The rise of instant retail by major internet companies like Alibaba and Meituan poses additional challenges, as they enhance their offerings to capture market share [19][20]. - Sam's Club faces pressure from both offline and online competitors, necessitating a balance between physical expansion and digital transformation to maintain its market position [19][20]. Group 4: Operational Challenges and Internal Pressures - Internal pressures related to performance metrics have led to a shift in product selection strategies, resulting in a decline in quality and an increase in the introduction of lower-quality products [20][24]. - The restructuring of KPIs has created a culture focused on rapid growth and profitability, often at the expense of the brand's traditional emphasis on quality and member trust [24][26]. - Recent incidents, including product quality issues and app security breaches, have further eroded consumer confidence, leading to a significant increase in complaints and negative sentiment on social media [30][34].