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 article highlights the growing preference of young consumers for Sam's Club over traditional free supermarkets, emphasizing that they are willing to pay a membership fee of 260 yuan for a better shopping experience and quality products [1][18]. Membership Fee and Business Model - Sam's Club's membership fee of 260 yuan serves as a "filter" to attract high-value customers, ensuring that only those with stable incomes and a willingness to pay for quality enter the store [4][6]. - The membership fee is a significant source of profit for Sam's Club, projected to generate nearly 3 billion yuan annually from regular memberships alone, with total membership revenue exceeding 6 billion yuan when including premium memberships [6][8]. - The high renewal rates of 80% for regular members and over 90% for premium members indicate strong customer loyalty and a sustainable business model [8]. Consumer Behavior and Preferences - Young consumers prioritize time efficiency, quality, and a pleasant shopping experience, which traditional supermarkets fail to provide due to their chaotic environments and extensive product ranges [9][12]. - Sam's Club offers a streamlined shopping experience with around 4,000 carefully selected SKUs, allowing customers to complete their shopping in 15-20 minutes, contrasting sharply with the lengthy shopping times at traditional supermarkets [12][14]. - The quality control at Sam's Club is notably stringent, with only 8.2% of suppliers passing the entry criteria, ensuring high product standards that appeal to discerning young consumers [14]. Experience and Social Aspects - The shopping experience at Sam's Club is designed to be enjoyable and social, with spacious stores and generous sampling opportunities, making it a leisure activity rather than a chore [16][20]. - Young consumers are drawn to the "Instagrammable" aspects of shopping at Sam's Club, where they can share their experiences on social media, fulfilling their social needs [16][23]. Market Dynamics - The article suggests that traditional free supermarkets are struggling due to their outdated business models, which rely on high product prices and frequent promotions to attract customers, leading to a cycle of inefficiency [21][23]. - The shift in consumer mindset from valuing "free" to valuing "quality" and "experience" is a critical factor in the decline of free supermarkets, as they fail to meet the evolving demands of young shoppers [18][21].

编者按： 今年春节，你逛超市了没？ 曾经深陷闭店和业绩下滑的沃尔玛，最近完美翻身了！ 照搬山姆的选品和服务，但价格却更便宜，还不用付会员费。 推荐你看这篇文章，看看沃尔玛是怎么靠借鉴山姆实现"翻身"的。 经历了绝处逢生，沃尔玛终于在今年春节挣回了面子。 谁能想到，那个曾被唱衰"即将退出国内市场" 的沃尔玛，如今不仅起死回生，甚至成了比山姆还火的"平替迪士尼"。 零售圈的剧本从来都是这么出人意料： 就在2026年2月3日，全球零售巨头沃尔玛在美股盘中市值正式突破1万亿美元，成为全球第一家"万亿零售巨鳄"。 这个年过60的老古董，在过去一年股价上涨约26%，十年累计涨幅近468%，硬生生挤进由英伟达、苹果、微软等科技巨头占据的万亿美元俱乐部。 在国内，沃尔玛去年的改头换面甚至强的有点邪门。 一边是山姆深陷选品降级、会员吐槽的泥潭，一边是作为山姆"亲爹" 的沃尔玛，靠着 "偷师" 小儿子完成了惊天翻盘。 以至于每一个重新走进沃尔玛的人，都会发出那句灵魂拷问：这背后到底是不是受高人指点了？ 这一幕，和沃尔玛门店里冷冷清清、六年关店129 家的场景形成了极致反差。 而这一切的背后，不过是沃尔玛终于想通了一个道理： 与其 ...

