> Maybe. I wonder how much of the membership aspect is marketing versus revenue? In 2016, membership fees accounted for 72% of their operating income. It's def

> Maybe. I wonder how much of the membership aspect is marketing versus revenue? In 2016, membership fees accounted for 72% of their operating income. It's definitely not just "marketing" -- it's central to their business model. If they started jacking up the margins on merchandise, people would notice and their memberships would start to drop off.