Walmart-Owned Sam’s Club to Raise Membership Price For First Time in 9 Years

The Walmart-owned Sam’s Club will raise its membership fee for the first time in nine years — in another example of inflation ripping through the retail sector. Starting Oct. 17, annual membership fees will go from $45 to 50, marking the first fee change to its basic membership in nine years. Fees for the warehouse’s premium “Plus” membership will increase from $100 to $110 a year, the first price increase since this tier of membership launched in 1999. In a letter to Sam’s Club members, which was shared with FN, Sam’s Club president and CEO Kath McLay announced the price hikes and said the warehouse would give $5 back in credit to club members and $10 back to Plus members to cover the cost of their renewal this year. “We are mindful of the financial pressure on wallets right now,” McLay wrote. “So, this year’s renewal is on us.” The news comes as prices continue to soar across various categories. But while consumer prices were up 8.5% in July from a year ago, inflation has begun to show signs of cooling from a 40-year high of 9.1% in June. As a warehouse club known for its value, Sam’s Club should be poised to benefit from

Follow Footwear News on Twitter or become a fan on Facebook.

from Footwear NewsFootwear News https://ift.tt/6ET1vVz