Sam’s Club plans to open about 15 new stores annually in the coming years while remodeling all of its roughly 600 locations across the U.S., company CEO Chris Nicholas said at an investor day Wednesday.
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The Walmart-owned retailer aims to double its membership over the next eight to 10 years with the boost from the new locations, Nicholas said.
This represents an escalation to existing growth plans. Sam's Club announced in 2023 that it would open roughly 30 new stores in the country over the next five years.
The announcement comes as President Donald Trump's tariffs have rocked markets and heightened uncertainty around price increases. Others in CRE have said they are taking a wait-and-see approach surrounding future investment as their impact on the economy resolves.
Nicholas told CNBC that he’s confident demand for Sam’s Club will remain even in a difficult economic landscape. The bulk retailer can become yet more relevant in challenging times because of its focus on saving consumers money, he said.
“In times of plenty, we do well. But in tough times, we do really well,” he told the outlet.
Sam’s Club will open three new stores by the end of its fiscal year in Grapevine, Texas; Tempe, Arizona; and Lebanon, Tennessee. The retailer aims to start work on seven additional locations that won’t open this fiscal year as it accelerates toward its new annual pace.
Nicholas didn't disclose how much the expansion plans will cost.
The company expects to take advantage of strong sales performance since the pandemic.
Net sales for Sam’s Club totaled $90.2B in the most recent fiscal year that ended in late January, about a 53% jump from the prepandemic fiscal year that ended in early 2020.
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