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Encyclopedia > Costco
Costco Wholesale Corporation
Type Public (NASDAQCOST)
Founded 1983 (Seattle, Washington)
Headquarters Flag of United States Issaquah, Washington
Key people James Sinegal, Founder & CEO
Jeffrey Brotman, Founder & Chairman
Richard Galanti, CFO
Dick DiCerchio, COO
Industry Retail (Warehouse Club)
Products Retail (Specialty)
Private Label - Kirkland Signature
Revenue $60.2 billion USD (2006)
Employees 132,000
Website Costco U.S.
Costco Canada

Costco Wholesale Corporation (NASDAQCOST) is the largest membership warehouse club chain in the world based on sales volume, headquartered in Issaquah, Washington, United States,[1] with its flagship warehouse in nearby Seattle.[2] Costco's Canadian operations are based near Ottawa, Ontario, and Vancouver, British Columbia. Image File history File links Costco_Wholesale. ... A public company usually refers to a company which is permitted to offer its securities (stock, bonds, etc. ... NASDAQ in Times Square, New York City. ... Year 1983 (MCMLXXXIII) was a common year starting on Saturday (link displays the 1983 Gregorian calendar). ... Nickname: Location of Seattle in King County and Washington Coordinates: Country United States State Washington County King County Incorporated December 2 1869 Government  - Type Mayor-council  - Mayor Greg Nickels (NP) Area  - City  142. ... Image File history File links No higher resolution available. ... Issaquah City Hall Issaquah (pronounced ) is a city in King County, Washington, United States. ... James Sinegal is co-founder and CEO of Costco, an international low-price membership retail chain headquartered in Issaquah, Washington, USA. Sinegal was born January 1, 1936 in Pittsburgh, Penn. ... A Chief Executive Officer (CEO), or Chief Executive, is the highest-ranking corporate officer, administrator, corporate administrator, executive, or executive officer, in charge of total management of a corporation, company, organization or agency. ... A Chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ... Richard A. Galanti (born 1956 or 1957) is currently the chief financial officer and executive vice president of Costco Wholesale Corporation. ... CFO is usually short for Chief Financial Officer, but may also mean: Carrier frequency offset Ceramic fiber optics Chief Fire Officer Chief of Flight Operations Conselho Federal de Odontologia (cfo. ... COO may stand for: Chief Operating Officer (business) Cell of origin (physiology) Cell of origin (telecommunications) Conduct of Operations Consideration of Others Cost of Ownership Country of origin Counascune Octere Carboxylate anion A common pronunciation of the word cool in African American Vernacular English or ebonics A shortened version of... A drawing of a self-service store Retailing consists of the sale of goods/merchandise for personal or household consumption either from a fixed location such as a department store or kiosk, or away from a fixed location and related subordinated services (Definition of the WTO (last page). ... Drawing of a self-service store. ... Kirkland Signature logo Kirkland Signature is Costcos store brand. ... Revenue is a U.S. business term for the amount of money that a company earns from its activities in a given period, mostly from sales of products and/or services to customers. ... ISO 4217 Code USD User(s) the United States, the British Indian Ocean Territory,[1] the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 2. ... For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on a Web server, usually accessible via the Internet or a LAN. A Web page is a document, typically written in HTML, that is almost always accessible... NASDAQ in Times Square, New York City. ... A warehouse club is a retail store selling a small amount of merchandise in terms of variety. ... Issaquah City Hall Issaquah (pronounced ) is a city in King County, Washington, United States. ... Nickname: Location of Seattle in King County and Washington Coordinates: Country United States State Washington County King County Incorporated December 2 1869 Government  - Type Mayor-council  - Mayor Greg Nickels (NP) Area  - City  142. ... This article is about the capital city of Canada. ... This article refers to the city in British Columbia, Canada. ...

Contents

History

Founded by James Sinegal and Jeffrey Brotman, Costco opened its first warehouse in Seattle, Washington on September 15, 1983.[3] Sinegal had started in retailing by working for Sol Price at both FedMart and Price Club. Brotman, an attorney from an old Seattle retailing family, had also been involved in retailing from an early age. James Sinegal is co-founder and CEO of Costco, an international low-price membership retail chain headquartered in Issaquah, Washington, USA. Sinegal was born January 1, 1936 in Pittsburgh, Penn. ... Nickname: Location of Seattle in King County and Washington Coordinates: Country United States State Washington County King County Incorporated December 2 1869 Government  - Type Mayor-council  - Mayor Greg Nickels (NP) Area  - City  142. ... is the 258th day of the year (259th in leap years) in the Gregorian calendar. ... Year 1983 (MCMLXXXIII) was a common year starting on Saturday (link displays the 1983 Gregorian calendar). ... Sol Price (born around 1916) He has been known as a pioneer of the Warehouse store retail model. ... FedMart was a chain of discount stores started by Sol Price, who later founded Price Club. ... For information on the type of fish called Lawyer, see the article on Burbot. ...


