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Wal-Mart Stores’ closure of 63 Sam’s Club stores this month is part of a plan to switch the company's focus to more-affluent customers and compete with Costco Wholesale Corp., reports The Wall Street Journal.
“The strategy isn’t to close clubs,” said Sam’s Club President and CEO John Furner, who took over the warehouse chain last February. “The strategy is to transform the business.”
Going forward, the retailer will be targeting families with children and which report annual household incomes between $75,000 and $125,000. The strategy switch follows a study assisted by Bain & Co. consultants that revealed that many shoppers classified as small-business owners were also buying merchandise for their own homes.
By Edmund Mander
Director, Editor-In-Chief/SCT
