---
title: "Everyone Is Learning from Sam's Club, but There Is No Secret"
description: "In 2015, a new retail war broke out in China. On one side were traditional supermarkets like Yonghui, RT-Mart, and Carrefour with hundreds or thousands of stores; on the other were Hema, JD 7Fresh, and Miss Fresh backed by internet capital and technology. Eight years later, the retail brand most closely associated with China's 70 million middle-class consumers is none of the participants in that battle, but Sam's Club, which was ignored by everyone at the time."
author: "晚点团队"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
telephone: "+8615854817671"
published: "2023-09-10"
language: "en"
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---

# Everyone Is Learning from Sam's Club, but There Is No Secret

> In 2015, a new retail war broke out in China. On one side were traditional supermarkets like Yonghui, RT-Mart, and Carrefour with hundreds or thousands of stores; on the other were Hema, JD 7Fresh, and Miss Fresh backed by internet capital and technology. Eight years later, the retail brand most closely associated with China's 70 million middle-class consumers is none of the participants in that battle, but Sam's Club, which was ignored by everyone at the time.

In 2015, a new retail war broke out in China. On one side were traditional supermarkets like Yonghui, RT-Mart, and Carrefour with hundreds or thousands of stores; on the other were Hema, JD 7Fresh, and Miss Fresh backed by internet capital and technology. Hema and its backer Alibaba Group were confident at the time, expecting that internet-driven new retail would reshape the industry and become the go-to destination for China's middle class.
**Now, eight years later, the retail brand most closely associated with China's 70 million middle-class consumers is none of the participants in that battle, but Sam's Club, which was ignored by everyone at the time.**
According to the author's understanding, as of the end of 2022, Sam's Club operated 42 stores in mainland China with revenue of approximately 66 billion yuan—more than Hema Fresh, which has over 370 stores.
Five million Sam's members pay at least 260 yuan annually, and last year they contributed an average net profit of 1,800 yuan per member. Xiaomi would need to sell 15 phones to generate the profit of one Sam's membership card. (Note: Walmart China declined to comment on these figures.)
It wasn't that those big companies underestimated Sam's. Sam's first two decades in China were virtually silent. It came to Shenzhen in 1996 with Walmart's hypermarkets, and for the next 20 years, it opened stores in only a handful of cities, with most underperforming and at one point nearly going bankrupt. Outsiders only mentioned Sam's when arguing that Walmart was not adapting well to China.
**When the debate over retail philosophy, routes, and models was most heated in the Chinese market, no company regarded Sam's as a reference. It was only during the three years of the pandemic that Sam's stood out.**
Internet companies eyeing the fresh food retail market are generally learning from Sam's.
Hema's recent "Price Mountain Move" promotional series has been widely discussed on social media. The author understands that **this is not just a short-term promotion. Hema hopes to use this to force product teams and suppliers to reform together, improve efficiency, and lower costs through economies of scale.**
As early as 2020, Hema's senior management regarded Sam's as its most important competitor, establishing "X Membership Store" in July of that year, replicating Sam's model.
Since then, Hema has been learning from Sam's in many ways, including producing more private-label products and replicating Sam's bestsellers: Swiss rolls, roast chicken, durian mille crepe cake, etc.
Over the past few years, internet platforms JD.com, Meituan, Alibaba's Tmall, and traditional retailers Yonghui, Metro, and RT-Mart have all specifically studied Sam's Club. According to incomplete statistics, 12 companies have opened membership stores or warehouse stores similar to Sam's, including RT-Mart, JD.com, Metro, and Yonghui.
As Chinese internet companies no longer chase the broadest audience and highest sales, they generally "reduce costs and increase efficiency," hoping to profit from the Chinese middle class that still has considerable purchasing power.
