BJs Wholesale Club to hike membership fees for first time in 7 years

The cost of a BJ’s Wholesale Club membership will get pricier in January.The company plans to raise its standard membership for its warehouse stores to $60 per year and its premium Club+ membership to $120 beginning Jan.1, BJ’s Wholesale said Thursday.Those hikes — the first in seven years — represent increases of $5 and $10, respectively, from the memberships’ current prices. “Since the last membership fee increase, the Company has transformed its business with a relentless focus on delivering value to members,” BJ’s Wholesale said, adding that it will enable the retailer to “invest in an even stronger value proposition” for membership cardholders.The move also follows that of competitor Costco, which implemented its own increase in September.BJ’s Wholesale said its membership count stood at 7.5 million at the end of the third quarter.Its membership fees have brought BJ’s Wholesale nearly $339.49 million over the first three quarters of the year, including $114.98 million in the third-quarter. Membership fee income made up 2.1% of the $14.61 billion in total revenues that BJ’s Wholesale reported for the third-quarter.The company’s net sales, which clocked in at $14.3 billion, accounted for the vast majority. The pricier Club+ membership comes with additional perks compared to the standard membership, including things like cashback rewards and fuel discounts. BJ’s Wholesale said two free same-day deliveries on eligible orders of at least $50 per membership period will become available to Club+ members in January....