In 1993, Costco merged with Price Club. Costco’s business model and size were similar to those of Price Club, which was founded by Sol and Robert Price in 1976 in San Diego, California.[4] Thus, the combined company, PriceCostco, was effectively double the size of each of its parents. Just after the merger, PriceCostco had 206 locations generating $16 billion in annual sales. PriceCostco was initially led by executives from both companies, but then Sol and his son Robert Price founded Price Enterprises and left in 1994. Year 1993 (MCMXCIII) was a common year starting on Friday (link will display full 1993 Gregorian calendar). ... Nickname: Location of San Diego within San Diego County Coordinates: , Country United States State California County San Diego Founded July 16, 1769 Incorporated March 27, 1850 Government  - Mayor Jerry Sanders  - City Attorney Michael Aguirre  - City Council Scott Peters Kevin Faulconer Toni Atkins Tony Young Brian Maienschein Donna Frye Jim Madaffer... Year 1994 (MCMXCIV) was a common year starting on Saturday (link will display full 1994 Gregorian calendar). ...


In 1997, the company changed its name to Costco Wholesale.[5] Year 1997 (MCMXCVII) was a common year starting on Wednesday (link will display full 1997 Gregorian calendar). ...


Costco today

Patrons entering a Costco warehouse club.

The main competitor in the membership warehouse space is Sam's Club. Although Sam's Club has more warehouses[6] than Costco, Costco has higher total sales volume.[7] Costco employs about 132,000 full- and part-time employees,[8] including seasonal workers, and for fiscal year 2006, ended on September 3, 2006, the company's store sales totaled $60.2 billion[8] of which $1.1 billion was net profit.[9] Costco is #32 on the Fortune 500.[9] Costco Wholesale warehouse in Ontario, California. ... Costco Wholesale warehouse in Ontario, California. ... A warehouse club is a retail store selling a small amount of merchandise in terms of variety. ... Sams Club is a membership-only warehouse club owned and operated by Wal-Mart Stores, Inc. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... For the Manfred Mann album, see 2006 (album). ... The Fortune 500 is a ranking of the top 500 United States corporations as measured by gross revenue. ...


As of June 7, 2007, Costco has 511 locations:[8] June 7 is the 158th day of the year in the Gregorian calendar (159th in leap years), with 207 days remaining. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ...

In the United States, Costco is closed on the following holidays (most other major retailers stay open on all of these dates except Easter, Thanksgiving, and Christmas): In the United States, a holiday is a day set aside by a nation or culture (in some cases, multiple nations and cultures) typically for celebration but sometimes for some other kind of special culture-wide (or national) observation or activity. ...

In India, Costco is exploring a joint venture entry into the heavily regulated wholesale retail sector with Bombay Dyeing Ltd. The discussions are on nascent stage. It is difficult to gain foot hold in India's retail market due to tough regulations. This article is about January 1 in the Gregorian calendar. ... Topics in Christianity Movements · Denominations Ecumenism · Preaching · Prayer Music · Liturgy · Calendar Symbols · Art · Criticism Important figures Apostle Paul · Church Fathers Constantine · Athanasius · Augustine Anselm · Aquinas · Palamas · Wycliffe Tyndale · Luther · Calvin · Wesley Arius · Marcion of Sinope Pope · Archbishop of Canterbury Patriarch of Constantinople Christianity Portal This box:      Easter, the Sunday of... Memorial Day is a United States federal holiday that is observed on the last Monday of May (observed this year on 2007-05-28). ... An Independence Day is an annual celebration commemorating the anniversary of a nations assumption of independent statehood, usually after ceasing to be a colony or part of another state. ... Labour Day (or Labor Day) is an annual holiday that resulted from efforts of the labour union movement, to celebrate the economic and social achievements of workers. ... Thanksgiving is a holiday celebrated in much of North America, generally observed as an expression of gratitude, usually to God. ... Joseph and Mary with baby Jesus, at the first Christmas Christmas (literally, the Mass of Christ) is a holiday in the Christian calendar, usually observed on December 25, which celebrates the birth of Jesus. ...


Other retail formats

Costco currently operates two other retail formats, a home furnishings concept known as "Costco Home," and a strictly business operation known as "Costco Business Center."