**The competition in retail has shifted from traffic to products and details, and big companies have encountered a tough opponent.**
**Give the poor choices, help the middle class choose**
**Before the internet industry talked about "traffic," supermarkets had already turned retail into a traffic business and pushed it to the extreme.** Starting in 2002, for a brand to get a product onto Carrefour China's shelves, it first needed to pay an entry fee; to get better positions, brands also needed to pay stacking fees, promotional fees, festival fees, anniversary fees, and a series of other sales fees. A supermarket buyer with over a decade of experience described his job as a highway toll collector. These toll collectors were even more powerful; they controlled the fate of hundreds of products. How much to charge, who gets listed, who gets delisted, and how to display directly affected a product's life cycle and sales performance. **When supermarkets primarily sell consumer attention, they naturally no longer pursue whether a product suits consumers, but who is willing to pay the highest fee.** A typical hypermarket crams in 20,000-30,000 SKUs, encouraging brands to bid. Brands spend more on advertising in supermarkets, and ultimately these costs are added to product prices, paid by consumers.
Taobao and JD.com destroyed the supermarkets' profit-making magic. E-commerce shelves are infinitely large, allowing more brand competition. They also have more flexible advertising display spaces, making the traffic business more extreme and faster than traditional supermarkets. After 2015, Walmart, Carrefour, Yonghui, etc., successively entered a wave of store closures.
Sam's Club and Costco, membership-based warehouse supermarkets, are among the few retail formats immune to e-commerce impact. They tried another possibility—charging consumers membership fees directly (minimum 260 yuan per year) so that consumers don't have to bother choosing. Each company offers 4,000 products. A 20,000-square-meter mega-supermarket offers a product selection comparable to a 7-Eleven, only one-fifth of a traditional supermarket.
For refrigerated fresh milk, Hema's shelves offer nearly 30 options, JD 7Fresh over 40. Sam's has only three. Sam's expects consumers not to spend time picking products but to trust that the supermarket provides the most suitable choices.
Not just curated products. When necessary, warehouse stores also make their own products. Costco and Sam's private labels, Kirkland and Member's Mark, target categories with high distribution costs, intervening in every link of the supply chain, controlling gross margins, and pushing prices lower. Costco can control gross margins around 17%, enough to cover logistics, store management, and personnel costs, while profits come from membership fees. In the U.S., Sam's Club's gross margins are comparable to Costco's. But in China, due to lack of competition, Sam's can achieve higher profit margins. Even surrounded by competitors, Sam's still has quite prominent competitiveness in China. The author learned from multiple Sam's and Walmart China insiders that Sam's members spend an average of 13,000 yuan per year, with an annual renewal rate stable above 60%.
**Not the best, not the worst**
**Be the most cost-effective** This is the truth of Sam's logic: **not just "curated products," but also "value-for-money experience."** The product that best represents Sam's might be the Swiss roll, a cream-filled cake with clean ingredients and European imported animal cream. But its biggest advantage is price—a large box of 16 slices, available in original and Earl Grey flavors, costing less than 4 yuan per slice. A Starbucks Swiss roll costs as much as 8 slices at Sam's, and most bakery brands price Swiss rolls above 10 yuan per slice. After its launch in 2019, Sam's Swiss roll quickly became a hit due to its absolute cost-performance advantage, accounting for 8%-10% of monthly sales in some stores, with annual sales reaching over 1 billion yuan. Today, on average, 1,000 Sam's customers take away 300 boxes of Swiss rolls. Yonghui and Hema Fresh both launched similar products after Sam's Swiss roll success, priced higher than Sam's, but failed to replicate its popularity. A Yonghui insider told the author that to use the same ingredients as Sam's Swiss roll and ensure sufficient profit, the price would need to be at least 30% higher. Some higher-priced bakery brands use vegetable cream, while Sam's Swiss roll uses animal cream and ensures no artificial flavors in the baking premix. A baking R&D head at a new retail brand concluded after studying Sam's products: **not making the best, not making the worst, but within a price range, the highest quality and most cost-effective product.**
Part of the cost-effectiveness comes from portion size: large packaging, high unit price, low average price. Most Sam's products are suitable for families of three or more. A box of Swiss rolls with a 3-day shelf life has 16 slices; a box of mochi with the same shelf life has 24 pieces. The smallest portion of chilled steak delivered to your door is 800g, usually enough for two meals for two people. Australian imported chilled steak over 200 yuan, a whole piece of salmon belly, a whole black pork rib, and various hot foods and bakery products. Consumers shopping in stores spend an average of over 1,000 yuan per visit. Although the total price is high, customers cannot resist the high cost-performance. Sam's chilled beef and salmon are priced the same as competitors' frozen products of the same grade. Large-pack fresh food and groceries also have a competitive average price. Sam's 4,000 SKUs can be roughly divided by category: fresh food 40%-45%, dry goods about 30%, non-food about 30%. Internally, Sam's divides these products into four categories:
> Potential products: new products with excellent repurchase and penetration rates after launch, receiving more resource support; Structural products: essential products in each category, such as U.S. Prime beef and Norwegian chilled salmon; Core products: products with stable sales exceeding 100 million yuan over the long term, such as Swiss rolls and mochi; Limited products: seasonal products like mooncakes and zongzi.
