Sam's Club looking for wealthier shoppers

The demand for high-end electronics and services is growing at Sam's Club (NYSE:WMT), according to the shopping club's CEO Rosalind Brewer.

During the week of Black Friday, the retailer's highest selling item was a 50-inch, high definition television, reported CNN Money.

The Club's Cyber Week events kicked off Saturday, Nov. 21 at midnight online and in stores at 7 a.m. Costco, a rival of Sam's Club, did not participate in Black Friday sales events.

"We are seeing a lot of our high-end merchandise really play well," Brewer told CNN in an exclusive interview. "Our members are asking us for more exciting brands that matter to them."

A sign of the economy, Brewer has seen a rise in the purchase of organic and natural foods over generic brands. To go along with the change, Sam's Club has been trying to attract wealthier consumers.

In an effort to improve the shopping experience and diminish the warehouse feel, Sam's Club employees are getting iPads and being trained on higher-end customer service.

One of the goals of Sam's Club is to reinvent itself in order compete with rival Costco. Although Costco often has the competitive edge, same store sales have declined for three straight quarters. And Sam's Club membership starts at $10 less than Costco's $55.

Sam's Club hopes that a new product assortment and a push in digital will help put the brand in the lead as 2016 approaches.

"This is the first season where we didn't do a lot of paper-related media, almost all digital," Brewer told CNN. "We will differentiate ourselves with digital."

For more:
-See this CNN Money article

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