There are currently two Costco Home locations (Washington State & Arizona, both in former HomeBase warehouse stores) with plans for a third on the west coast. Costco membership is required, and hours of operation are identical to that of regular Costco warehouses.


There are a handful of Business Centers, all of which offer delivery via a private fleet of trucks. Some locations have a retail selling floor open to Costco members who wish to shop in person, while others are strictly delivery only.


Plans for Costco Fresh, a gourmet supermarket, were shelved in 2004.


Sales model

Typical Costco warehouse interior

Costco focuses on selling products at low prices, often at very high volume. These goods are usually bulk-packaged and marketed primarily to large families and businesses. Furthermore, Costco does not carry multiple brands or varieties where the item is substantially the same. This results in high volume of sales from single vendor, allowing further reduction in price, and reducing marketing costs. Costco also saves money by not stocking extra bags or packing materials; to carry out their goods, customers must bring their own bags or use the merchandise shipping boxes from the company's outside vendors. Image File history File links Costcointerior. ... Image File history File links Costcointerior. ... In economics and business, the price is the assigned numerical monetary value of a good, service or asset. ...


Currently membership fees at Costco are $50 per year for Goldstar and Business Memberships, which can be upgraded to Executive membership for an additional $50 per year. Along with the additional benefits the executive membership has (e.g. car purchasing savings, home loans, car insurance, check printing services) executive members also receive an annual "2% Rewards Check" from Costco on all purchases made (excluding gasoline and tobacco).


Costco is only open to members and their guests, except for purchases of liquor and gasoline in some U.S. states due to state law; and prescription drugs due to federal law. Memberships must be purchased in advance for one year (as of May 5, 2007).[8] Purchases made at Costco's website do not require a membership; however, a 5% surcharge is added to purchases made by non-members. Purchases made with Costco Cash Cards also do not require a membership, and there is no surcharge. To avoid credit card processing fees, United States Costco locations only accept American Express (not in the UK and only Samsung credit cards in South Korea), PIN-based debit cards (Interac in Canada), cash, and checks. Guests of members are not allowed to write checks. Spirits redirects here. ... Gasoline or petrol is a petroleum-derived liquid mixture consisting mostly of hydrocarbons and enhanced with benzene or iso-octane to increase octane ratings, used as fuel in internal combustion engines. ... Federal courts Supreme Court Chief Justice Associate Justices Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Counties/Parishes/Boroughs, Cities, and Towns Other countries Politics Portal      A U.S. state is any one of the fifty subnational entities of... State law, in the United States, is the law of each separate U.S. state, as passed by the state legislature and signed into law by the state governor. ... A prescription drug is a medication that is regulated by legislation to require a prescription before it can be obtained. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on a Web server, usually accessible via the Internet or a LAN. A Web page is a document, typically written in HTML, that is almost always accessible... An overprint is the addition of text (and sometimes graphics) to the face of a postage stamp after it has been printed. ... American Express (NYSE: AXP), sometimes known as AmEx or Amex, is a diversified global financial services company, headquartered in New York City. ... This article needs cleanup. ... Interac Logo Interac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions. ...


Lighting costs are reduced on sunny days, as most Costco locations have several skylights. During the day, electronic light meters measure how much light is coming in the skylights and turn off an appropriate percentage of the interior lights. During a typical sunny day, it is very common for the center section of the warehouse to have no interior lights burning.


Most products are delivered to the store on shipping pallets, and the pallets are used to display products for sale on the retail floor. This contrasts with other retailers that break down pallets and stock individual products on shelves. Costco caps its profit margin on most products at 14% or 15%, but generally limits price markup on products from 8%-10%. A wooden pallet A plastic pallet with nine legs, which can be lifted from all four sides For the fictional town in the Pokémon series of games, named after an artists palette, see Pallet Town. ... Drawing of a self-service store. ... A hardwood floor (parquetry) is a popular feature in many houses. ... Profit margin is a measure of profitability. ...


Costco Cash Cards

Costco Cash Cards can be purchased in the warehouse and members can load them with money to make non-cash purchases at all Costco warehouses in the United States. Because Costco gas stations take only Costco Cash, debit cards, and American Express, people who normally pay for gas by check or cash must purchase a Costco Cash Card inside the actual Costco building before filling up. This article needs cleanup. ... American Express (NYSE: AXP), sometimes known as AmEx or Amex, is a diversified global financial services company, headquartered in New York City. ...


