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Warehouse chains like Costco, Sam’s Club, and BJ’s Wholesale have been growing in recent years. Last month, BJ’s announced it will add 25 and 30 stores over the next two fiscal years, respectively. Costco, meanwhile, has plans to open about 28 stores during its current fiscal year (including three relocations), the retailer’s CEO Ron Vachris said during a March earnings call.
Now, it’s Walmart-owned Sam’s Club’s turn. On Wednesday, at the 42-year-old company’s investor day, CEO Chris Nicholas said the warehouse chain is planning to open 15 clubs per year, indefinitely, and will renovate all of its U.S. locations (approximately 600), per CNBC.
While tariffs caused the stock market to plunge, it’s also changing how consumers (and companies) plan to spend. But, in 2021, KK Davey, president of strategic analytics at market research firm IRI, told CNN that warehouse clubs “gained quite a bit of share” during the pandemic, “and continue to.”
“Lots of members have signed up,” Davey said. “Once you’re in the club, you continue to buy.”
Related: Fans of Costco’s $1.50 Hot Dog Combo Are In for a Big Surprise
Due to their focus on low prices and bulk goods, Nicholas told CNBC that he expects demand for Sam’s Club to continue, despite the current economic climate.
“In times of plenty, we do well. But in tough times, we do really well,” Nicholas said.
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