**In product selection, Sam's follows the principle of "wide SPU, narrow SKU," meaning rich categories but only a single-digit (usually 1-3) product choice per category. Supermarkets and new retail channels can offer dozens of different choices. Sam's makes trade-offs in categories to ensure scale.**
**To achieve cost-effectiveness, what matters more is what not to do.** Sam's focuses on beef in meat, rather than pork, which is the main meat consumed by Chinese people. This is based on two judgments: first, Sam's has a global supply chain advantage that competitors rarely have. Walmart's global supply chain and the supply chain and cold chain logistics infrastructure of over 800 Sam's Club stores allow Sam's to purchase whole cattle for cutting, giving significant advantages in product price and logistics costs. Second, Sam's judges that Chinese pork consumption has gradually peaked, and people will consume more other meats in the future, so Sam's no longer further develops the pork category, instead cooperating with domestic pork enterprises.
Some categories are abandoned by Sam's. New retail channels like Hema offer the liveliest seafood, but Sam's only lists frozen or chilled seafood. Sam's has explained that live seafood is prone to death, disease, and secondary contamination during transport and temporary rearing, making it difficult to guarantee nutritional value and flavor. Not doing live seafood is also for cost-effectiveness. From catch to store, keeping fish and shrimp alive requires huge logistics costs, high loss rates, and inevitably higher prices. A 2-3 kg king crab typically costs $30-50 (218-363 yuan) at purchase, and after several air transports, the price in the domestic market rises several times. At Hema Fresh stores, a live king crab usually sells for over 1,000 yuan. Sam's blanches and freezes the crab after catching, ships it to China by sea, and sells it for 300-500 yuan. Similarly, due to lack of price advantage, brands that have emerged in various new retail channels and are loved by the middle class in recent years, such as Asahi Yuki milk, Huang Swan eggs, Dassai ice cream, and Chobani Greek yogurt, will not appear on Sam's shelves. Sam's has only three fresh milk options: 20.9 yuan for 2L MM fresh milk, 39.9 yuan for 900ml x2 Juan Shan milk, and 49.9 yuan for 240ml x6 MM organic high-calcium milk, with suppliers being Mengniu, Guangming, and Shengmu Organic respectively. Each choice is much cheaper than Asahi Yuki, which costs over 40 yuan per liter. All three products are custom-made for Sam's by suppliers, meeting both Chinese and EU standards (EU standards have higher protein content than national standards, and lower raw milk bacterial count and somatic cell index). For eggs, Sam's only has ordinary eggs at 0.8 yuan and 0.9 yuan each, and grain-fed eggs at most 1.9 yuan each, only in packs of 30 and 60, rather than the various pack sizes of 2, 6, 10, 15, 30 offered by new retail brands. Most of Sam's fresh products are not suitable for singles or two-person families, and have long been criticized. But Sam's rarely compromises. These are choices for repurchase and economies of scale. An industry insider believes that Sam's clearly recognizes that only by giving up part of the market can it achieve scale and cost-effectiveness. At the same time, this is also a way to screen customers—families with larger households will obviously repurchase more fresh food. A former Sam's buyer told the author, **a good product with too high a price often leads consumers to only try it occasionally, not repurchase continuously, and thus cannot bring economies of scale.** Sam's generally does not choose such products.
