Source | Retail Circle ID | retailsphere Author | Shang Zhongyong Three recent major events at Sam's Club China are worth industry reflection and attention, concerning "performance, expansion, and personnel." Behind these phenomena, we may glimpse some deep logic of Sam's Club's development. The latest performance of 120 billion yuan, the expansion of 10+ new stores in a year, a pipeline of 20+ new store projects, and the opening of 500+ front warehouses have all set new records. The sudden appointment of a new top executive has also caused a stir in the industry... Record-Breaking Performance 11-Month GMV Exceeds Last Year's Half-Year Figure Through sources close to Sam's Club, the author learned that as of mid-November, Sam's Club China's full-year GMV has exceeded 120 billion yuan, with pre-tax figures potentially higher. This performance has already surpassed last year's full-year GMV of 100 billion yuan. Last year, online sales accounted for nearly 50% of total sales. In fiscal year 2025 (February 1, 2024, to January 31, 2025), Walmart China's net sales were approximately $20.3 billion (about 147.3 billion yuan), with Sam's Club stores contributing over 100 billion yuan, accounting for more than two-thirds of Walmart China's performance, becoming the main growth driver for Walmart China. With more than a month left until the end of 2025, we can predict that Sam's Club will exceed 130 billion yuan this year with almost no suspense. At the second-quarter earnings meeting, Walmart International President and CEO Kathryn McLay specifically praised the growth of China's e-commerce business: "In China, we have opened 33 new front warehouses and cloud warehouses, bringing the total to 455. These warehouses allow us to deliver products to customers in less than an hour." The front warehouse and cloud warehouse model mentioned here is the core of Sam's Club's differentiation from Costco. This is what we call the instant retail model of "front warehouse + cloud warehouse." The latest data shows that Sam's Club now has over 500 front warehouses, with a monthly repurchase rate as high as 60% and an average order value exceeding 200 yuan. Through front warehouse services, Sam's Club increases the frequency of contact with members, thereby enhancing member stickiness and effectively boosting membership renewal rates. New Stores Break Records: Scale and Efficiency Go Hand in Hand Beijing's largest Sam's Club store officially opened on November 21, 2025, becoming the 61st Sam's Club store nationwide. This year, Sam's Club's store opening pace has entered "rampage mode": Jiaxing Sam's Club opened on March 20, Hefei Sam's Club on April 15, Wuhan Jiangan Sam's Club on May 28, Zhongshan Sam's Club on September 10, Zhangjiagang Sam's Club on October 20, Shenzhen Bao'an Sam's Club on October 31, and Yangzhou Sam's Club on November 12. According to the author, Guangzhou Liwan Sam's Club and Shanghai Pudong East Sam's Club are also expected to open before the end of the year. If the Guangzhou and Shanghai stores open as planned, Sam's Club will have opened a total of 10 stores in 2025, setting a record for the most stores opened in a single year. Previously, the author reported on Sam's Club's new store expansion. In addition to the stores already opened and about to open, 2026 will also be a harvest year for new Sam's Club stores. Wuxi Huishan Sam's Club, Wuxi Jiangyin Sam's Club, Suzhou Wujiang Sam's Club, Zhejiang Taizhou Sam's Club, Foshan Chancheng Sam's Club, Dongguan Houjie Sam's Club, Shijiazhuang Yuhua Sam's Club, Qingdao Sam's Club, Jinan Sam's Club, Foshan Shunde Sam's Club, Tianjin Dongli Sam's Club, Tianjin Hongqiao Sam's Club, Zhengzhou Zhengdong New District Sam's Club, Beijing Fangshan Sam's Club, Beijing Tongzhou Sam's Club, Xi'an Yanta Sam's Club, and 17 other stores are in various stages of construction. Many projects have already topped out, some have begun mechanical and electrical work, and some are about to undergo completion acceptance. Stores like Qingdao and Jinan have already started recruiting employees. At least 10 of these stores will open in 2026, setting a new record for store openings. Sudden Appointment of Top Executive: Unexpected but Reasonable Walmart China announced on October 27 that Liu Peng has joined Walmart China as President of Sam's Club, reporting directly to Walmart China President and CEO Zhu Xiaojing, effective immediately. Jane Ewing, Acting President of Sam's Club, will return to Walmart International after her expatriate assignment and acting duties conclude as scheduled at the end of this year. In November last year, Walmart China announced that Andrew Miles, Vice CEO of Walmart China and President of Sam's Club, would retire on January 31, 2025. Miles joined Walmart China in 2012 as COO of Sam's Club, was promoted to President of Sam's Club in 2017, and served as Vice CEO of Walmart China and President of Sam's Club since 2020. This is the first change of leadership at Sam's Club China in nearly 13 years, and the first time a Chinese national has taken the top position. In September last year, Zheng Shuohuai was transferred to the position of Senior Vice President of Walmart China and concurrently COO of Sam's Club. After taking on the new role, he also continued to lead the Sam's Club membership team. Andrew Miles served as COO of Sam's Club China in 2012. Zheng Shuohuai made outstanding contributions to Sam's Club China's new store development and cloud warehouse network expansion. Logically, after Jane Ewing, the Senior Vice President of Operations from Walmart International who was appointed last year, leaves, Zheng Shuohuai would naturally take over. Now, the sudden appointment of an executive from Alibaba has indeed drawn criticism from the industry, with some consumers even calling for the "Alibaba-appointed executive" to step down. But if we consider this from Sam's Club China's perspective, Liu Peng seems to be the best choice. An executive with Alibaba's e-commerce background fits Sam's Club's needs for managing its "front warehouse + cloud warehouse" instant retail business. Public information shows that Liu Peng previously worked at Alibaba Group, serving as General Manager of Tmall Global, President of Tmall Import and Export Business, Vice President of Alibaba Group and President of B2C Retail Business Group, and President of Taotian Group's Brand Business Development Center. Before joining Alibaba Group in 2015, Liu Peng held various leadership positions at Goodbaby China, Media Markt China, Suning Appliance, and Haier Group, covering procurement, marketing, and other fields. With years of experience in physical retail and e-commerce, Liu Peng's rich supply chain resources may bring new opportunities to Sam's Club, which is currently embroiled in a "product quality downgrade" controversy. This sudden appointment is both unexpected and reasonable.