出品 | 创业最前线 作者 | 付艳翠 编辑 | 冯羽 美编 | 倩倩 风波背后，终于有一些年轻人不再执着于山姆讲述的新故事，而是默默离开，转身投向那些"新选项"。 审核 | 颂文 火了五年，山姆让消费者失望了。 随着2024年下半年沃尔玛将战略重心定为增长和利润后，与此前深耕一线城市"慢慢来"的策略不同，当下的山姆管理层们也开始为了寻求更性感的增长曲 线、更丰厚的回报而努力。 在增加付费会员数、增加销售额、向全渠道扩张等策略之下，山姆中国带给沃尔玛一份亮眼的成绩单。 公开信息显示，山姆在中国有近900万会员，这些中国的会员们在去年一年为山姆贡献超过1000亿的营收，让它成为中国首个突破千亿规模的外资零售企 业。 （图 / 沃尔玛中国官网） 不过，在风光无限的另一面，山姆中国正在经历一场史无前例的信任危机。 今年年初开始，从山姆自有品牌产品接连默默下架，到悄悄上线变成了法风"PANPAN"的盼盼、拥有时尚洋气名字"ChaCheer"的洽洽，再到产品品质或规 格开始缩水，山姆的选品策略就不断触及消费者的神经。 最近，作为中国首个突破千亿规模的外资零售企业，山姆的扩张策略与品质把控再次成为公众关注的焦点。已经被一 ...

Core Insights - The grand opening of the Sam's Club in Bao'an is set for October 31, generating significant public interest and excitement [1][3][5] Group 1: Store Opening and Public Reaction - The new Sam's Club store is creating a buzz in the surrounding community, with residents expressing joy over the convenience it brings to their shopping experience [5][9] - Some residents are cautious and are waiting for membership fees to become more affordable before committing to a membership [5][7] - There have been instances of misinformation regarding the store's opening, highlighting the high level of public anticipation [7] Group 2: Strategic Location and Market Impact - The location of the new store in Bao'an fills a gap in high-end retail, particularly in warehouse-style membership stores, which has been lacking despite the area's large population and economic size [9][12] - The store's strategic positioning near major transportation hubs, including the Metro Line 11 and the Guangshen Expressway, enhances its accessibility and potential customer base [10][12] - The opening is seen as a key step in elevating the commercial landscape of Shenzhen's western region, catering to the demand for high-quality goods and shopping experiences among local residents [12]

Core Insights - The opening of Sam's Club in Bao'an on October 31 has generated significant public interest and excitement, marking a notable addition to the local retail landscape [4][5][6]. Group 1: Opening Details - A large promotional banner announcing the grand opening on October 31 was installed, attracting attention from passersby and sparking discussions on social media [4]. - Preparations for the opening were underway, with workers busy finalizing the store's setup, indicating a strong commitment to the launch [5]. Group 2: Community Reactions - Local residents expressed joy over the new store, viewing it as an enhancement to their quality of life and convenience, as it reduces the need to travel to other areas for shopping [5]. - Some potential customers showed a more cautious approach, suggesting that lower membership fees or trial options could encourage them to join [5]. Group 3: Market Positioning - The new store fills a gap in the high-end retail market in Bao'an, which has previously lacked such offerings despite its large population and economic potential [5][6]. - The strategic location of the Sam's Club is expected to attract a diverse customer base, benefiting from improved transportation links and proximity to other commercial developments [6]. Group 4: Economic and Social Impact - The opening of Sam's Club is seen as a reflection of the growing demand for high-quality, differentiated products among Shenzhen residents, particularly in areas like Bao'an that are home to industrial workers and tech talent [7]. - The establishment of this retail giant is anticipated to enhance the commercial ecosystem in the region, contributing to the overall economic development and attractiveness of Bao'an as a livable and vibrant area [7].