Products

A food concession stand at the Costco warehouse in Mountain View, California

Over the years, Costco has gradually expanded its range of products and services. Initially it preferred to sell only boxed products that could be dispensed by simply tearing the shrinkwrap off a pallet. It now sells many other products that are more difficult to handle, such as fresh produce, meat, dairy, seafood, fresh baked goods, flowers, clothing, books, software, home electronics, jewelry, art, hot tubs, and furniture. Many stores have tire garages, pharmacies, hearing aid centers, optometrists, photo processors, and gas stations. Image File history File links Costcohotdogstand. ... Image File history File links Costcohotdogstand. ... Mountain View is a city in Santa Clara County, in the U.S. state of California. ... Produce on display at La Boqueria market in Barcelona, Spain. ... Kinnikuman character, see Meat Alexandria. ... Spaghetti with seafood (Spaghetti allo scoglio). ... Wikibooks Cookbook has an article on Baking Baking is the technique of prolonged cooking of food by dry heat acting by conduction, and not by radiation, normally in an oven, but also in hot ashes, or on hot stones. ... A Phalaenopsis flower Rudbeckia fulgida A flower, (<Old French flo(u)r<Latin florem<flos), also known as a bloom or blossom, is the reproductive structure found in flowering plants (plants of the division Magnoliophyta, also called angiosperms). ... Clothing protects the vulnerable nude human body from the extremes of weather, other features of our environment, and for safety reasons. ... [1]#redirect Book ... Computer software (or simply software) refers to one or more computer programs and data held in the storage of a computer for some purpose. ... Electronics is the study of the flow of charge through various materials and devices such as, semiconductors, resistors, inductors, capacitors, nano-structures, and vacuum tubes. ... Jewelry (the American spelling; spelled jewellery in Commonwealth English) consists of ornamental devices worn by persons, typically made with gems and precious metals. ... The Bath, a painting by Mary Cassatt (1844-1926). ... For television series episodes entitled Hot Tub, see Hot Tub (Drawn Together episode) or The Hot Tub (Seinfeld episode). ... welcome:: This is an article about items in a room. ... An automobile repair shop is a place where automobiles are repaired by auto mechanics. ... For other uses, see Pharmacy (disambiguation). ... Behind the ear aid For the song, see Flood (album). ... Optometry (Greek: optos meaning seen or visible and metria meaning measurement) is a health care profession concerned with examination, diagnosis, and treatment of the eyes and related structures and with determination and correction of vision problems using lenses and other optical aids [1]. An optical refractor (also called a foropter... It has been suggested that this article or section be merged with photographic developer. ... Modern gas station A filling station, gas station or petrol station is a facility that sells fuel for road motor vehicles &#8211; usually petrol (US: gas/gasoline), diesel fuel and LPG. The term gas station is mostly particular to the United States of America and Canada, where petrol is known...


Some locations have liquor stores, often kept separate in order to comply with liquor license restrictions. In some states (such as Texas), the liquor store must be owned and operated by a separate company with separate employees. In 2006, Costco won a court decision against the state of Washington allowing it to purchase wine directly from the producer, bypassing the state retail monopoly. A Liquor license is a permit to sell alcoholic beverages. ... Official language(s) English Capital Olympia Largest city Seattle Area  Ranked 18th  - Total 71,342 sq mi (184,827 km²)  - Width 240 miles (385 km)  - Length 360 miles (580 km)  - % water 6. ... Map of Alcoholic Beverage Control States, current as of February 2006. ...


Costco also acts as an investment broker and travel agent. They have also introduced an automobile purchasing program where members can purchase new cars at specially arranged prices. They also have an agreement with Ameriprise for auto and home insurance. Invest redirects here. ... A travel agency is a store where individuals or families go to buy travel packages. ... Karl Benzs Velo model (1894) - entered into the first automobile race Passenger cars in use in 2000 An automobile (or motorcar; often simply car; also auto, motor) is a wheeled passenger vehicle that carries its own motor. ... Ameriprise Financial, Inc. ...


In 2004 Costco offered a (single) original artwork by artist Pablo Picasso on their online store.


Kirkland Signature

Kirkland Signature logo

Kirkland Signature is Costco's store brand, otherwise known in the retail industry as an "own-brand." It is found exclusively at Costco stores and is trademarked by the company. The name derives from the fact that Costco's corporate headquarters were located in the city of Kirkland, Washington between 1987 and 1996.[10] Image File history File links Kirkland_logo. ... Kirkland Signature logo Kirkland Signature is Costcos store brand. ... This article does not cite any references or sources. ... Nickname: The Little City That Could Location of Kirkland within King County, Washington, and King County within Washington. ...


To counteract the consumer confidence problem common in store branding, Kirkland Signature sometimes relies on Co-branding. According to Costco, while consumers may be wary of same-store-branding, they are less likely to be wary of brands that they are familiar with and trust.[11] Co-branding is a marketing term used when a single product or service carries more than one brand name of different product categories. ...


