BJ's Wholesale Club

Last updated

BJ's Wholesale Club Holdings, Inc.
Company type Public
Industry Retailing (Warehouse club)
FoundedFebruary 6, 1984;40 years ago (1984-02-06)
Headquarters350 Campus Drive,
Marlborough, Massachusetts
,
United States
Number of locations
248 (150 gas stations) as of December 20, 2024
Area served
Key people
Bob Eddy (CEO) [1]
ProductsElectronics, Home, Furniture, Outdoor, Sporting Goods, Toys, Jewelry, Clothing, Health and Beauty, Grocery.
RevenueIncrease2.svg US$19.315 billion (FY 2022)
Increase2.svg US$513 million (FY 2022)
Total assets Increase2.svg US$6.349 billion (2022)
Number of employees
34,000 (Jan. 2022)
Website BJs.com
Footnotes /references
[2]

BJ's Wholesale Club Holdings, Inc., commonly referred as BJ's, is an American regional membership-only warehouse club chain based in Marlborough, Massachusetts, operating in the eastern United States in addition to Ohio, Michigan, Indiana, and Tennessee, and Alabama. [2]

Contents

History

The company was started by discount department store chain Zayre in 1984, on the Medford/Malden border in Massachusetts. The company's name was derived from the initials of Beverly Jean Weich, the daughter of Mervyn Weich, the president of the new company. [3] [4] Weich announced his resignation as president in June 1987, and left on August 1. [5] He was replaced by John Levy. [6]

When Zayre Corporation sold the Zayre nameplate to rival discount chain Ames in October 1988, TJX Companies was formed. In 1989, TJX spun off their warehouse division, consisting of BJ's and now-defunct HomeClub (later known as HomeBase, then House2Home), to form Waban, Inc. In August 1997, Waban spun off BJ's to become an independent company, BJ's Wholesale Club, Inc., headquartered in Natick, Massachusetts, while Waban renamed itself to HomeBase, Inc. [7]

In 2011, BJ's was acquired by two private equity firms, Leonard Green & Partners and CVC Capital Partners. [8] It returned to being a public company in 2018. [9]

In 2019, BJ's expanded into Michigan, with a new store in Madison Heights. A second and a third Michigan location have since opened in Taylor and Chesterfield Township, respectively. BJ's has also since opened a location in Canton.

Today

BJ's Wholesale Club in Virginia BJs Wholesale Club VA.jpg
BJ's Wholesale Club in Virginia

Many of BJ's clubs offer special services to members, such as car rentals, gas stations, home heating oil, an optical department, propane filling, and vacation packages. These services vary from location to location. As of 2008, there were 154 clubs with optical departments.[ citation needed ]As of January 30,2010 BJ's operated 104 gasoline stations at their clubs. [2] In February 2007, BJ's closed all pharmacies in its clubs. [10]

In March 2010, BJ's announced they would move their corporate headquarters from Natick to Westborough, Massachusetts in 2011. [2] [11] On January 5, 2011, BJ's announced it would close five underperforming stores in the Southeast, eliminate approximately 100 headquarters jobs by the end of the month, and restructure its home office and some field operations. Its restructuring moves would result in savings of 78 to 82 cents per share for its fiscal fourth quarter. [12] [13]

On December 19, 2019, BJ's named Lee Delaney as its next CEO starting February 2, 2020. Delaney had been an executive vice president and chief growth officer of the company since 2016. Then CEO Chris Baldwin became executive chairman. [14] Following Delaney's death on April 8, 2021, BJ's financial chief Bob Eddy took over as interim CEO. [1] On April 20, 2021, Bob Eddy’s interim status was removed and he was given the permanent CEO position. [15]

In November 2021, BJ’s announced plans for its first store in Tennessee, to be located in La Vergne, a suburb of Nashville. [16] The store opened on June 14, 2023. The company has announced plans for at least two additional stores in the Nashville market, with confirmed locations being added in Goodlettsville [17] and Mt. Juliet. [18]

As of September 2024, BJ's operates 248 BJ's clubs in 21 states and employed approximately 25,000 team members (both full- and part-time). [19] Its major competitors are Costco Wholesale and Sam's Club.

Locations

Map of BJ's locations as of May 2022. BJ's store locations.png
Map of BJ's locations as of May 2022.

