出品 | 止戈见闻 只是这抹蓝色大多归属山姆，而非开市客（Costco）。 作者 | 黄沙垢 编辑 | 熊渐黄 2026年春节，新中产的年货清单里，标志性的"会员蓝"依旧占据C位。 这一结果背后，是两大零售巨头在中国市场走出不同的命运轨迹。 山姆入华30年，2026年初门店数量突破60家，成熟的"极速达"配送体系，让爆款瑞士卷、烤鸡几乎覆盖 所有一二线城市的餐桌。 顶着"全球零售之王"光环的开市客，入局国内7年， ...

Core Insights - The retail industry is transitioning from "traffic and price competition" to "value creation and efficiency realization" by 2025, with a focus on rational consumption and deeper user relationships [1] Group 1: Fresh Produce Value Transformation - Fresh produce retail maintains high growth but faces widespread losses, necessitating a shift from scale expansion to value competition driven by supply chain efficiency, category structure, and operational capabilities [2][4] Group 2: Rise of Efficient Retail - The return to rational consumption is pushing retail from "large and comprehensive" to "small and refined," with membership and discount stores becoming key carriers of efficient retail through quality-price ratio and human-centric experiences [5] Group 3: Sports Business Monetization - The sports industry is moving from sentiment-driven to value management, with event IP, broadcasting, and gambling forming the core value pool, where commercial success relies on systematic layout of growth levers and operational efficiency [6] Group 4: Revival of Physical Experience - Physical retail is not dying but is reshaping growth logic through "small and beautiful" stores, modular design, and immersive experiences, with fashion and beauty sectors leading the store upgrade [8] Group 5: Consumer Sentiment Dullness - Consumers are not collapsing under pressure but are developing "tolerance" for uncertainty, indicating that retail growth hinges on alleviating long-term emotional fatigue and experience monotony [10] Group 6: Sustainable Tourism Industry Transformation - The tourism industry is shifting from merely pursuing scale and foot traffic to a core development path centered on "regenerative growth," balancing economic value with environmental protection, cultural heritage, and community win-win [13] Group 7: Reconstruction of Tourism Retail - Global traveler numbers are recovering, but tourism retail growth is lagging, with a decline in per capita spending evolving from short-term fluctuations to structural imbalances, necessitating a reconfiguration of products, experiences, and operational models to regain consumer appeal [16] Group 8: Active Membership Management - Membership systems are evolving from rule-driven passive management to proactive management centered on data, emotions, and scenarios, becoming a key engine for leveraging existing and ecological growth [17][18]

Group 1 - The core achievement of the new retail store, Whales Club in Yixing, is its successful opening with impressive sales figures: online transactions reached 1.667 million yuan and offline transactions totaled 1.2 million yuan, with over 5 million total exposures across channels [2][23] - The store's innovative model combines "new retail scene reconstruction + full-cycle welfare matrix," creating a multi-dimensional consumption ecosystem that includes a supermarket, central kitchen, food market, and social space [3][30] - Consumer demand has shifted from merely seeking low prices to desiring full-scene, high cost-performance, and genuine experiential shopping [5][30] Group 2 - Whales Club's strategy focuses on fresh produce as a foundation, creating a snack market for experiential shopping, leveraging supply chain efficiency for cost-effectiveness, and establishing a membership system to encourage repeat purchases [7][30] - The store features a "snack market" with over 30 different types of food stalls, catering to diverse consumer needs and transforming shopping from a functional task to a social experience [9][10] - The store's fresh produce category accounts for 55% of its offerings, addressing the core needs of families for daily grocery shopping and meal preparation [13] Group 3 - The store's supply chain strategy includes direct sourcing from production areas, ensuring freshness and cost-effectiveness, with a focus on high-quality products and local flavors [15][17] - The operational strategy emphasizes a focus on high-demand products while minimizing unnecessary inventory, allowing for competitive pricing and quality [19] - The store's marketing strategy includes a comprehensive welfare system to attract consumers during peak shopping periods, enhancing customer engagement and sales [22][30] Group 4 - The successful opening of Whales Club in Yixing represents a significant transition from a single business model to a full-category membership store, showcasing a blend of standardized operations and localized adaptations [28][30] - The store aims to expand its reach in the Yangtze River Delta region, planning to open more full-category stores that provide fresh, affordable, and engaging retail experiences [31]

