I saw the news the other day that Costco was getting ready to open their first location in Arkansas. I thought to myself, "That is weird. I have been to Little Rock, that town is plenty large enough to support a Costco." Wal-Mart and that being their home area did not cross my mind. Makes more sense now.
Posts: 1839 | Location: Orlando | Registered: April 22, 2007
After leaving CA I let my membership lapse. Nearest one is 70 miles away in Alabama. I’d like to see them really expand into the southeast. I’m a shareholder. The stock had done really well last several years.
Originally posted by holdem: I saw the news the other day that Costco was getting ready to open their first location in Arkansas. I thought to myself, "That is weird. I have been to Little Rock, that town is plenty large enough to support a Costco." Wal-Mart and that being their home area did not cross my mind. Makes more sense now.
The Northwest Arkansas Metroplex is also large enough to support a Costco or two, but Walmart/Sam's Club HQ is located up here. So Little Rock is certainly a big step, but the final nail will be when a Costco opens up here in WM's actual backyard.
The History of Costco The company's first location, opened in 1976 under the Price Club name, was in a converted airplane hangar on Morena Boulevard in San Diego. Originally serving only small businesses, the company found it could achieve far greater buying clout by also serving a selected audience of non-business members. With that change, the growth of the warehouse club industry was off and running. In 1983, the first Costco warehouse location was opened in Seattle. Costco became the first company ever to grow from zero to $3 billion in sales in less than six years. When Costco and Price Club merged in 1993, the combined company, operating under the name PriceCostco, had 206 locations generating $16 billion in annual sales.
Our operating philosophy has been simple. Keep costs down and pass the savings on to our members. Our large membership base and tremendous buying power, combined with our never-ending quest for efficiency, result in the best possible prices for our members. Since resuming the Costco name in 1997, the company has grown worldwide with total sales in recent fiscal years exceeding $64 billion. For additional information about Costco, download the Costco Story in a PDF format to learn more.
Costco has transformed the retail world. When entrepreneur Sol Price introduced a groundbreaking retail concept in San Diego, California. Price Club was the world's first membership warehouse club, a place where efficient buying and operating practices gave members access to unmatched savings.
At first, Price Club was limited exclusively to business members, who could purchase a wide range of supplies and wholesale items. Jim Sinegal, the executive vice-president of merchandising, distribution and marketing, was instrumental in fine-tuning the merchandise and marketing strategies, helping to turn Price Club into a success story that changed the face of retailing worldwide.
Seven years later, Jim Sinegal channeled his expertise into co-founding Costco Wholesale with Jeff Brotman, and together they opened the first warehouse in Seattle, Washington in 1983.
Over the next decade, both Price Club and Costco Wholesale continued to innovate and grow, and in 1993, the two mega-retailers merged, creating a gifted leadership team that soon made Costco the world's most successful warehouse club
Sic Semper Tyrannis
Posts: 18456 | Location: Loudoun County, Virginia | Registered: December 27, 2014
Originally posted by JALLEN: Costco was, as mentioned above started by a man who had worked for Sol Price at Price Club, and before that at Fedmart.
Price was a lawyer in San Diego, and an interesting guy. I met him on a couple of occasions, briefly. Sam Walton once said he learned everything he knew about discount retailing from Price, who said, “how about some royalties then?”
He had the if not crazy, certainly unorthodox, notion that a merchant is the agent of the buyer, to whom is owed a duty to find and offer the best goods at the lowest possible price.
“My ‘secret’ is so simple that I’m reluctant to speak openly about it for fear of appearing stupid. I sell things as cheaply as I can.”