History Costco

1 history

1.1 price club , birth of retail warehouse concept
1.2 costco opens
1.3 pricecostco merger
1.4 locations
1.5 other company milestones
1.6 costco today

history

costco in mapleton shopping area, moncton, new brunswick, canada



costco in henderson, nevada



costco in tlalpan, mexico city



costco in markham, ontario



australia s first costco outlet, @ docklands, victoria



costco in hashima, gifu, japan


price club , birth of retail warehouse concept

costco s history began sol price , son, robert, opening first price club warehouse on july 12, 1976, on morena boulevard in san diego, california, giving birth new concept: retail warehouse club. price family placed price club warehouse #1 inside series of old airplane hangars owned howard hughes; warehouse, known costco warehouse #401, still in operation today.

costco opens

costco opened first warehouse in seattle, washington, on september 15, 1983, james (jim) sinegal , jeffrey h. brotman ( september 27, 1942 – august 1, 2017). sinegal had started in wholesale distribution working sol price @ fedmart , brotman, attorney old seattle retailing family, had been involved in retail distribution age.

the pricecostco merger

in 1993, costco , price club agreed merge operations after price declined offer sam walton , walmart merge price club warehouse store chain, sam s club. costco s business model , size similar of price club, made merger more natural both companies. combined company took name pricecostco, , memberships became universal, meaning price club member use membership shop @ costco , vice versa. pricecostco boasted 206 locations generating $16 billion in annual sales. pricecostco led executives both companies, price brothers left company in 1994 form price enterprises, warehouse club chain in central america , caribbean unrelated current costco.

in 1997, company changed name costco wholesale corporation , remaining price club locations rebranded costco.

locations

map of costco warehouses in (august 2010).

as of september 1, 2017, costco has 746 warehouses, worldwide:

518 in 44 states in united states , puerto rico
98 in 9 provinces in canada revenues of more $17 billion in 2014
37 in 18 states in mexico
28 in united kingdom
26 in japan
13 in taiwan
13 in south korea
9 in australia
2 in spain
1 in iceland
1 in france

other company milestones

on april 26, 2012, cnbc premiered documentary, costco craze: inside warehouse giant.

in 2014, costco third largest retailer in united states. year costco announced plans open online store in china using alibaba group.

costco today

in united states, costco s main competitors operating membership warehouses sam s club , bj s wholesale club. costco employs more 205,000 people worldwide full , part-time employees. in 2016, costco had 85 million members. in 2017, costco had 90.3 million members.

costco first company grow 0 $3 billion in sales in under 6 years. fiscal year ending on august 31, 2012, company s sales totaled $97.062 billion, $1.709 billion net profit. costco 18th on 2015 fortune 500. acsi (the american customer satisfaction index) named costco number 1 in specialty retail store industry score of 84 in 2014.

from december 2013, costco s board of directors chaired co-founder jeffrey h. brotman (september 27, 1942 – august 1, 2017) , included james sinegal, co-founder , director, , 2 officers of company: president/ceo w. craig jelinek , cfo richard a. galanti. august 1, 2017, jeffrey brotman died. of august 2017, james sinegal , w. craig jelinek remain on board.