Costco is a chain of wholesale clubs based in the United States that has the highest sales volume in the world. It operates more than 500 warehouse stores and serves more than 47 million cardholders. Its chief competitor is currently the Sam's Club chain owned by Wal-Mart.
Key Dates
- 1976: Sol Price and his son Robert start the Price Company, which opens the first wholesale club, Price Club.
- 1983: Competitors such as Sam's Club and PACE mimic the Price Club model.
- 1983: Costco is founded by Jeffrey H. Brotman. James D. Sinegal follows the Price Club model as well.
- September 15, 1983: The first Costco wholesale store opens in Seattle, Washington.
- 1993: Operates 103 stores, ranking third in the industry.
- 1993: Engages in a partial merger with the Price Company to form PriceCostco, in the face of competition from Wal-Mart's Sam's club.
- 1997: PriceCostco changes its name to Costco Wholesale.
- 2007: Named #32 in the Fortune 500.
Costco Competitors
BJ's Wholesale Club: Official Site | Hoovers | Wikipedia
Sam's Club: Official Site | Wikipedia | Hoover's
Target: Official Site | Hoovers | Wikipedia
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References
Fast Facts
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Stock symbol
COST (NASDAQ)
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Annual revenue (2008)
$72.5 billion
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Founders
Jeffrey H. Brotman, James D. Sinegal
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Established
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Industry
Consumer-goods wholesale
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Phone
425-313-8100
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Fax
425-313-8114
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Headquarters
Issaquah, Washington
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President/CEO
James D. Sinegal
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Chairman
Jeffrey H. Brotman
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CFO/Executive VP
Richard A. Galanti
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Number of Employees
75,000
