New York (CNN Business)Add a Sam's Club membership to the list of subscriptions that are getting more expensive.
The warehouse club, owned by Walmart (WMT), announced Wednesday that it's raising its annual membership fee by 11% — from $45 to $50 — beginning in October. It's the first change to the fee in nine years.
The cost of a premium membership plan will also increase from $100 to $110 for the first time since the plan was introduced in 1999.
Sam's Club said it will offer $5 in rewards to shoppers with a basic membership and $10 to premium customers as a perk for renewing after the price hike goes into effect.
A regular membership at rival Costco (COST), the largest warehouse club, costs $60. Costco typically raises the price of a membership about every five years. Its last hike was in 2017.
Warehouse clubs gained market share during Covid. More consumers were buying online during the shutdown as fear of catching the virus kept many shoppers away from crowds.
Sam's Club and BJ's even added same-day curbside pickup for customers who bought online. Club stores gained 0.5% of market share in 2020 and 0.5% in 2021, adding up to around $16 billion, according to IRI data. They have also had the fastest sales growth in 2021 compared to 2020 among all retail channels.
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September 01, 2022 at 04:21AM
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Sam's Club is raising its membership by $5 - CNN
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