Trivia

  • The very first Price Club location was an old airplane hangar, and is still in operation today (Warehouse #401 San Diego).
  • The price of a kosher hot dog and a soft drink at the food court is still $1.50, the same as it was when (pre-merger) Costco first opened in 1983.
  • Prior to the 1993 Price Club/Costco merger, Wal-Mart founder Sam Walton wanted to merge Sam's Club with Price Club.[12]
  • In 2006, former Buckingham Nicks drummer Gary Hodges and bassist Tom Moncrieff helped form a rock band named Sinai 48 after the Kosher Polish hotdogs sold in the Costco food court. The four member band consists of three members of Jewish descent.[citation needed]

Buckingham Nicks was a 10-track LP by Stevie Nicks and Lindsey Buckingham. ... Sinai 48 is an American band that consists of members Alex Helene (vocals), Ananiah McCarrell (guitars and synthesizers), Gary Hoppy Hodges (drums and percussion), and Tom Moncrieff (bass and digital editing). ... For other uses, see Jew (disambiguation). ...

Working at Costco

While some former Price Club locations in California and the northeastern United States are staffed by Teamsters, the majority of Costco locations are not unionized. The non-union locations have revisions to their Costco Employee Agreement every three years concurrent with union contract ratifications in locations with collective bargaining agreements. Similar to a union contract, the Employee Agreement sets forth such things such as benefits, compensations, wages, disciplinary procedures, paid holidays, bonuses, and seniority. As of March 2007, non-supervisory hourly wages range from $11.00 to $19.50. The International Brotherhood of Teamsters (IBT), formerly known by the name International Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America, is one of the largest labor unions in the United States. ...


Product-demonstration (e.g., food samples) employees are employed by an outside company. In the western USA, the company is called Warehouse Demo Services, Kirkland WA[13]. Costco also uses Club Demonstration Services, based in San Diego, California. [14].


See also

Sams Club is a membership-only warehouse club owned and operated by Wal-Mart Stores, Inc. ... BJs Wholesale Club, Inc. ...

External links

Notes

  1. ^ http://phx.corporate-ir.net/phoenix.zhtml?c=83830&p=irol-shareholder
  2. ^ http://www.costco.co.jp/eng/costco.htm
  3. ^ http://www.costco.com/Browse/ProductSet.aspx?Prodid=24743&whse=&topnav=&browse
  4. ^ http://media.corporate-ir.net/media_files/irol/83/83830/HistoricalHighlights.pdf
  5. ^ http://www.costco.com/Membership/MembershipPopup.aspx
  6. ^ http://pressroom.samsclub.com/content/?id=3
  7. ^ http://www.hoovers.com/sam%27s-club/--ID__56161--/free-co-factsheet.xhtml
  8. ^ a b c d http://phx.corporate-ir.net/phoenix.zhtml?c=83830&p=irol-homeprofile
  9. ^ a b http://money.cnn.com/galleries/2007/fortune/0704/gallery.500top50.fortune/32.html
  10. ^ Business Spotlight: Costco Wholesale. Retrieved on 2006-10-26.
  11. ^ http://www.findarticles.com/p/articles/mi_m0FNP/is_23_44/ai_n15969670
  12. ^ http://money.cnn.com/magazines/fortune/fortune_archive/2003/11/24/353756/index.htm
  13. ^ http://wdsdemos.com/
  14. ^ http://www.clubdemo.com/About_Us.htm

  Results from FactBites:
 
Costco - Wikipedia, the free encyclopedia (659 words)
Costco Wholesale Corporation (NASDAQ: COST) is a membership warehouse club chain and headquartered in Issaquah, Washington, United States, with its flagship warehouse #1 in nearby Seattle.
Costco employs about 118,000 full- and part-time employees, including seasonal workers, and for fiscal year 2005, ended in August, the company's store sales totaled $51.9 billion of which $1.063 billion was net profit.
Costco is only open to members and their guests, except for purchases of liquor, gasoline and prescription drugs in some U.S. states due to state law and liquor license restrictions.
Rivalry between Wal-Mart, Costco also extends to national politics - The Boston Globe (902 words)
Costco chief executive Jim Sinegal, 68, is a Democrat who says Bush's $1.7 trillion in tax cuts unfairly benefit the wealthy.
Costco wouldn't have to raise salaries with Kerry's proposal to increase the minimum wage to $7 an hour, from $5.15 now.
Costco's stores are mostly located on either coast, with 208 of its 321 stores in the higher-wage, more union-friendly 20 states that voted for Democrat Al Gore in 2000.
  More results at FactBites »

 
 

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