Costco, in full Costco Wholesale Corporation, American operator of discount stores of the type known as warehouse clubs or wholesale clubs, in which bulk quantities of merchandise are sold at deeply discounted prices to club members who pay an annual membership fee. It is one of the largest retailers in the world. Costco is based in Issaquah, Washington.
The company’s milestones:
-In 1976: Sol & Robert Price raise $2.5 million from friends and family to open Price Club on July 12th, the first warehouse club for business shoppers only. The warehouse was located in a remodelled airplane hangar on Morena Boulevard in San Diego, California.
– In 1979: After a $750,000 loss the first year of operation, Price Club now has two locations, 900 employees, 200,000 members, and a profit of $1 million dollars.
– In 1980: The Price Company offers public stock on July 12th.
– In 1982: Jeff Brotman and Jim Sinegal meet and draw up plans to start a new wholesale club business.
– In 1983: The first Costco warehouse opens in September in Seattle, Washington.
– In 1985: Costco opens it’s first Canadian warehouse in Burnaby, British Columbia.
– In 1986: Costco’s first Pharmacy opens in Portland, Oregon and the Tukwila, WA warehouse becomes the house of the company’s first fresh meat department.
– In 1987, Costco opens it’s first produce and bakery departments.
– In December 1992, Costco opens it’s 100th warehouse in Miami Lakes, Florida.
– In 1993, PriceCostco is formed and opens its first warehouse in the United Kingdom in West Thurrock, Essex, England.
– In 1994: The first Asia Costco opens in Seoul, Korea.
– In 1997: The company officially changes it’s name from PriceCostco to Costco Companies, Inc.
– In 1998: E-Commerce at Costco.com brings Costco prices and services to the internet.
– In 1999: The Company changes it’s name to Costco Wholesale Corporation on August 30th.
– In 2003, Costco Home opened in Kirkland, WA in December 2002.
– In 2006: Costco opened it’s first car wash facility at Seattle, WA.
– In 2007: Costco was named one of the “most admired” companies by Fortune Magazine for a second consecutive year.
– In 2009: Costco opens first warehouse in Melbourne, Australia.
– In 2014: Costco was the third largest retailer in the United States.
– As of 2019: Costco is ranked #14 on the Fortune 500 rankings of the largest United States corporations by total revenue.
According to en.wikipedia.org; costco-business-report-courtneyt.weebly.com; zippia.com.