As of September 2024, BJ's has 263 locations across 21 states: [20] BJ's utilizes three cross-dock distribution centers along with third-party warehouse space when extra storage is needed. [2]

Finances

For the fiscal year 2023, BJ's reported earnings of $19.968 billion, with a net income of $523.741 million . [21]

YearRevenue

in thou. US$

Net income

in thou. US$

Price per Share

in US$ (year end) [22]

WarehousesEmployeesRef(s)
201412,731,27019,013-207 [23]
201512,467,55324,104-213 [23]
201612,350,53744,224-214 [23]
201712,754,58950,301-215 [23]
201813,007,347127,261-21626,383 [23]
201913,190,707187,17622.7421727,231 [24]
202015,430,017421,03037.2822132,000 [25]
202116,667,302426,65266.9734,000 [26]
202219,315,165513,17766.1634,000 [27]
202319,968,689523,74166.6634,000 [21]

On May 17th, 2018, BJ's filed to return to the public market. [28] The shares opened at $21.25; in its IPO, BJ's sold 37.5 million shares, raising net proceeds of $637.5 million. [29]

Brands

BJ's Wholesale Club regularly markets numerous products under its own private labels—including products by Richelieu Foods. [30] It also sells BJ's private-label products, including non-food general merchandise and sundries items, under the Berkley-Jensen name (formerly 'Berkley & Jensen'). [31]

Related Research Articles

<span class="mw-page-title-main">Walmart</span> American multinational retail corporation operating department stores

Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores in the United States and 23 other countries. It is headquartered in Bentonville, Arkansas. The company was founded by brothers Sam and James "Bud" Walton in nearby Rogers, Arkansas, in 1962 and incorporated under Delaware General Corporation Law on October 31, 1969. It also owns and operates Sam's Club retail warehouses.

<span class="mw-page-title-main">Marshalls</span> American multinational discount department store chain owned by TJX Companies

Marshalls, Inc. is an American chain of off-price department stores owned by TJX Companies. Marshalls has over 1,000 American stores, including larger stores named Marshalls Mega Store, covering 49 states and Puerto Rico, and 61 stores in Canada. Marshalls first expanded into Canada in March 2011.

<span class="mw-page-title-main">Costco</span> American multinational membership-only warehouse club chain

Costco Wholesale Corporation is an American multinational corporation which operates a chain of membership-only big-box warehouse club retail stores. As of 2021, Costco is the third-largest retailer in the world and is the world's largest retailer of choice and prime beef, organic foods, rotisserie chicken, and wine as of 2016. Costco is ranked #11 on the Fortune 500 rankings of the largest United States corporations by total revenue. Costco uses a club warehouse wholesale retailer channel of distribution while also selling their private label brand directly to consumers.

<span class="mw-page-title-main">Sam's Club</span> American membership-only warehouse club chain

Sam's West, Inc. is an American chain of membership-only warehouse club retail stores owned and operated by Walmart Inc., founded in 1983 and named after Walmart founder Sam Walton as Sam's Wholesale Club. As of January 31, 2019, Sam's Club ranks second in sales volume among warehouse clubs with $84.3 billion in sales, behind its main rival Costco Wholesale.

<span class="mw-page-title-main">Burlington (department store)</span> American discount department store chain

Burlington, formerly known as Burlington Coat Factory, is an American national off-price department store retailer, and a division of Burlington Coat Factory Warehouse Corporation with more than 1,000 stores in 40 states and Puerto Rico, with its corporate headquarters located in Burlington Township, New Jersey. In 2007, it was acquired by Bain Capital in a transaction and in 2008, Tom Kingsbury became president and CEO. The company went public again in 2013. Burlington is the third largest off-price retailer after TJX Companies and Ross Stores.

<span class="mw-page-title-main">Warehouse club</span> Retail store offering merchandise at wholesale prices

A warehouse club is a retail store, usually selling a wide variety of merchandise, in which customers may buy large, wholesale quantities of the store's products, which makes these clubs attractive to both bargain hunters and small business owners. The clubs are able to keep prices low due to the no-frills format of the stores. They are distinguished from traditional cash-and-carry wholesale businesses in that their warehouses are substantially larger in size, and they do not cater purely to businesses but also allow some or all types of consumers to obtain memberships. They are also distinguished from warehouse stores in that they usually charge annual membership fees, and require presentation of proof of membership at the warehouse entrance and again at the point of sale.

<span class="mw-page-title-main">Zayre</span> Discount retailer in the United States

Zayre was a chain of discount stores that operated in the eastern half of the United States from 1956 to 1990. The company's headquarters were in Framingham, Massachusetts. In October 1988, Zayre's parent company, Zayre Corp., sold the stores to the competing Ames Department Stores, Inc. chain. In June 1989, Zayre Corp. merged with one of its subsidiaries, The TJX Companies, parent company of T.J. Maxx, which still exists today. A number of stores retained the Zayre name until 1990, by which time all stores were either closed or converted into Ames stores.

<span class="mw-page-title-main">TJX Companies</span> American department store corporation

The TJX Companies, Inc. is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts. It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor to Zayre Corp. following a company reorganization in 1989.

