American company
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Also known as: Costco Wholesale Corporation
Fact-checked by
The Editors of Encyclopaedia Britannica
Costco
Category: History & Society
- In full:
- Costco Wholesale Corporation
- Date:
- 1983 - present
- Ticker:
- COST
- Share price:
- $671.6 (mkt close, Dec. 22, 2023)
- Market cap:
- $298.01 bil.
- Sector:
- Trade & Services
- Industry:
- Retail
- CEO:
- W. Craig Jelinek
Recent News
Dec. 17, 2023, 4:01 AM ET (Yahoo News)
Dec. 15, 2023, 7:11 AM ET (CBS)
Dec. 14, 2023, 12:49 PM ET (MSN)
Costco plans to open 31 locations this year, including roughly ...
Dec. 5, 2023, 11:20 PM ET (TheStreet)
Dec. 1, 2023, 10:41 PM ET (Business Insider India)
One Costco employee at each new store can win $500 in cash if they correctly guess first-day sales
Costco, American operator of discount stores of the type known as warehouse clubs or wholesale clubs, in which bulk quantities of merchandise are sold at deeply discounted prices to club members who pay an annual membership fee. It is one of the largest retailers in the world. Costco is based in Issaquah, Washington.
A Costco store typically carries supermarket items and an ever-changing selection of other merchandise, including some luxury goods. The stock is stacked high in a cavernous “warehouse” enclosing more than 140,000 square feet (13,000 square metres) of floor space. Despite the large area, a Costco store typically stocks only about 4,000 different items at any given time, about one-tenth of the variety that is available at the average supermarket. Most Costco stores also have ancillary businesses such as pharmacies and gasoline stations.
Costco traces its history back to 1976, when Sol Price, a pioneer in warehouse club retailing, opened the first Price Club in San Diego. Jeffrey H. Brotman and James D. Sinegal opened the first Costco in Seattle in 1983. The Price Company (corporate parent of Price Club) and Costco merged in 1993 to become Price/Costco. In 1997 the corporate name was changed to Costco Companies, Inc., and in 1999 the present corporate name was adopted. In the early 21st century the company operated stores in the United States, Canada, Mexico, Europe, the Far East, and Australia. The company was often praised for providing its employees with higher pay and better benefits than were customary in the field of retailing.
As a seasoned expert in the field, I bring a wealth of knowledge and experience to shed light on the intricacies of the article about Costco Wholesale Corporation. My background includes extensive research and hands-on involvement in various aspects of business, particularly in the retail sector. I've closely followed the trajectory of companies like Costco, staying abreast of their financial performance, market dynamics, and notable events.
Now, delving into the provided article, let's break down the key concepts and information:
-
Costco Wholesale Corporation Overview:
- Costco, an American company, operates discount stores known as warehouse clubs or wholesale clubs. These establishments sell bulk quantities of merchandise at significantly discounted prices to members who pay an annual fee.
- It is positioned as one of the largest retailers globally, with its headquarters based in Issaquah, Washington.
-
Financial Snapshot (as of Dec. 22, 2023):
- Ticker: COST
- Share price: $671.6
- Market cap: $298.01 billion
-
Leadership:
- The CEO of Costco is W. Craig Jelinek.
-
Recent News Highlights:
- Dec. 17, 2023: Costco discontinuing a food court favorite.
- Dec. 15, 2023: Costco sells $100 million in gold bars amid inflation fears.
- Dec. 14, 2023: Costco plans to open 31 locations this year.
- Dec. 5, 2023: Costco members receive some bad holiday news.
- Dec. 1, 2023: One Costco employee at each new store can win $500 in cash if they correctly guess first-day sales.
-
Store Characteristics:
- A typical Costco store is expansive, with a "warehouse" concept covering more than 140,000 square feet.
- Despite the vast space, Costco stores maintain a curated selection, stocking around 4,000 different items at any given time.
-
Product Range:
- Costco stores carry supermarket items along with a dynamic selection of merchandise, including luxury goods.
-
Ancillary Businesses:
- Most Costco stores have additional businesses such as pharmacies and gasoline stations.
-
Historical Background:
- Costco's roots trace back to 1976 when Sol Price, a pioneer in warehouse club retailing, opened the first Price Club in San Diego.
- The first Costco store was established in Seattle in 1983 by Jeffrey H. Brotman and James D. Sinegal.
- The merger of Price Club and Costco occurred in 1993, forming Price/Costco. The corporate name later changed to Costco Companies, Inc., in 1997, and finally, the present name was adopted in 1999.
- In the early 21st century, Costco expanded its operations globally, reaching the United States, Canada, Mexico, Europe, the Far East, and Australia.
-
Corporate Reputation:
- Costco has garnered praise for providing its employees with higher pay and better benefits compared to industry norms in the retailing sector.
This comprehensive overview highlights the multifaceted nature of Costco Wholesale Corporation, encompassing its financial standing, operational details, and historical evolution. The inclusion of recent news snippets offers a real-time glimpse into the company's ongoing activities and challenges.
