BJ's Wholesale Club operates membership-based warehouse clubs concentrated in the eastern U.S., with 263 large-format locations across 21 states. Members pay an annual fee — $60 for a standard Club membership or $120 for Club+, which includes cash back and gas discounts — to access groceries, fresh foods, general merchandise, and fuel at prices BJ's argues are up to 25% below traditional supermarkets. BJ's makes money two ways: membership fee income (roughly $500M annually, growing for over 25 consecutive years) and merchandise and fuel sales. The membership fee structure is critical because it allows BJ's to price merchandise near cost while still generating profit. Merchandise mix skews heavily toward consumables, and private label brands (Wellsley Farms and Berkley Jensen) represent about 27% of merchandise sales, carrying higher margins than national brands. BJ's also operates 199 gas stations priced below local averages, serving as a value draw rather than a profit center. BJ's growth strategy centers on new club openings — 14 in FY2025, its highest ever — geographic expansion including a new entry into Texas, higher-tier membership penetration, and digital fulfillment, which reached 16% of total sales in FY2025. Club+ and co-branded Mastercard members represent 42% of members but 52% of merchandise spend, making tier mix a key revenue lever. BJ's differentiates from Costco and Sam's Club by accepting manufacturer coupons and offering broader digital fulfillment options.