<span class="mw-page-title-main">BJ's Restaurants</span> American restaurant chain

BJ's Restaurants, Inc. is an American restaurant chain, headquartered in Huntington Beach, California. The chain operates under the names BJ's Restaurant & Brewery, BJ's Restaurant & Brewhouse, BJ's Grill, and BJ's Pizza & Grill.

Associated Wholesale Grocers, Inc. (AWG) is the United States's largest cooperative food wholesaler to independently owned supermarkets and grocery stores. It serves more than 4,000 locations in 36 states and from 8 full-line wholesale divisions. The consolidated run-rate sales for AWG is close to $10 billion. In addition to its cooperative wholesale operations, the company also operates subsidiary companies which provide certain real estate and supermarket development services, digital marketing services, and is a wholesale supply provider of health and beauty care, general merchandise, specialty/international foods and pharmaceutical supplies. It was founded in 1924 as Associated Grocers of Kansas City and was based in Kansas City, Missouri before moving to Kansas City, Kansas. Associated Wholesale Grocers distributes four private-label brands of grocery products, Best Choice, Clearly Organic, Always Save, and Superior Selections along with IGA.

<span class="mw-page-title-main">TJ Maxx</span> American discount department store chain owned by TJX Companies

TJ Maxx is an American discount department store chain. It has more than 1,000 stores in the United States, making it one of the largest clothing retailers in the country. TJ Maxx is the flagship chain of the TJX Companies. It sells men's, women's and children's apparel and shoes, toys, bath and beauty products, accessories, jewelry, and home products ranging from furniture and decor to housewares and kitchen utensils.

HomeBase was a home improvement warehouse chain in the Western United States based in Irvine, California.

AJWright was a chain of about 129 American retail/outlet stores established in 1998 and owned by TJX Companies. Like its sister company T.J. Maxx, AJWright sold clothing, domestics, giftware, footwear, accessories, and fragrances at prices between twenty and seventy percent below regular prices. AJWright differed from other TJX chains by refreshing its merchandise on a regular basis. For most stores, new shipments arrived every weekday. In early 2011, TJX closed the chain's remaining stores and converted some stores to other TJX brands.

<span class="mw-page-title-main">Bob's Stores</span> American retail store chain

Bob's Stores was a chain of retail stores in the northeastern United States owned by GoDigital Media Group. Founded as Bob's Surplus in Middletown, Connecticut, by Robert "Bob" Lapidus in 1954, the chain expanded gradually until it was acquired by Melville Corporation and has been reacquired five more times since then. The chain targets moderate-income customers with a selection of footwear, workwear, teamwear, and activewear.

Carol M. Meyrowitz is an American business executive who is the Executive Chairman of the Board and the Chairman of the Executive Committee of TJX Companies, the leading off-price retailer in the United States. As of 2015, she is listed as the 76th most powerful woman in the world by Forbes. As of 2014, she was also ranked as the 12th most powerful woman in the world by Fortune.

<span class="mw-page-title-main">Bob's Discount Furniture</span> American furniture store

Bob's Discount Furniture is an American furniture store chain headquartered in Manchester, Connecticut. The company opened its first store in 1991 in Newington, Connecticut and is ranked 12th in sales among United States furniture stores according to Furniture Today's list of Top 100 Furniture Stores. As of March 2022, the company has 150 stores in 24 US states, primarily in the Northeast, Mid-Atlantic, Midwest, and West Coast regions.

The Golden Triangle is one of the largest retail districts in New England and is located on the borders of Framingham and Natick, Massachusetts, in the heart of the MetroWest region of the state. The district is anchored by the two malls in the area, Shopper's World and the Natick Mall. The 3 sq mi (7.8 km2) area is the second largest shopping district in Massachusetts outside of Downtown Crossing in Boston.

<span class="mw-page-title-main">Richelieu Foods</span> American food manufacturing company

Richelieu Foods is an American private label food manufacturing company founded in 1862 and headquartered in Wheeling, Illinois. It was previously owned by investment group Brynwood Partners and owned by investment group Centerview Partners LLC from 2010 to December 2017, when it was sold to Parsippany, New Jersey–based Freiberger USA Inc., a subsidiary of the German Südzucker AG.

<span class="mw-page-title-main">Activant</span> American technology company

Activant Solutions Inc. was a privately held American technology company specializing in business management, software serving retail and wholesale distribution businesses headquartered in Livermore, California.

<span class="mw-page-title-main">Off-price</span> Retail format based on discount pricing

Off-price is a trading format based on discount pricing. Off-price retailers are independent of manufacturers and buy large volumes of branded goods directly from them. The off-price retail model relies on the purchase of over-produced, or excess, branded goods at a lower price, thus being able to sell to consumers at a discount compared to other stores which purchased an initial run. Among the largest retailers of this type are TJX Companies and Ross Stores. The model is more common in countries that import fashion-oriented or household goods, as the discount role in producer countries is usually filled by factory outlets or small-scale open-air marketplaces.

