Warehouse store chain BJ's Wholesale Club is raising its membership fees for the first time in seven years announced On Thursday.
It says that starting January 1, 2025, BJ's will increase the cost of its basic membership plan by five bucks to $60, and its Club+ plan by $10 to $120. The company said the higher fees will let it “invest in an even stronger value proposition for its 7.5 million member base, which continues to grow.”
Annual fees are a profit center for the company, generating $115 million in revenue, or 8.4% more than a year ago.
The move follows a similar move by BJ's larger competitor Costco, which raised its basic in September Membership Fee $65 From $60, its first increase since 2017. Sam's Club stepped it up fees In 2022.
Based in Marlboro, Massachusetts, BJ's operates approximately 215 stores, mostly on the East Coast and in Michigan.
BJ's shares jumped Thursday after the retailer reported better-than-expected third-quarter earnings.