Core Viewpoint - Walmart has successfully transformed its business model in China, emerging as a competitive player in the retail market by adopting strategies from its subsidiary Sam's Club, leading to a significant increase in customer traffic and sales [5][10][38]. Group 1: Walmart's Market Performance - Walmart's market capitalization surpassed $1 trillion, making it the first retail giant to achieve this milestone [7]. - Over the past year, Walmart's stock price increased by approximately 26%, with a ten-year cumulative growth of nearly 468% [8]. - The company has seen a resurgence in customer interest, particularly among younger consumers, who now frequent Walmart for its competitive pricing and product offerings [15][25]. Group 2: Strategic Changes and Adaptations - Walmart's transformation involved a strategic shift to adopt Sam's Club's operational and product selection strategies, effectively creating a "no membership fee Sam's" model [38][60]. - The introduction of the new private label "Wojixian" has been pivotal, with the team eliminating 80% of underperforming SKUs and focusing on high-demand products [41][44]. - The company has reduced the size of its stores from over 10,000 square meters to between 2,000 and 5,000 square meters, emphasizing efficiency and community convenience [50][54]. Group 3: Consumer Engagement and Pricing Strategy - Walmart has effectively targeted the pain points of consumers who desire Sam's Club products without the membership fee, creating a "Sam's alternative" section in stores [56][60]. - The implementation of a tasting culture in stores, similar to Sam's, has enhanced customer experience and engagement, allowing consumers to sample products before purchasing [58][73]. - Competitive pricing strategies have made Walmart an attractive option for budget-conscious consumers, with prices significantly lower than those at Sam's Club [16][46]. Group 4: Comparison with Competitors - While Walmart has successfully adapted and thrived, competitors like Yonghui Supermarket have struggled with their transformation efforts, leading to significant financial losses [62][64]. - The key difference lies in Walmart's ability to leverage its existing supply chain and operational strengths, while Yonghui has failed to effectively implement changes that resonate with consumer needs [76][79]. - Walmart's strategic focus on product quality, pricing, and customer experience has allowed it to reclaim its position in the retail market, contrasting with Yonghui's challenges [81][82].

2月4日，在遵义首家专业城市马场——芳华里马术俱乐部，来自桐梓县的李先生正带着5岁半的孩子体验马 背骑行。"市区就有这样的专业马术体验很难得，孩子近距离接触后特别喜欢。"李先生说。 "为持续激发消费潜力，从2月18日到3月3日，园区将举办马术巡游、摄影展等主题展览活动，进一步激活园 区人气与商业活力，让工业遗产在文商旅融合发展中焕发新生机。"胡君说。 芳华里马术俱乐部位于新蒲新区新蒲街道羊叉路，于2025年6月28日开业，占地1.4万平方米，配备专业教练 团队，是集马术教学、表演、赛事及休闲体验于一体的综合性马术运动场所。俱乐部工作人员万娇介绍，寒 假以来，马术体验项目持续火热，平日客流稳定，周末及晴好天气单日接待量可达上百人次。 马术体验项目有效带动了文创园的消费热度。下午5点左右，芳华里新蒲大院后厨已忙碌起来。前厅经理刘 诗丽称，该店于2025年10月开业，主打酸汤牛肉、烤羊、烤鸡等特色菜品，每周六还推出篝火晚会，"体验 马术项目通常是一家人，结束后就过来吃饭，让我们的生意也更好了。" 转自：贵州日报 芳华里3536文创园总经理胡君介绍，该文创园整体占地300余亩，最初是跟随20世纪六七十年代"三线建设" ...

Core Insights - The article highlights the growing trend of nighttime discount shopping in Chinese supermarkets, where consumers are increasingly attracted to significant price reductions on various food items after 8 PM [2][3][12] - This phenomenon reflects a shift in consumer behavior towards seeking value and efficiency in shopping, particularly among urban professionals who prioritize convenience and cost-effectiveness [4][11] Group 1: Consumer Behavior - Many consumers are now actively participating in nighttime discount shopping, often sharing their experiences on social media, indicating a cultural shift towards valuing discounted goods [1][6] - The primary demographic engaging in this trend consists of urban white-collar workers who are time-constrained and prefer ready-to-eat meals at reduced prices [4][11] - Consumers perceive that the quality of discounted items is comparable to full-priced products, leading to a mindset that values both savings and sustainability by reducing food waste [7][11] Group 2: Supermarket Strategies - Supermarkets like Wumart, Hema, and others have adopted structured discount strategies, offering significant markdowns on perishable goods to manage inventory and minimize waste [3][8] - The implementation of dynamic pricing strategies based on real-time sales data and consumer behavior is becoming common, allowing supermarkets to optimize their discount offerings [11][12] - Nighttime discounts are not only effective for clearing inventory but also serve to enhance overall sales by attracting customers who may purchase full-priced items alongside discounted goods [8][12] Group 3: Market Trends - The rise of nighttime discounts signifies a broader transformation in the retail industry from a focus on price wars to more sophisticated inventory and supply chain management [11][14] - The trend is indicative of a more rational and mature consumer culture in China, where shoppers are becoming more discerning and strategic in their purchasing decisions [13][14] - Supermarkets are increasingly leveraging data analytics to predict demand and tailor their offerings, reflecting a shift towards precision in retail operations [11][12]

