Costco, or Costco Wholesale Corporation, is the nation’s largest warehouse club. It was the third largest retailer in the US as of July 2009, and is the largest retailer of fine wines in the entire world. The company’s headquarters are located in Issaquah, Washington. However, the company was founded in Kirkland, Washington, and its first store was in Seattle. The retailer has locations all over the world, including locations in the US, Canada, South Korea, Mexico, Australia, Taiwan, Japan, South Korea, and the UK.
Jeffrey Brotman and James Sinegal founded the company in 1983, which makes it the fastest growing retailer in the world. Mr. Sinegal began his wholesale distribution career during his time working for Sol Price at Price Club and FedMart. Jeffrey Brotman was a lawyer from Seattle, and had been involved in the distribution business from an early age. Price met his demise during the month of December in 2009. He was 93 years old.
In 1993, Costco joined forces with Price Club. This merger allowed the newly formed PriceCostco to increase their profits by 300 percent. They had 206 locations, and generated 16 billion dollars a year in sales. Sol and Price left the company in December 1994. Before this merger, Sam Walton desired to merge his Sam’s Club with the Price Club. The first Price Club was opened in one of Howard Hughes’ famous aircraft hangers. This warehouse is still in operation today. The company changed its name in 1997 to Costco Wholesale.
Today, Costco Wholesale’s main competitors are BJ’s Wholesale Club and Sam’s Club. Costco beats both companies in overall sales. The company employs over 142,000 people, and claims over 55 million members as of 2009. In addition, Costco’s sales topped 70 billion dollars, with over one billion dollars of that being net profit. Costco is the 24th company on the Forbes Magazine Fortune 500. In addition, they have enjoyed extremely high customer service ratings from the ACSI, or American Customer Service Index. Their score was 83.
The company sells many products, with its numbers increasing incrementally as the years have gone by. At first, the company only wanted to sell boxed products, and some services. The company preferred to sell products that could be prepared for sale simply by removing the shrink-wrap from a pallet. Since then, they have increased the diversity of their product line, and now carry products that are more difficult to handle, like home electronics, caskets, hot tubs, furniture, fine wine, art, tires, jewelry, solar panels, home appliances, vacuums, software, books, clothing, flowers, baked goods, seafood, dairy, meat, and other produce.
In addition, most of their warehouses have gas stations, photo processors, optometrists, hearing aid centers, pharmacies, and tire garages. Their optometry centers will allow patients that do not possess a membership. Their optical centers rank as one of the largest optical companies in the United States. However, a client must have a Costco membership in order to receive a prescription from the optical department.
Costco has recently gained popularity due to the rise of warehouse chains in the United States. As the economy worsens, warehouse chains continue to gain new customers because they offer large quantities at affordable prices
How to Get Coupon Codes and Promotional Savings at Costco
Even though Costco offers extremely low prices by nature, there are still ways to reduce their prices. Costco offers their members periodic discounts through the mail. In addition, there are coupons available on the warehouse chain’s website. However, there are coupons available on third-party websites that can help to reduce the cost of their goods and services. In addition, you can sign up for e-mail coupons in the stores.