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The warehouse clubs and supercenters industry had 2017 revenue of $456.8 billion, according to IbisWorld data, with food and beverages making up 40.8% of sales, home and appliances comprising 25.7% of revenue and 17.6% of revenue from health, beauty and wellness sales.

“Over the five years to 2017, per capita disposable income and corporate profit have increased, which has encouraged businesses and consumers to spend more at warehouse clubs and supercenters,” IbisWorld writes. “Growth, however, has been slow over the period, as oil prices sharply declined, forcing operators to charge less for fuel at their gas stations.”

In its prospectus, BJ’s says it has changed its leadership team over the last two years, including hiring its Chief Executive Officer Chris Baldwin, and focused on cultural and operational improvements to the business, including efforts to build its multichannel capabilities.

BJ’s was founded in New England in 1984 and now has 215 locations across 16 states, mostly in that region, which BJ’s says in its prospectus, has a “high population density.” The company also has a website, mobile app, 134 gas stations and Instacart same-day delivery.

BJ’s two private-label brands, Wellsley Farms and Berkley Jensen, have more than $2 billion in sales and are the largest brands the company sells. The company has about 7,200 stock-keeping units, or SKUs, which it says is more than the average 4,500 at other warehouse retailers. Supermarkets and similar competitors can carry 40,000 to 100,000 SKUs, BJ’s said.

BJ’s says it has 5 million memberships, or 10 million total members, that pay an annual fee for access to its locations. The Inner Circle membership is $55 a year and the BJ’s Perks Rewards membership, with more features, is $110 annually. The company said its membership fee income was $259 million for fiscal 2017, up from $255 million in 2016, and up from $229 million in 2012.

“Our target members are a price sensitive demographic with large household sizes, representing nine million households in our trade areas,” BJ’s said. “While we believe that we appeal to households with a wide range of incomes, we target households with an average annual income of approximately $75,000. We believe this group represents a historically underserved demographic in our core markets.”

“We also expect to benefit from recent club and department store closures in several of our markets and adjacent markets,” BJ’s said. “In fiscal years 2016 and 2017, we implemented a data-driven approach to club openings with results in our latest clubs that included new membership at club opening that was 240% greater than our average new club opening in fiscal year 2015.”

The New York metropolitan area, with 39 clubs, accounted for a quarter of sales in fiscal 2017. The area could experience a decline in financial performance from factors like higher labor and health costs, cannibalization from new locations and a shift to lower margin products.

BJ’s does not expect to pay dividends on common stock for the foreseeable future, the company wrote. Instead, the company said it would focus on operation and expansion of the business as well as debt repayment. It paid $735.5 million in dividends to stockholders on Feb. 3, 2017.