BJ's Wholesale Club membership rates will increase starting in January.
BJ's Wholesale announced Thursday that the company plans to increase standard memberships in its warehouse stores to $60 a year and premium Club+ memberships to $120 starting Jan. 1.
These price increases are the first in seven years and represent an increase of $5 and $10, respectively, from current membership prices.
“Since our last membership fee increase, we have transformed our business with a relentless focus on delivering value to our members,” BJ's Wholesale said, adding that the retailer is offering membership cardholders “an even stronger He added that this will enable “investment in new value propositions.”
The move follows that of competitor Costco, which implemented its own price increases in September.
BJ's Wholesale said it had 7.5 million members at the end of the third quarter.
BJ's Wholesale's dues brought in approximately $339.49 million in the first three quarters of this year, including $114.98 million in the third quarter.
Membership fee revenue accounted for 2.1% of the $14.61 billion in total revenue BJ's Wholesale reported in the third quarter.
The company's net sales accounted for the majority at $14.3 billion.
The more expensive Club+ membership comes with additional benefits compared to the standard membership, such as cashback benefits and fuel discounts.
BJ's Wholesale says Club+ members will receive two free same-day deliveries in January on eligible orders of $50 or more per membership period.