Core Viewpoint - Recent consumer complaints about a mouse found in a product from Sam's Club highlight ongoing challenges in the membership store sector, emphasizing the need for improved supply chain management and consumer safety [1][5][6] Group 1: Consumer Complaints and Company Response - A consumer reported finding a live mouse in a mochi purchased through Sam's Club's "Express Delivery" service, prompting the company to conduct a thorough investigation with a pest control company [1] - Sam's Club stated that their investigation did not reveal any signs of pest issues in the product's production, packaging, or storage processes [1] Group 2: Evolution of Membership Stores - Membership stores in China have evolved over the past 20 years, transitioning from a model that required upfront membership fees to becoming a mainstream retail format [1][2] - Initially, the membership fee model faced resistance from consumers, but the rise of middle-income groups has led to increased acceptance due to the perceived value of exclusive products and high cost-performance ratios [2] Group 3: Competitive Landscape - The membership store sector is becoming increasingly competitive, with major players like Sam's Club and Costco focusing on product development and procurement capabilities to differentiate themselves [2][3] - The standardization of popular products among competitors has intensified competition, reducing the uniqueness of offerings and increasing pressure on established brands [2][3] Group 4: Supply Chain and Logistics Challenges - The challenges in product supply and differentiation have led to a decrease in the uniqueness of offerings, with consumers becoming more discerning about value for money [3][6] - The rise of e-commerce and the need for efficient logistics have added complexity to the operations of membership stores, with companies like Hema leveraging their online capabilities to gain a competitive edge [5][6] Group 5: Future Outlook - The membership store model has potential for growth, but companies must focus on developing high-quality, exclusive products while ensuring the safety of all logistics and delivery processes [6] - The recent incident underscores the importance of maintaining product integrity throughout the supply chain, as any lapse can significantly damage brand reputation [6]

Core Viewpoint - The article discusses the challenges faced by membership stores like Sam's Club in China, particularly in light of recent consumer complaints regarding product safety and the competitive landscape of the retail market. It highlights the evolution of consumer acceptance of membership fees and the need for these stores to adapt to changing consumer demands and competition [3][4][6]. Group 1: Consumer Complaints and Company Response - A consumer reported finding a live mouse in a product purchased through Sam's Club's delivery service, prompting the company to conduct a thorough investigation with a pest control company [3]. - Sam's Club has faced multiple issues related to customer complaints and product safety, reflecting broader challenges in the retail sector [3][6]. Group 2: Evolution of Membership Stores - Initially, the membership fee model was not well-received in China, but over time, consumers have come to appreciate the unique products and high cost-performance ratio offered by membership stores [4]. - Membership stores generate revenue from both membership fees and product sales, necessitating a focus on product quality and selection to justify the membership cost [5]. Group 3: Competitive Landscape - The rise of middle-income consumers has led to increased competition in the membership store sector, with various retailers like RT-Mart and Hema entering the market [4][5]. - The competition has resulted in a homogenization of popular products, making it challenging for established brands to maintain their unique offerings [5][6]. Group 4: Supply Chain and Logistics Challenges - Membership stores face significant challenges in product differentiation and supply chain management, particularly as consumers become more discerning about value [6]. - The logistics and delivery capabilities of membership stores are critical, especially as online shopping becomes more prevalent, with competitors like Hema leveraging their e-commerce strengths [6][7]. Group 5: Future Outlook - The article suggests that while membership stores have market potential, they must innovate and ensure the safety of their products throughout the supply chain to meet rising consumer expectations [7][8]. - The need for high-quality, exclusive products and robust logistics will be essential for membership stores to thrive in a competitive environment [7].

Core Viewpoint - Recent consumer complaints about a rodent found in a product from Sam's Club highlight ongoing challenges in the membership store sector, emphasizing the need for improved supply chain management and consumer safety measures [1][5][6] Group 1: Consumer Perception and Membership Model - Initially, the membership fee model for stores like Sam's Club was not well accepted by Chinese consumers, making it difficult for these stores to expand in the market [1][2] - Over time, the rise of the middle-income population has led to increased acceptance of membership stores, driven by the appeal of exclusive products and high cost-performance ratios [2][3] Group 2: Competition and Product Differentiation - Membership stores face intense competition as more retailers enter the market, leading to a homogenization of popular products, which diminishes the uniqueness of offerings [2][3] - The pressure to develop market-leading products is significant, as competitors can quickly replicate successful items, creating challenges for established brands [3][6] Group 3: Supply Chain and Logistics Challenges - The recent incident involving a rodent in a product underscores the critical importance of logistics and supply chain management in maintaining product safety and consumer trust [5][6] - Membership stores must ensure that all aspects of the supply chain, from sourcing to delivery, are secure and efficient to prevent safety issues that could harm brand reputation [5][6] Group 4: Future Outlook for Membership Stores - The membership store model has potential for growth, but it requires continuous innovation in product offerings and a focus on safety in e-commerce logistics to meet rising consumer expectations [6]

Core Insights - Walmart China has appointed Liu Peng as the President of Sam's Club, reporting directly to the CEO of Walmart China, Zhu Xiaojing. Jane Ewing, the acting president, will return to Walmart International by the end of this year [2] Group 1: Leadership Changes - Liu Peng has a strong background in retail, having held various leadership positions at Alibaba Group, including General Manager of Tmall International and President of Tmall Import and Export Business [2] - Zhu Xiaojing emphasized Liu's international perspective, deep integration capabilities in global supply chains, and extensive experience in Chinese retail and omnichannel strategies as key assets for leading Sam's Club [2] Group 2: Business Expansion - Currently, Sam's Club has nearly 60 stores across more than 30 cities in China, with plans to open approximately 5 new stores by the end of this year [2]

