BJ's Wholesale Club Holdings Inc (NYSE: BJ) is a membership warehouse club retailer that operates large-format, high-volume clubs concentrated in the eastern United States. The company makes money through two streams: annual membership fees paid by members for access to the clubs, and merchandise sales across groceries, general merchandise, gasoline, and ancillary services. Membership fee income totaled $499.8 million in fiscal year 2025 (52 weeks ended January 31, 2026), and the tenured membership renewal rate was 90% at the end of fiscal year 2025. BJ's operated 263 clubs and 199 gas stations across 21 states as of January 31, 2026, competing against other warehouse club operators. Founded in New England in 1984, the company has grown membership fee income for over 25 consecutive years, serving more than 8 million members paying either $60 per year for Club membership or $120 per year for Club+ membership as of fiscal year 2025.

Revenue model

Dual-stream model: annual membership fees ($60 for Club, $120 for Club+, raised from $55 and $110 effective January 1, 2025) plus merchandise and gasoline sales. Membership fee income was $499.8 million in fiscal year 2025. Private label brands Wellsley Farms and Berkley Jensen represented approximately 27% of total net sales excluding gasoline in fiscal year 2025.

Products and services

Groceries and fresh foods, general merchandise, gasoline (199 stations as of January 31, 2026), and ancillary services. Private label brands include Wellsley Farms and Berkley Jensen. Digital channels include bjs.com, a mobile app, BOPIC (buy online, pick up in club), curbside delivery, same-day delivery, and ship-to-home. The company also accepts manufacturer coupons and offers a co-branded credit card.

Customers and end markets

Individual and household consumers paying annual membership fees. Over 8 million members as of the filing date. Members are primarily in the eastern United States. The membership base spans both Club ($60/year) and Club+ ($120/year) tiers, with higher-tier penetration growing in fiscal year 2025. Tenured membership renewal rate was 90% at end of fiscal year 2025.

Value-chain role

Retailer and direct importer. BJ's procures merchandise directly from manufacturers, routes goods through company-operated distribution centers that ship to individual clubs generally within 24 hours, and sells directly to end consumers. Merchandise is displayed on pallets in large quantities to reduce labor costs for handling and stocking.

Geographic exposure

21 states as of January 31, 2026, concentrated in the eastern United States. 263 clubs ranging from 44,000 to 177,000 square feet. In its originating New England market, BJ's operates nearly three times the number of clubs compared to the next largest warehouse club competitor.

Competitors

Costco, Sam's Club, traditional supermarket competitors

Source: SEC 10-K, filed 2026-03-12

Industry: Retail-Variety Stores Peers: Costco Wholesale Corp PriceSmart Inc Walmart Inc