References

  1. 1 2 "BJ's Wholesale Club CEO Lee Delaney dies unexpectedly". CNBC. April 9, 2021. Retrieved April 9, 2021.
  2. 1 2 3 4 5 "BJ's Form 10-K Annual Report". March 25, 2010. Archived from the original on March 5, 2012.
  3. ↑ BJ's Wholesale Club, Inc. Club Member Team Guide. July 2010. p. 6.
  4. ↑ "BJ's Wholesale Club, Inc". Gale Directory of Company Histories. The Gale Group, Inc. 2006. Retrieved September 24, 2013.
  5. ↑ "BJ's president, Weich, to resign; 2nd top-level departure in major Zayre retail unit in June". HFD-The Weekly Home Furnishings Newspaper. July 13, 1987. Retrieved September 24, 2013.
  6. ↑ "BJ's Wholesale Club, Inc". Hoover's Inc. Retrieved September 24, 2013.
  7. ↑ Smith, Samantha (August 11, 1997). "Spin off of BJ's Wholesale Club draws praise from industry analysts". Boston Business Journal. Retrieved September 24, 2013.
  8. ↑ "BJ's Wholesale Club buyout completed". The Boston Globe. Associated Press. September 30, 2011. Archived from the original on December 5, 2011. Retrieved December 19, 2011.
  9. ↑ Linnane, Tonya Garcia, Ciara. "BJ's Wholesale returns to the public market: 6 things to know about the Costco rival". MarketWatch. Retrieved September 2, 2018.{{cite web}}: CS1 maint: multiple names: authors list (link)
  10. ↑ "BJ's Wholesale FAQs". Archived from the original on April 12, 2010.
  11. ↑ Jenn Abelson (March 25, 2010). "BJ's confirms '11 Westborough move". The Boston Globe. Retrieved March 27, 2010.
  12. ↑ Matt Egan (January 5, 2011). "BJ's Sales Fall Short; Store Closings Planned". FOX Business. Archived from the original on January 9, 2011.
  13. ↑ Karen Talley and Lauren Pollock (January 5, 2011). "BJ's Wholesale Closing Five Stores". My Fox New York. Retrieved January 12, 2011.
  14. ↑ Owens, Jeremy C. "BJ's Wholesale Club names new chief executive". MarketWatch. Retrieved December 20, 2019.
  15. ↑ "BJ's has a new president and ceo". Boston Globe. April 20, 2021. Retrieved April 20, 2021.
  16. ↑ Jorge, Kaylin (November 4, 2021). "BJ's submits plans to open store in Middle Tennessee, first location in the state". Fox17. Retrieved November 4, 2021.
  17. ↑ McCullough, Erin (April 28, 2023). "BJ's Wholesale Club 'another piece of the puzzle' for future Goodlettsville development, city leaders say". WKRN.com. Retrieved June 19, 2023.
  18. ↑ "BJ's Wholesale Club Announces the Addition of Five New Club Openings for 2023, Including Expansion into its 20th State". March 9, 2023. Retrieved June 19, 2023.
  19. ↑ "Company Background". BJ's Wholesale Club. Retrieved September 4, 2024.
  20. ↑ "Club Locator - All Clubs". BJ's Wholesale Club. Retrieved September 4, 2024.
  21. 1 2 "2023 Annual Report" (PDF). Retrieved September 4, 2024.
  22. ↑ "BJ's Wholesale Club Holdings - 6 Year Stock Price History | BJ". www.macrotrends.net. Retrieved September 4, 2024.
  23. 1 2 3 4 5 "2018 Annual Report and Stockholder Letter" (PDF). Retrieved September 4, 2024.
  24. ↑ "2018 Annual Report and Stockholder Letter" (PDF). Retrieved September 4, 2024.
  25. ↑ "2020 Annual Financial Report and Stockholder Letter" (PDF). Retrieved September 4, 2024.
  26. ↑ "2021 Annual Financial Report and Shareholder Letter" (PDF). Retrieved September 4, 2024.
  27. ↑ "2022 Annual Financial Report and Shareholder Letter" (PDF). Retrieved September 4, 2024.
  28. ↑ "BJ's Wholesale files to return to public market". Yahoo Finance. Reuters. May 17, 2018. Retrieved September 4, 2024.
  29. ↑ "BJ's Wholesale Club shares shine in return to public market". CNBC. Reuters. June 28, 2018. Retrieved September 4, 2024.
  30. ↑ Lisa van der Pool (February 23, 2009). "There's new appetite for peddlers of cheap eats". Boston Business Journal.
  31. ↑ Plunkett, Jack W. (2008). The Almanac of American Employers 2009. Plunkett Research. p. 192. ISBN   9781593921439 . Retrieved January 13, 2015.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.