Group 1 - The company is recruiting for its new Sam's Club store in Qingdao, emphasizing global vision and career growth opportunities [1][3] - Sam's Club offers a clear promotion pathway and encourages teamwork to create breakthrough service experiences [1] - The store is part of a global chain with over 40 years of history, having opened its first location in the U.S. in 1983 [7] Group 2 - Sam's Club has established over 50 stores in more than 30 cities in China since its first store opened in Shenzhen in 1996 [9] - The store features a large shopping space and a treasure-hunt shopping experience, making visits enjoyable [9] - The company offers over 4,000 high-quality products across various categories, including fresh produce and beverages, which are key reasons for member loyalty [12] Group 3 - Members can shop in-store or through the Sam's Club app, which provides fast delivery options, including one-hour delivery [14] - Employees receive a free Sam's Club membership and enjoy benefits such as year-end double pay and paid leave [14] - The company emphasizes responsible hiring practices, ensuring applicants do not pay fees for job opportunities [16]

Core Points - The article discusses the recent concerns regarding the safety of delivery methods used by Sam's Club, particularly the overloading of electric bikes by delivery personnel [1] - Sam's Club has announced measures to optimize safety for delivery personnel, including the implementation of three-wheeled or four-wheeled vehicles based on cargo size, which will be rolled out nationwide soon [1] Group 1 - Sam's Club is collaborating with various delivery platforms to enhance safety measures, including cargo volume labeling, order quantity control, cargo-vehicle matching optimization, and an intelligent dispatch system to reduce safety risks [1] - The issue gained attention after videos and photos surfaced showing delivery personnel overloaded on electric bikes, leading to concerns about vehicle stability and visibility [1] - There has been a public call for Sam's Club to upgrade its delivery model in response to these safety concerns [1]

除商业设施外，该项目将配套建设附属设施及周边道路，预计2027年开业。开业后将有效辐射通州全域 及北京东部地区。 项目由北京通州投资发展有限公司作为投资合作主体，被列为"2025年市重点工程"。 （文章来源：北京商报） 北京商报讯（记者王维祎）10月22日，北京商报记者从"北京发布"了解到，布局在宋庄的通州区山姆会 员商店实现开工建设。 规划显示，位于通州的这家山姆会员店建设规模约5.6万平方米，建设商业设施和附属配套设施的同时 还会配套周边道路。 ...

北京商报讯（记者 王维祎）10月22日，北京商报记者从"北京发布"了解到，布局在宋庄的通州区山姆 会员商店实现开工建设。 除商业设施外，该项目将配套建设附属设施及周边道路，预计2027年开业。开业后将有效辐射通州全域 及北京东部地区。 项目由北京通州投资发展有限公司作为投资合作主体，被列为"2025年市重点工程"。 规划显示，位于通州的这家山姆会员店建设规模约5.6万平方米，建设商业设施和附属配套设施的同时 还会配套周边道路。 ...

Core Insights - Costco Wholesale Corp. reported strong earnings in its fourth quarter, achieving double-digit earnings growth and market share gains despite macroeconomic challenges [1] - Analysts from Telsey Advisory Group maintained an Outperform rating with a price target of $1,100 following the company's better-than-expected fiscal fourth-quarter results [1] Financial Performance - Adjusted EPS reached $5.87, exceeding both the analysts' estimate of $5.84 and the FactSet consensus of $5.80, driven by an 8.1% sales growth to $86.2 billion and a six-basis-point increase in operating margin to 3.9% [2] - Comparable store sales grew robustly by 6.4%, with strong performance noted across the U.S., Canada, and international markets [3] Membership Trends - Membership fee income increased by 14% to $1.7 billion, although renewal rates softened by 40 basis points to 89.8% globally and 92.3% in the U.S. and Canada, attributed to lower online renewals and the lapping of a digital promotion [4] Future Outlook - The brokerage anticipates Costco will continue to gain market share, supported by over 30 planned club openings in fiscal year 2026, strong Kirkland Signature product sales, competitive pricing, and digital enhancements [5] - Analysts raised the fiscal 2026 EPS forecast to $20.12 from $20.09 and projected fiscal 2027 EPS at $22.14, citing margin leverage and steady comparable store sales growth [6] Additional Analyst Insights - Bank of America reiterated a Buy rating with a price target of $1,095 based on a 52 times multiple of its fiscal 2027 EPS estimate of $21 [6] - Bank of America also projects fiscal 2026 EPS at $19.70, supported by fee increases and planned warehouse openings, with long-term EPS expected to reach $22.15 by fiscal year 2028 [7]

