Chinese shoppers flock to membership clubs as Walmart outpaces Nike
China's retail sales grew just 1.1% in nine months, but warehouse clubs rose over 25%. Barron's explains why Walmart is winning while Nike struggles.
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what happened
Chinese shoppers are paying for the right to shop: an annual Sam's Club membership costs 260 yuan, about $37. According to Barron's, Walmart had 10.7 million paying members in China as of June. Overall retail looks weak, with sales up just 1.1% in the first nine months of 2026 and single-brand stores down 10.3%, per government figures.
Walmart's China revenue rose 20.7% in its latest quarter to $7 billion excluding currency effects. Nike's Greater China revenue fell 26%, its ninth straight quarterly decline there. Barron's also reported that Adidas posted a 15% rise in Greater China sales in its second quarter.
why it matters
For investors, revenue growth is not the same as profit: expanding clubs brings costs for new stores, delivery and keeping prices competitive. Walmart also faces scrutiny after China's market regulator summoned its executives in June over recurring food-safety problems at Sam's Club.
market impact
China retail: warehouse clubs gain while weak demand hits general retail; pressure on Nike's China revenue
tags
instruments
sources
- Chinese Shoppers Are Joining Membership Clubs. Walmart Is Winning. — Barrons.com, 24 October 2026 at 07:00 UTC
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