Costco is an American wholesaler with over 828 locations worldwide and 288,000 employees.
The company’s first location opened in 1976 in Morena Boulevard in San Diego under the Price Club name and was in a converted airplane hangar.
It originally served small businesses, until the company found it could achieve much more by also serving a few non-business members.
With that change, the growth of the warehouse club industry rocketed.
By 1983, the first Costco warehouse was opened in Seattle.
Costco became the first company to go from zero to $3 billion in sales in less than six years!
In 1993, Costco and Price Club merged, operating as PriceCostco, it had 206 locations generating $16 billion in annual sales.
In 1997 since resuming the Costco name, the company has grown worldwide with total sales exceeding $64 billion in recent years.
Costco has transformed the retail world.
Jim Sinegal, the executive vice-president of merchandising, distribution, and marketing was the man responsible with fine-tuning the merchandise and marketing strategies.
This helped to turn Price Club into a success story worldwide.
Today, the company keeps the same qualities that helped attract and keep millions of loyal members around the world.
These qualities are; commitment to its quality, entrepreneurial spirit, and employee focus.
The current CEO is Walter Craig Jelinek, who took on the role in 2012.