Group 1 - Costco reported $86.16 billion in revenue for the quarter ended August 2025, reflecting a year-over-year increase of 8.1% [1] - The EPS for the same period was $5.87, compared to $5.15 a year ago, indicating a positive growth in earnings [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $86.18 billion, resulting in a surprise of -0.03% [1] Group 2 - Comparable sales for the total company were 5.7%, slightly above the estimated 5.6% by analysts [4] - Changes in comparable sales excluding foreign-currency and gasoline prices were 6.4%, compared to the estimated 6.7% [4] - The total number of warehouses worldwide reached 914, slightly above the estimated 913 [4] Group 3 - The stock of Costco has returned -0.5% over the past month, while the Zacks S&P 500 composite increased by 2.7% [3] - Costco currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Net sales for Q4 were $84.43 billion, an increase of 8% from $78.18 billion in the same quarter last year [12] - Net income for Q4 was $2.61 billion, or $5.87 per diluted share, up 11% from $2.35 billion, or $5.29 per diluted share last year [12] - Membership fee income increased by $212 million or 14% year-over-year, reaching $1.72 billion [14] - Gross margin for Q4 was 11.13%, up 13 basis points year-over-year [17] - SG&A rate increased to 9.21%, up 17 basis points from 9.04% last year [18] Business Line Data and Key Metrics Changes - E-commerce sales exceeded $19.6 billion, increasing over 15% [7] - Comparable sales were up 5.7%, or 6.4% adjusted for gas deflation and foreign exchange [12] - E-commerce comparable sales were up 13.6%, or 13.5% adjusted for foreign exchange [13] - Fresh sales were up high single digits, led by double-digit growth in meat [22] - Non-foods had comparable sales in the high single digits, with strong performance in gold and jewelry, gift cards, and consumer electronics [23] Market Data and Key Metrics Changes - The company opened 10 new warehouses in Q4, bringing the total to 914 worldwide [5] - Plans to open another 35 warehouses in fiscal year 2026, including five relocations [5] - Total paid members reached 81 million, up 6.3% year-over-year, with 38.7 million paid executive memberships, up 9.3% [15] Company Strategy and Development Direction - The company is focusing on expanding both domestically and internationally, with significant opportunities identified in existing markets [5] - Continued investment in technology and digital enhancements to improve member experience and drive e-commerce growth [9][28] - Emphasis on sourcing more Kirkland Signature products locally to reduce costs and emissions [8][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growing market share despite macroeconomic uncertainties [11] - The company is adapting to changes in membership dynamics, particularly with younger members joining through online sign-ups [16][41] - Management is optimistic about the upcoming holiday season, with a strong inventory position and new product offerings [27] Other Important Information - Capital expenditure for Q4 was approximately $1.97 billion, with a total of under $5.5 billion for the full year [20] - The company is focusing on improving member value through enhanced benefits and services, including extended operating hours and new membership perks [8][11] Q&A Session Summary Question: Awareness of extended member hours and potential for comp lift - Management believes they have effectively communicated the extended hours to members, with a 1% comp lift observed [32][33] Question: Expected decline in membership renewal rates - Management anticipates a continued decline in renewal rates due to a higher number of online sign-ups, but sees overall membership engagement as strong [38][41] Question: Insights on core margins and price increases - Core margins improved by 29 basis points year-over-year, with strong performance across all main categories [45][47] Question: Sustainability of membership fee income growth - Management remains optimistic about continued growth in membership income, driven by new warehouse openings and younger member engagement [56][57] Question: E-commerce and grocery demand in light of competition - Management noted strong growth in Instacart-driven traffic and is aware of increased competition, but remains confident in their offerings [65][66]