In warehouse membership stores, procurement of most products is not just signing a purchase agreement. If Sam's procurement team judges that a product is worth developing/introducing, they will try to negotiate with the industry's No. 1 company, attempting to get the lowest price through economies of scale. If they cannot get a satisfactory price, they give up the No. 1 and look for the No. 2, No. 3, or mature companies in adjacent industries, with Sam's redefining standards and cooperating to produce affordable alternatives. When developing products, consumption scenarios and life cycles are considered more upfront by Sam's. Sam's chooses not to do short-shelf-life, seasonal products; the product life cycle should be more than a year, allowing more people to buy and consume. In early research, products like mochi and Swiss rolls were perceived by consumers as both snacks and breakfast options. Based on this, they received greater support and later became bestsellers, helping Sam's retain old users and attract new ones. When consumers gradually trust Sam's as a channel, it begins to make more complex products, stripping away brand premiums. The most typical examples are red wine and whiskey, categories where prices are determined by brands. Sam's directly produces exclusive products by acquiring wineries in production areas or signing large purchase agreements. In the same production area, some winery brand red wines, after passing through "agents—multi-level distributors" networks, reach e-commerce channels at prices of 200-300 yuan. On e-commerce platforms, 18-year whiskey prices are generally above 1,000 yuan, while Sam's can control them at 100-200 yuan, with whiskey prices around 500 yuan. Sam's annual sales of over 60 billion yuan are only 1/125 of Alibaba Group and 1/50 of JD.com in scale, but it has only 4,000 products. In some categories and styles of middle-class consumption, Sam's already has scale advantages, and even daily chemicals and appliances are mostly lower than Tmall and JD.com.
**The simplest and most difficult thing**
The retail industry hardly has any secrets. Customizing a snack or beef is far less complex than designing a chip or building an e-commerce platform used by 300 million people. **Whether it's Sam's or other retailers' success, it's nothing more than making better things at the lowest possible cost and selling more. Ultimately, using scale advantages to gain pricing power, expand price advantages, and make it difficult for competitors to surpass.**
The basic recipe for Sam's Swiss roll is not original to Sam's. It was first recommended by supplier Enxi Village. Sam's adjusted the recipe, including changing vegetable cream to better animal cream, removing artificial flavors, and using cleaner baking premix. After ensuring the raw material quality was better than competitors and the price had a clear advantage, the Swiss roll was approved and mass-distributed. For both cost and quality considerations, Sam's imposes raw material management requirements on suppliers, such as using animal cream for bakery products, high-protein, low-ash flour (the lower the whole wheat content, the better the flour quality), and imported butter. As long as raw material quality meets standards, suppliers can choose their own raw material brands to reduce costs.
The product that best represents Sam's business philosophy and advantages is its private label Member's Mark, which currently accounts for 25%-30% of all Sam's products and contributed about 40% of Sam's China revenue in 2022. Member's Mark follows two logics: **for products without clear industry standards, Sam's defines the standards and produces; when a link in the external supply chain has too much profit, to give members the best value, Sam's chooses to develop private label.**
Internally, Member's Mark and other products are also called "heart-selected products." The product team conducts multiple rounds of targeted bidding and screening for quality and cost, undergoes multiple product assessments, and is blind-tested, improved, and developed by headquarters. The procurement department uses research data to reverse-engineer cost structures and requires supply chains/production lines to cooperate in improvements to meet standards. Each new product must finally be approved by Sam's China CMO before signing an exclusive sales agreement and mass production and listing. Sam's China CMO oversees procurement and marketing. These two departments cooperate to bring a product to life. The merchandise department is responsible for market analysis, user research, and consumption trend research, deciding which products to make. The procurement department evaluates and demonstrates the extent to which Sam's can improve quality and reduce prices, and whether it has advantages over others. The two departments collaborate and check each other, trying to balance small innovations and trial and error.
**After a product hits the shelves, the most important thing is continuous improvement: how to further improve quality, or further reduce prices while maintaining quality.** Sam's China not only uses domestic supply chain resources but also seeks optimal solutions globally. Sam's Member's Mark butter croissant, a pack of 18 for 33.8 yuan, was originally produced by supplier Aokun in China. In 2022, Sam's moved production to Europe because European factories source croissant butter from the French AOC region at lower costs and with better quality. Today, this product is produced in Europe as frozen dough, shipped to China by container, and then sent to stores for thawing and baking.
