Sam's Club (NYSE:WMT) is rolling out a new cash rewards program nationwide to encourage shoppers to upgrade their memberships to the Plus level.
The new Plus membership program will offer $10 in cash rewards for every $500 spent at Sam's Club. The rewards load automatically onto membership cards and can be used at any of Sam's Club's 635 locations, samsclub.com or redeemed for cash at any Sam's Club register.
Members can keep track of their rewards via the Sam's Club mobile app.
"We believe it's important to add value to our membership by offering services and benefits that provide that extra something to our members," said Rosalind Brewer, president and CEO of Sam's Club. "With the summer entertaining and travel season just around the corner, Sam's Club Plus members can start earning cash rewards during a peak spending time and continue to enjoy this money back advantage all year long."
A Plus membership at Sam's Club costs $100 annually. All Plus members will be automatically enrolled in the cash rewards program effective June 12.
The new program follows behind Sam's Club's announcement last month that the company is on track to become a $100 billion business as it looks to nearly double sales at membership club stores. The retailer currently boasts annual revenues of $57 million and comprises roughly 12 percent of Walmart's total sales.
To boost sales and memberships in the coming months, Sam's Club plans to focus on microbusiness customers who tend to buy items in bulk needed to run their small companies. Microbusinesses are companies with 500 employees or less. There are more than 25 million microbusinesses in the U.S., accounting for approximately 10 percent of all U.S. jobs across a broad spectrum of businesses, such as pizza shops and cafes, convenience stores, pet groomers, mechanics, offices and day care centers.
-See this Sam's Club press release
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