[list]
 [*] Loyal customer base
 [*] Growth in more profitable customers
 [*] Employee retention
 [*] Strong management
 [*] One of the best private label programs in US retail
 [*] Very generous return policy
 [*] Memberships rewards

• Enormous stores for an aging US market
• Meticulous decision making impacting its ability to more quickly react to market conditions
• Mixed feelings from vendor community

 [*] Membership card
 [*] Strong dependency on suppliers

[list]
 [*] Very low shopper penetration - especially compared to other channels/formats
 [*] International expansion
 [*] E-commerce business
 [*] Ancillary services
 [*] Private label growth
 [*] Expand wholesaling

[list]
 [*] Too much promotional activity?
 [*] Economic slowdown impacting core shoppers
 [*] Not enough diversification, both geographically (overtly concentrated on West Coast) and format-wise
 [*] Potential new competitors