Product listing is not the end. When a product reaches a certain scale, Sam's procurement team continues to work with suppliers to improve and increase efficiency to save costs and provide more advantageous products. "They have microscopes in their eyes," a supplier insider commented on Sam's procurement. The buyers he dealt with were all very professional, highly sensitive to costs, and familiar with processes from raw materials to production. He once led a procurement representative on a factory tour, and within just over an hour, the representative quickly calculated a cost model of "raw materials + loss + logistics + fulfillment + supplier profit + packaging" and proposed which links could be improved to demand further price reductions.
"Not afraid of trouble, can toss around" is another supplier insider's impression of Sam's procurement team. When Sam's was looking for a supplier for Member's Mark crayfish, most brands and OEMs used boiling. Sam's wanted to use frying and liquid nitrogen quick-freezing to preserve freshness and enhance flavor. To this end, Sam's negotiated with a leading brand for months, and after failing to get an ideal price, Sam's found another factory to OEM—that factory soon poached the R&D head from the aforementioned brand company.
Many products without the Member's Mark label have also adjusted their recipes at Sam's request, differentiating from other channels. Baman signature beef rice noodles were listed at Sam's this year, with four more seasoning packets than versions sold on JD.com and Hema, and more beef. Suppliers are willing to cooperate with Sam's to continuously improve products and reduce costs because they may receive more orders; sometimes a successful single product can bring sales of over 100 million yuan. This process also helps suppliers improve their capabilities. Sam's treats suppliers with strict review and approval in the early stage, then full trust and long-term cooperation. Compared to some brands and supermarkets that choose multiple suppliers to save costs, Sam's prefers to give orders to large suppliers rather than seeking cheaper new ones. Each product must ensure economies of scale, optimal cost, and stable output. Suppliers willing to meet Sam's needs, continuously improve, and provide stable supply over the long term, once reaching a certain production scale, become strategic suppliers and receive more orders and opportunities. Most of the dozens of bakery products supplied to Sam's Member's Mark come from Enxi Village and Aokun Foods, which have cooperated with Sam's/Walmart for over a decade. In 2022, Aokun and Enxi Village supplied Sam's with over 700 million yuan and 1.5 billion yuan respectively.
A senior executive at a new retail membership store believes that an important reason why most membership stores find it hard to catch up with Sam's in products is the lack of Sam's international supply chain foundation and long-accumulated R&D-oriented supply chain. **From raw material selection to production processes, Sam's controls costs and quality at every link. In product development, Sam's can bring raw material manufacturers and factories to the same negotiating table, investing for the ultimate greater common interest.** Today, Sam's has reserved over a hundred strategic suppliers like Aokun and Enxi Village. Based on common interests, suppliers are willing to spend millions or even tens of millions of yuan annually on market research, technology improvement, and equipment updates, just to create more new specialty products and more cost-effective products.
Competitors are still at an earlier stage. They still need to convince more consumers to pay membership fees instead of going to Sam's. Most consumers will not pay to be members of multiple supermarkets at the same time. Hema, with the largest membership base outside Sam's, currently has nearly 3 million people paying at least 258 yuan annually. But Hema Fresh and Hema X Membership Store, similar to Sam's, share these members. Hema Fresh must provide additional discounts to paid members, free daily items, and 365 times of free delivery without threshold—258 yuan annual fee can hardly provide much profit. A person close to Hema believes that the business logic of X Membership Store and fresh food stores also conflicts. Hema Fresh wants to provide the fastest half-hour fresh delivery, no need to stock up, no need for a refrigerator; X Membership Store wants consumers to visit the store, taste, enjoy various services, and stock up with a large refrigerator. Under one system, the two businesses trade off.
