记者丨魏彤 编辑丨蒋韵 山姆会员商店重仓广州的"野心"藏不住了。 近日， 沃尔玛旗下的山姆会员商店在广州白云区的项目主体结构顺利封顶，预计2026年年中建成，2026年底开业。 2025年12月22日，山姆会员商店广州荔湾店正式开业。现场人山人海，9点正式开门，8点左右便已排起长龙。 山姆会员商店广州荔湾店。林曦/摄 紧接着，两天之后的12月24日，广州开发区管委会与沃尔玛（中国）投资有限公司签署合作框架协议，山姆会员商店将落户黄埔区。 看着是山姆频频开店的消息，但是，你细细品，就会发现，作为一家连续12年排名《财富》世界500强榜首的全球巨无霸企业，沃尔玛为何在 广州的投资按下了"加速键"？为何又持续重仓广东省？ 这背后，或许正透露出中国经济发展的"风向标"。 广州 "多点开花"冲刺5店 2026年1月2日，元旦假期第二天，当南方财经记者来到荔湾区山姆会员店，看到人们推着山姆标志性的大型购物车，把通道堵得水泄不通。更 夸张的是，在熟食档口，由于客流量太大，供不应求，该店暂停了山姆爆款烤鸡（39.8元/只）的售卖。 山姆会员商店广州荔湾店。林曦/摄 "停车方便，分量足，价格又'抵'，我们小区好多居民都来了。" ...

佛山市顺德区委宣传部12月25日消息，当日上午，佛山首家山姆会员店——山姆会员商店顺德店外立面 挂上招牌。目前该店已进入筹备阶段，预计2026年开业。 项目效果图 图源：顺德区宣 官网简介显示，山姆会员商店是世界500强企业沃尔玛旗下的高端会员制商店，发展至今在在全球已拥 有800多家门店，成为全球最大的会员制商店之一，为5000多万个人与商业会员提供优质的购物体验。 截至12月22日，山姆在中国超30个城市开设了63家门店。 采写：南都N视频记者 唐宇松 挂牌现场 顺德山姆是山姆会员商店的佛山首店，于2024年6月启动建设，选址位于佛山顺德大良碧桂路与南国东 路交叉口东南角，整宗地预计总投资20亿元。此前，其主体建筑已封顶。 ...

以下文章来源于沥金 ，作者沥金 沥金 . 数据驱动的消费创投智库，用深度内容和前沿洞察，助力企业成长，全网有近百万粉丝。 是"信任场景" 山姆在中国的崛起，始终不是一个关于价格或SKU的故事，而是一种高度稀缺的消费体验。 它在很长时间里 为消费者提供了一个从不确定环境中抽离出来的"可靠空间"。 这套空间的核心是信任。 消费者相信所有商品都经过严苛筛选，相信每一个品类的存在都有明确理由，相信 山姆会替他们判断世界。正是在这种无需怀疑的逻辑下，消费者才愿意在这里降低防御，省去比较商品的负 担，以极低的决策成本完成购物。 近几个月，关于山姆中国的讨论呈现一种微妙的紧张感。 先是耳熟能详的国货品牌在货架批量涌现，接着一些高复购进口商品悄然下架，随后是App改版引发的体验争 议。舆情不断叠加，最终汇聚成一个更深层的问题： 山姆过去所代表的那种购物体验，正在发生结构性松 动。 国产品牌到底好不好，并不是这场争论的核心。真正令大量消费者不安的，是一种过去从未出现过的感受： 山姆不再是那个可以低决策成本、闭眼随便买的地方了。 对于一个高度依赖"信任—不怀疑—不比较"心智才能稳定运转的会员制零售品牌来说，这种微妙却实质性的 感 ...

Core Viewpoint - Costco is expected to report earnings after the market close, with shares under pressure, having hit a 52-week low and down nearly 5% year-to-date. The anticipated adjusted EPS is $4.26 on revenues of approximately $67.33 billion, reflecting an 8% year-over-year increase [1][3]. Financial Performance - Analysts expect Costco to maintain strong performance despite recent stock declines, with the holiday quarter typically being robust for the company. The expected EPS of $4.26 and revenue of $67.33 billion indicate growth compared to the previous year [3][4]. - November comp sales growth was reported at 8%, with U.S. comp sales up 7%, Canada up 7%, and international markets up 11.4%. This growth suggests that consumer spending remains strong at Costco [5][6]. Market Sentiment - There is a slightly bullish sentiment among analysts, with 11 upward revisions to EPS estimates in the last three months compared to seven downward revisions, indicating confidence in Costco's upcoming earnings report [10][11]. - Despite the positive outlook, concerns exist regarding the company's stock performance, which is the worst in over two decades, leading to speculation that a special dividend may be suspended due to ongoing legal issues and stock performance [8][9]. Consumer Behavior - Consumers are reportedly continuing to shop at Costco, seeking lower prices even amid tighter budgets. This trend is expected to support Costco's sales during the holiday season [4][11]. - The company has a high membership renewal rate of 90%, indicating strong brand loyalty among its customers, which could serve as a catalyst for future growth if membership fees are increased [14].

