Abstract: This research is aimed to analyze the relationship among customer value, loyalty program, customer satisfaction and customer loyalty. By accidental sampling, this study was conducted at Hypermart in South Kalimantan and took 150 respondents from the Hypermarket’s customers. The data analysis utilized Partial Least Square (PLS) and the result demonstrates that there is positive and significant relationship between customer value to customer satisfaction but not significant to customer loyalty. This study show that customer satisfaction has fully mediation role. This study also reveals the positive and significant relationship of loyalty program on both of customer satisfaction and customer loyalty. This study show that satisfaction has partial mediation role.