(CNN) – BJ’s Wholesale Club is raising its annual membership fees for the first time in seven years.
The new basic plan is increasing by $5 to a total of $60 per year.
The most expensive tier, called Club Plus, is increasing by $10 to $120 per year.
The new rates will go into effect on Jan. 1.
BJ’s executives say the increased prices will allow the company to invest in a stronger value proposition for its 7.5 million members.
Competitor Costco also recently hiked fees, and Sam’s Club raised its membership price in 2022.
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