Costco Wholesale is the largest wholesale membership chain in the world on the basis of sales volume. Being founded in 1983, the company has gained immense popularity and has become the most reputable and popular firm in retail stores industry. Costco Wholesale Corporation makes sure not to disappoint and does everything to sustain its good name and status well maintained in the industry. Costco is known as the second largest retailer in the United States. In today’s time, there is a Costco Wholesale store in almost every area of United States.
Costco started as a very small business and its history can be easily traced back to one man whose hard work has let this company to be what it is today. Sol Price was the man who started Costco Wholesale and is the main man who is the pioneer of the warehouse store and who brought the retail concept. Sol Price started in first back in 1954 where he began the operations of the original warehouse store named as FedMart.
Sol Price finally started the process of Costco on the outskirts of San Diego, California. In the first year, the company managed to get around $16 billion in sales but the loss almost ruined them. Hence, this urged Sol to ask one of its customers about where they went wrong. This is the turning point for the company where they got to know that there was a need to open membership up to government employees. Therefore, once it was done, the business started on a high note and it has shown no signs of slowing down ever since then.
Hence later, a merger of PriceClub and Costco took place. Costco now manages to earn over 60 billion in sales annually and has a workforce of 130,000 employees. Costco Wholesale Corporation is the leader in its industry, but it’s only rival is Sam Club which cannot make up to the ground of Costco at any point.