1、31 July 2024Deutsche BankResearch North America United States Consumer Retailing/Department Stores&Broadlines Industry Warehouse Club Pricing Study Date Industry Update COST Maintains First Place,While BJ and Sams Club Fine Tune PricingWe are updating our proprietary pricing study,in which we ag

2、gregate pricing data on a representative basket at warehouse clubs,and track pricing over time.COST was best priced in the club channel in June for the second consecutive visit,highlighting its ability to leverage vendor relationships and commitment to pass on savings to members.BJ appeared focused

3、on winning in key items.Sams Club demonstrated its vendor influence by featuring permanent price reductions.COST and BJ lowered prices in June vs.April,while Sams Club increased modestly.Summary:1)COST led in price for the second consecutive visit;2)all clubs are still showing modest levels of infla

4、tion YOY;3)COST continues to focus on instant savings offers;4)Sams Club featured permanent price reductions on several items;5)BJ led in pricing for protein;and 6)BJ held or lowered prices on most items compared with April.Our Key Takeaways:n1)COST led in price for the second consecutive visit.In J

5、une,COST led in pricing,with an average advantage of 740 bps vs.Sams Club and BJ.This marks the second consecutive visit with COST on top,after taking the lead from Sams in April.Specifically,COST led Sams by 640 bps and BJ by 870 bps.Sams led BJ in pricing,with a 330 bps advantage.n2)COST and BJ lo

6、wered prices in June vs.April.Prices in our COST basket decreased-2.2%sequentially,following a-3.5%sequential decrease in April(vs.February).We note that in June we captured eight instant savings items at COST vs.six in April.BJ sequentially lowered prices by-0.7%,whereas prices were flat in April.O