Core Insights - Sam's Club has successfully positioned itself as a leading player in the retail industry, achieving annual sales of 140 billion and surpassing 10 million members, contrasting sharply with the decline of traditional hypermarkets [3][12] - The success of Sam's Club can be attributed to its strategic focus on membership fees, lifestyle branding, and the integration of online and offline channels [14][18][20] Group 1: Membership Strategy - The membership fee of 260 yuan serves as an effective filter to attract quality customers who prioritize product quality over price, allowing Sam's Club to generate substantial revenue even before product sales [14][16] - The increase in membership fees from 150 yuan to 260 yuan in 2012 was a pivotal decision that helped to refine the customer base [14] Group 2: Lifestyle Branding - Sam's Club is not just a supermarket; it represents a lifestyle choice for middle-class consumers, offering a curated selection of around 4,000 products, which simplifies the shopping experience [16][18] - The popularity of certain products, such as the 39.8 yuan roasted chicken and 59.8 yuan Swiss roll, has contributed to brand loyalty and social media visibility, further enhancing its market presence [16][18] Group 3: Online and Offline Integration - The optimization of the Sam's Club app and the introduction of "express delivery" services have transformed the shopping experience, allowing for convenient purchases from home [18][20] - This shift has increased the proportion of e-commerce in Sam's Club's business model, making it a versatile shopping platform [20] Group 4: Long-term Strategy - Sam's Club's success is a testament to long-term commitment, focusing on supply chain refinement and customer trust rather than chasing fleeting market trends [20] - The membership card symbolizes a trust contract, promising high-quality, carefully selected products in a market filled with inferior options [20]

Core Insights - Hema's CEO announced that the company expects a revenue growth rate exceeding 40% by 2025, with its annual GMV projected to surpass 100 billion yuan [1] - The growth is driven by Hema's expansion into 40 emerging cities, achieving high initial sales performance in these locations [1] - Other brands like Starbucks and Lululemon are also accelerating their presence in non-first-tier cities, indicating a broader market shift [1] Group 1: Market Dynamics - There is a significant shift in China's urban development, with a reversal of the traditional trend of population influx into first-tier cities, leading to increased consumer activity in emerging cities [3] - The 2024 migration index for second-tier cities and above shows a decline, with more individuals choosing to stay in their hometowns for work [3] - Over 130 cities are projected to experience net population growth by the end of 2025, with 17 of the top 30 cities being second-tier or below [3] Group 2: Consumer Behavior - The influx of new residents, including internet professionals and entrepreneurs, is driving higher income levels and consumer willingness in emerging cities [5] - The fast-moving consumer goods market is stabilizing, with three to five-tier cities contributing 80% of the market's growth [5] - A significant majority of non-first-tier cities reported positive retail sales growth, with many third-tier cities exceeding the national average [5] Group 3: Supply and Demand Mismatch - Despite rising consumer demand, the supply chain in emerging cities has not kept pace, leading to a mismatch [7] - Consumers face challenges in accessing high-quality products, as local supermarkets primarily offer traditional goods [7] - The lack of modern retail experiences in emerging cities limits consumer engagement and frequency of purchases [7][9] Group 4: Brand Strategies - Major brands are capitalizing on the supply-demand gap by expanding into emerging cities, offering established product lines and service models [10] - Hema's strategy includes leveraging a national supply chain to provide high-quality products directly to consumers in these cities [12] - Other brands, such as Haidilao and Luckin Coffee, are also expanding their presence in lower-tier cities, indicating a trend towards market saturation in these areas [12][14] Group 5: Future Outlook - Emerging cities are becoming essential markets for brands, transitioning from experimental zones to critical battlegrounds for growth [14] - There is significant potential for continued consumer growth in these areas, necessitating brands to tailor their offerings to local demands [14] - The development of local policies and infrastructure will be crucial in unlocking the full consumer potential in emerging cities [14]

