Re evaluate the business logic of membership based supermarkets

The opening customer released financial data for the 2026 fiscal year, with annual revenue exceeding $300 billion for the first time, net profit increasing by 13.9% year-on-year, and membership fee revenue reaching $5.907 billion. Against the backdrop of weak growth in traditional supermarkets, their business models have shown some resilience. The overall gross profit margin is controlled within the range of 11% to 14%, and the focus of profitability has shifted from product price differences to membership fees. SKU has been streamlined to 4000 to strengthen bargaining power. The membership renewal rate has remained above 90% for a long time, and unconditional returns and low-priced fresh food subsidies constitute service barriers. Analysis shows that opening customers exchange low gross profit for high membership stickiness, using products as a medium to maintain membership relationships, providing a long-term business reference for the retail industry.