近几个月，关于山姆中国的讨论呈现一种微妙的紧张感。 先是耳熟能详的国货品牌在货架批量涌现，接着一些高复购进口商品悄然下架，随后是App改版引发的体验争议。舆情不断叠加，最终汇聚成一个更深 层的问题：山姆过去所代表的那种购物体验，正在发生结构性松动。 国产品牌到底好不好，并不是这场争论的核心。真正令大量消费者不安的，是一种过去从未出现过的感受：山姆不再是那个可以低决策成本、闭眼随便 买的地方了。 对于一个高度依赖"信任—不怀疑—不比较"心智才能稳定运转的会员制零售品牌来说，这种微妙却实质性的感知变化，远比几件商品的替换更危险。 更关键的是，这并非一次冲动式的情绪事件，而是一场结构性的、不容易逆转的趋势变化。它牵涉山姆在中国的整个商业逻辑：它为什么能成功？依靠 谁成功？以及它的扩张路径与核心用户之间的矛盾。 如果山姆想在未来几年缔造超越以往的业绩表现，打入下沉市场与扩张产能是必要的一步棋。但这步棋不可避免会带来负作用，即选品逻辑的动荡和产 品质量的妥协，而这也将动摇山姆的根基，影响那群拥护它并将它捧上神坛的核心消费者。 要理解山姆这次遇到的困境，必须从一个最基本的问题讲起——山姆在中国到底卖的是什么？ 卖的不是商 ...

Core 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].

11月21日，中国本土仓储式会员制零售品牌fudi与京东达成战略合作，正式入驻京东秒送平台。此次合作是fudi首次向第三方即时零售平台开放其核心商品 与会员体系，通过"会员级品质"与"分钟级送达"的深度融合，旨在为消费者打造"30分钟新鲜生活圈"。 （左1：京东即时零售运营负责人肖杰；右1：北京尧地农业科技发展有限公司董事长王兴水） 此次战略合作为fudi带来全方位的价值提升。fudi通过向京东开放会员体系，实现了双方资源的深度融合。基于京东的大数据分析能力，fudi得以更精准地洞 察消费趋势，从而高效触达潜力会员。此举将助力fudi在现有超200万注册会员及20万付费会员的基础上，实现高品质会员规模的显著增长，并通过数据打 通推动会员服务的个性化升级。 预计自11月26日起，用户可在京东App首页搜索"fudi"，直接访问其京东秒送店铺，享受门店周边5至7千米"新鲜商品分钟级送达"的购物体验。 多维赋能，依托京东实现fudi会员价值跃迁 创新实践，重塑即时零售服务新范式 以北京市场的成功实践为起点，fudi将通过京东覆盖全国的物流网络与数字化能力，快速推进全国化布局。fudi计划进一步扩充线上商品种类，并依 ...

Core Viewpoint - The article discusses the shift in luxury brand sales strategies, particularly focusing on how retailers like Hema and Sam's Club are capitalizing on the luxury goods market amidst changing consumer behaviors and economic pressures [5][8]. Group 1: Retail Strategies - Luxury brands are increasingly utilizing e-commerce and outlet stores as significant sales channels due to the impact of the luxury goods downturn and changing consumer purchasing habits [7][8]. - Membership-based retail platforms, such as Hema and Sam's Club, are becoming vital for luxury brands to reduce inventory while maintaining brand prestige [8][14]. - Hema has expanded its offerings to include luxury brands like Burberry and Gucci, primarily through a global purchasing model that emphasizes pre-sale and direct shipping from Europe [10][12]. Group 2: Burberry's Financial Performance - Burberry reported a revenue of £1.032 billion for the first half of the 2026 fiscal year, reflecting a 3% decline year-over-year, with a significant reduction in operating losses from £53 million to £18 million [17][18]. - The brand's comparable store sales showed a 2% increase in the second quarter, marking the end of a seven-quarter decline, driven by improved consumer sentiment in China [21][24]. - Burberry's gross margin improved to 67.9%, up 410 basis points, attributed to better inventory management and cost control measures [32][25]. Group 3: Market Trends and Challenges - The luxury market is witnessing a shift where consumers are prioritizing value, leading to a decline in full-price sales channels while discount channels are performing better [24][29]. - Burberry's strategy includes reducing reliance on discounting and focusing on maintaining a healthier inventory level, with a reported 24% decrease in net inventory [31][30]. - The competitive landscape for retailers like Hema and Sam's Club is evolving, as they benefit from price advantages while facing challenges from unauthorized channels [37].

