Costco Wholesale Corporation was founded in the year 1976 by James Sinegal and Jeffrey Brotman in San Diego, California.
It is a membership-only warehouse chain based out of America and provides a range of products. Costco usually focuses on selling products at high volume but at lower prices. The goods sold are usually bulk packaged and are marketed primarily to large families and businesses.
Costco is the second largest retail chain in the world and the largest membership based warehouse club chain in the U.S. Costco is spread across United States and is also present in international locations like Canada, United Kingdom, Mexico, Australia, Taiwan, Spain, Japan and South Korea. Costco ranks 52nd among the Fortune 500 group of companies. Costco has a huge variety of goods in its inventory under the 29 product segments. Costco’s private label i.e. Kirkland Signature has been a huge success among its customers and has received many accolades on the range of products under this label.
Costco has strength of over 174,000 employees who have a common goal of exceeding customer expectations. The employees are encouraged to be with their customers to help give the best deal to them. They are paid higher salaries than the employees of its competitors. Costco has a customer base of over 70 million and the number grows sharply every year. Costco guarantees complete product satisfaction to its customers, and if someone is unsatisfied with Costco, the membership fee is refunded completely.
Since its inception, Costco has held an unwavering commitment of doing the right thing for its members, their employees, their suppliers and the community. With this commitment, Costco is now bigger than ever before and continues to grow at a fast pace. This has indeed made Costco one of the leading brands in the retail industry of the world.
Net Retail Revenue: USD 112.64 billion
Dominant operational format: Cash & Carry/Warehouse Club