Core Insights - Jack Ma predicts a "terrifying" business model for China's future, summarized as "explosive product customer acquisition + cross-industry profit model" [1] Group 1: Business Model Insights - The phenomenon of Costco's opening in China in 2019 exemplifies the new business logic where products serve as bait for customer acquisition rather than direct profit sources [2][3] - Costco's pricing strategy, which limits gross margins to below 14%, illustrates the "explosive product customer acquisition" approach, creating a trust trap for consumers [4] - Other examples, such as the low-priced Chongqing Rongchang marinated goose and innovative dessert boxes from Beijing Daoxiangcun, follow the same logic of using extreme value or novelty to attract customers [5] Group 2: Market Challenges - Companies like Hema X and Yonghui have struggled to sustain their business models, highlighting the importance of a strong supply chain to support the "explosive product" strategy [6][7] - The success of Sam's Club in China, driven by its signature products, demonstrates the necessity of robust internal capabilities to achieve significant sales [7] Group 3: Cross-Industry Profit Strategies - The concept of "cross-industry profit" suggests that attracting customers is just the first step; true profit comes from unseen areas, as seen with Costco's role as a major car dealer in the U.S. [8][9] - Domestic electric vehicle companies are adopting similar strategies, focusing on post-sale services like charging, software subscriptions, and financial services as ongoing revenue streams [10] - Platforms like Meituan and JD.com have evolved beyond simple sales, utilizing big data to create a closed-loop service ecosystem that enhances customer retention and long-term value [10] Group 4: Future Business Landscape - The future of competition will focus on building trust through service rather than relying solely on scale and price wars, marking a significant shift in business strategy [10] - Companies that fail to understand this evolving landscape risk being eliminated without realizing who their competitors are [10]

Core Insights - The article discusses the challenges faced by Sam's Club in China, particularly regarding product differentiation and competition from local players like Xiaoxiang Supermarket [4][10][20] - It highlights the significant growth of Sam's Club, with membership surpassing 10 million and annual sales exceeding 140 billion yuan, but questions the value of its membership fees in light of increasing product similarities with competitors [4][6][20] Group 1: Membership and Sales Growth - Sam's Club achieved a milestone in 2025 with membership exceeding 10 million, contributing over 140 billion yuan in annual sales, averaging 13,000 yuan per member [4][6] - The club's membership growth and sales performance indicate a strong market presence, with a 70% renewal rate among core members [6][8] Group 2: Product Differentiation Challenges - Consumers have noted that products available at Xiaoxiang Supermarket are identical to those at Sam's Club, raising concerns about the uniqueness of Sam's offerings [1][10] - The emergence of familiar brands on Sam's shelves has led to dissatisfaction among members who expect exclusive, high-quality products [9][10] Group 3: Supply Chain and Competitive Landscape - Sam's Club's supply chain, once a competitive advantage, is being challenged by competitors who can source similar products from the same suppliers [14][19] - The article suggests that suppliers are diversifying their distribution channels, making it difficult for Sam's Club to maintain exclusivity [14][19] Group 4: Future Strategies for Sam's Club - To maintain its competitive edge, Sam's Club must enhance its private label offerings and ensure deeper product differentiation through exclusive development [21][22] - The company needs to redefine the value of its membership by providing a comprehensive service experience beyond just price advantages [22][23]