Core Viewpoint - The trust foundation of Sam's Club is being undermined by AI-generated images and e-commerce logic, leading to a crisis among paying members who feel deceived by misleading product representations [4][5]. Group 1: Trust Crisis and Management Changes - Sam's Club is facing backlash due to bizarre product images that appear to be AI-generated or overly edited, causing members to compare it to low-quality e-commerce advertisements [4][5]. - The timing of this trust crisis coincides with the appointment of Liu Peng, a former Alibaba executive, as the president of Sam's Club, raising concerns about the influence of e-commerce management practices on traditional retail [4][5][19]. - Members have expressed fears of quality degradation due to the introduction of mainstream brands and the removal of exclusive products, compounding the existing trust issues [5]. Group 2: AI Image Controversy - The use of AI-generated images for fresh food products has led to confusion among consumers, as they struggle to assess the freshness of items like meat and vegetables [7][10]. - Instances of severe discrepancies between product images and actual items have been reported, such as misrepresented vegetables, which further erodes consumer trust [10][12]. - The core issue lies in the difference between e-commerce's focus on sales metrics and Sam's Club's emphasis on member trust and product quality, highlighting a fundamental misalignment in business logic [14][21]. Group 3: Management Philosophy Clash - The management philosophy brought by Alibaba executives, focused on efficiency and data-driven results, clashes with the traditional retail values of quality and customer trust [19][20]. - Previous attempts by Alibaba to implement similar strategies in traditional retail have led to failures, indicating a potential risk for Sam's Club as it adopts these practices [20][21]. - The challenge for Sam's Club is to balance the efficiency of digital strategies with the need for quality assurance and member trust, which are critical in the membership-based retail model [23][24]. Group 4: Strategic Decisions and Future Implications - Sam's Club's decision to hire multiple Alibaba executives reflects a strategic move to enhance its digital capabilities and compete in a challenging market [24][25]. - The integration of Alibaba's operational methodologies could either lead to a new paradigm in membership retail or result in a loss of the brand's original value proposition if not managed carefully [26]. - The outcome of this strategic shift will significantly impact the future of foreign retail companies in China, as they navigate the complexities of localization and digital transformation [26].

Core Viewpoint - The appointment of Liu Peng as CEO of Sam's Club has sparked significant backlash from consumers, reflecting long-standing dissatisfaction with the brand's recent changes and product quality issues [1][6][15]. Group 1: Leadership and Background - Liu Peng has a strong background in retail, having held various senior positions at Alibaba and other companies, indicating his capability [3]. - Despite his qualifications, consumer dissatisfaction emerged quickly after his appointment, particularly following changes to the Sam's Club app that altered product presentation [5][11]. Group 2: Consumer Backlash - The redesign of the Sam's Club app, which shifted from simple product images to more stylized photos, ignited consumer anger, leading to widespread calls for Liu's resignation [5][11]. - The backlash is not solely directed at Liu but is a culmination of ongoing consumer grievances regarding product quality and selection at Sam's Club [6][12]. Group 3: Financial Performance and Expansion - In 2024, Sam's Club achieved over 100 billion yuan in revenue from its members, accounting for two-thirds of Walmart China's total revenue, marking it as the first foreign retail enterprise in China to surpass this milestone [6]. - The company has been rapidly expanding, planning to open 6-7 new stores annually starting in 2024, with a target of 8-10 stores per year by 2025 [6][12]. Group 4: Product Quality Issues - Recent product controversies, such as the "low-sugar" version of a popular snack that did not meet advertised standards, have contributed to consumer dissatisfaction [7]. - There have been multiple reports of declining product quality, including issues with Sam's own brand products, raising concerns about quality control amid rapid expansion [10][13]. Group 5: Trust and Consumer Expectations - The ongoing issues have led to a significant erosion of consumer trust, particularly in light of past food safety scandals in China, which have made consumers more sensitive to product quality [12][15]. - Consumers expect a commitment to quality and safety from Sam's Club, and any perceived decline in these standards threatens the brand's foundational promise [15][16].