**Waiting for a historic opportunity**
In 1996, when Walmart brought Sam's to China to open its first store, China's retail industry was just starting. Most Chinese had not yet visited supermarkets, seen such a dazzling array of products, or had the habit of paying membership fees first. In the first decade or so, Sam's Club had only a few stores. After multiple openings and closures, Sam's once wanted to give up the membership warehouse model, trying to increase SKUs to over 10,000 and return to traditional hypermarkets like Walmart. Walmart headquarters even considered giving up Sam's Club business in China.
Sam's China's decline began to improve in 2016, almost simultaneously with internet companies rushing into new retail. After multiple management changes, Sam's reduced SKUs back to around 4,000 and continued to adhere to the membership-first curated retail model. Sam's began opening stores in more cities, adding nearly 30 in 7 years. The improvement in Sam's operations is directly related to China's economic development. In 1996, China's per capita GDP was only $709. In 2019, China's per capita GDP exceeded $10,000 for the first time, creating 70 million middle-class consumers with purchasing power and willingness. The lifestyles and consumption habits of middle-class consumers in first- and second-tier cities are also closer to the middle class in Sam's home country. Sam's China waited over 20 years for this day. Today, nearly half of the top 10 Sam's Club stores globally by sales are in Shenzhen, Shanghai, Beijing, etc. Shenzhen Futian store became the global single-store sales champion in 2008 and has ranked first for 15 consecutive years, with revenue exceeding 3 billion yuan last year, equivalent to 27 Yonghui supermarkets.
**If it only provided high cost-performance products and required customers to come in and push carts, Sam's would not capture such a huge dividend. Chinese competitors helped it complete the transformation to new consumption.** In 2016, Walmart strategically invested in JD.com and subsequently co-invested in JD Daojia. The two sides signed a strategic cooperation agreement, Sam's opened an official flagship store on JD.com, some products entered JD's self-operated warehouses, achieving next-day delivery in most regions. When Miss Fresh and Dingdong Maicai were setting up front warehouses nationwide, Sam's also began setting up front warehouses, exclusively delivered by JD's Dada. In major urban areas of multiple cities, Sam's can now achieve 1-hour delivery to home. Of the 2 million orders Dada delivers daily, nearly 400,000 come from Sam's. In 2022, Sam's e-commerce delivery orders grew over 300%, with more than half of daily orders coming from front warehouses. During the same period, Hema X did not set up front warehouses, only offering 5-kilometer instant delivery from stores and 20-kilometer next-day delivery. Costco has only recently started testing next-day delivery and does not offer instant delivery. For the vast majority of Chinese middle-class consumers, even in Shanghai, where competitors are dense, Sam's is the most convenient warehouse membership store. According to media reports, Walmart China CEO Zhu Xiaojing said at an internal meeting in February this year that Sam's far surpasses competitors in China's membership supermarket market. The only possible competitor to Sam's is Hema, because Hema has accumulated some experience in the food supply chain. Sam's moat is the 4,000 products adjusted over more than 20 years, the store and front warehouse delivery network in more than 20 first- and second-tier cities, and over 5 million paid members. New consumption competitors can easily improve a few dozen products and start price wars, but it is difficult to compete with Sam's across all 4,000 products.
The competition between Sam's and Costco is about speed. Costco is the world's largest warehouse membership store, far exceeding Sam's in scale. It opened its first physical store in Shanghai in 2019, with revenue higher than Sam's average. **Costco pursues extreme cost-performance more than Sam's**, and it buys land and builds its own buildings to reduce long-term costs. But it currently has only 3 new stores under construction, while Sam's has at least 15 in preparation. Sam's hopes to enter every city with purchasing power before Costco expands. Costco still only offers next-day delivery, preferring consumers to shop in stores to save delivery costs, but this also limits its user base. In the short term, Sam's bigger opponent is itself. In a market without full competition, can it resist the temptation of high profits—whether to pursue higher profits or adhere to low gross margins and pursue long-term membership value. Today, Sam's already has scale advantages in the same format. If it pushes prices to the extreme, competitors will find it harder to catch up. Multiple informed sources told the author that Sam's bakery category gross margins can reach 20%-25%, and some exclusive products may have gross margins as high as 30%. Costco globally adheres to a 17% gross margin.
Sam's extra profit margin is the growth opportunity for competitors.


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