How Costco Became the King of Bulk Buying After Starting Out Selling Goods Only to Businesses Out of an Old Airplane Hangar
August 23, 2023
Founded in 1983 by Jim Sinegal and Jeff Brotman, Costco, a members-only wholesale club, has risen to become the third-largest retailer in the world. The concept of the wholesale club was refined through earlier stores like FedMart, where Sinegal started his career and developed the membership model. Costco’s strategy of offering competitive prices through bulk buying, limited product variety, and membership fees has led to its success, with over 852 locations worldwide, more than 124 million cardholders, and an annual revenue of over $227 billion.
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