Core Insights - Costco continues to show significant growth despite economic uncertainties, with net sales reaching $269.9 billion and net profit at $8.099 billion for the fiscal year 2025, marking an 8% and 9.9% increase respectively [1][2] - Membership fees contribute significantly to Costco's profitability, accounting for 65.7% of net profit, highlighting its business model as a service provider rather than a traditional retailer [2][3] Membership and Customer Base - The total number of paid members reached 81 million, a 6.3% increase year-over-year, with a high renewal rate of 92.3% in North America and 89.8% globally, indicating strong customer satisfaction [3][4] - Costco's e-commerce segment is the fastest-growing area, with a sales increase of 16.1% year-over-year, attracting a younger demographic [5][6] Premium Membership Strategy - As of Q3 2025, Costco had 37.6 million premium members, representing 47.7% of total paid members and contributing 74.2% of global sales [7][8] - The company has implemented benefits for premium members, such as exclusive shopping hours and discounts on online grocery orders, which have positively impacted sales and member upgrades [8][10] Product Offerings and Brand Loyalty - Costco's iconic $1.50 hot dog and soda combo has remained unchanged for 40 years, symbolizing the company's commitment to value and customer loyalty [11][14] - The Kirkland Signature brand has seen increased penetration, providing members with 15% to 20% more value compared to similar products, which helps mitigate inflationary pressures [11][12] International Expansion and Market Position - Costco is cautiously expanding in China, having opened its seventh store in Nanjing, and is focusing on building relationships with local suppliers to enhance its market presence [15][16] - The company acknowledges the slower pace of international expansion compared to the U.S. market but remains optimistic about future growth opportunities [16][17]

Group 1 - Costco's Q4 earnings exceeded expectations, indicating that consumers prioritize essential goods and seek discounts, with total revenue reaching $86.156 billion, an 8% year-over-year increase [1] - Net profit for Q4 was $2.610 billion, up from $2.354 billion in the same period last year, with diluted earnings per share at $5.87, surpassing market expectations [1] - Membership fee revenue for Q4 was $1.724 billion, compared to $1.512 billion in the same period last year, reflecting strong membership growth [2] Group 2 - Costco's strong sales growth is attributed to its promotional activities, diverse product offerings, and the popularity of its Kirkland brand, which attracts a wealthier and more loyal customer base [2] - The company has indicated that it will keep certain product prices stable and will stop selling items if prices become too high, while also increasing local sourcing of products [2] - Competitor Sam's Club is also performing well, with stable consumer behavior and a focus on maintaining low prices despite tariff-induced price increases [3]

Core Viewpoint - The article discusses the emergence of the WuShang JiangTun membership store in Wuhan, which closely mimics the business model of Sam's Club, highlighting the potential for local brands to capture market share in the membership retail space despite existing competition [4][20]. Group 1: Business Model and Strategy - WuShang JiangTun membership store has adopted a membership model similar to Sam's Club, offering two tiers of membership at lower prices: 199 RMB/year for regular members and 580 RMB/year for diamond members, compared to Sam's 260 RMB and 680 RMB respectively [6][7]. - The store features a total area of approximately 20,200 square meters, comparable to Sam's Club, and aims to attract customers through a variety of exclusive member benefits [6][20]. - JiangTun is developing its own supply chain and has launched a private label "JiangTun Preferred," differentiating its product offerings from traditional supermarkets by over 80% [10][26]. Group 2: Product Offerings and Pricing - The product range at JiangTun includes fresh produce, beverages, baked goods, daily necessities, and imported goods, with some items closely resembling popular products from Sam's Club, such as the "Original Earl Grey Swiss Roll" priced at 59.8 RMB [12][10]. - The store also employs promotional strategies similar to Sam's, such as offering a chance to purchase a bottle of Moutai at 1,499 RMB under specific spending conditions [15][20]. Group 3: Market Context and Company Background - WuShang Group, the parent company of JiangTun, is a well-established retail giant in Hubei, with a history of operating various commercial entities and a focus on mid-to-high-end family consumers [21][22]. - The company has faced challenges in recent years, with a reported revenue decline of 6.6% in 2024, prompting a strategic shift towards membership-based retail to rejuvenate growth [23][25]. - The launch of JiangTun has positively impacted WuShang Group's stock price, which has increased by over 30% since early August [28]. Group 4: Competitive Landscape - Despite the presence of Sam's Club in Wuhan, JiangTun has garnered significant attention, indicating a potential growth opportunity in the membership retail sector [30][31]. - The article suggests that while Sam's Club has a strong global supply chain and product selection, local competitors like JiangTun may find success by catering to specific consumer needs and preferences [31][34].