Costco history: Beyond the Ticker
Costco (COST) set the precedent for membership-only models back in 1983. But what led to such success for the more than forty year old retailer? Beyond the Ticker takes a deep dive into the company’s biggest moments. 1970s Back in the 1970s, entrepreneur Sol Price opened the first wholesale retailer under the name Price Club in southern California. 1983 Jim Sinegal and Jeff Brotman opened the first Costco warehouse location in Seattle, Washington. 1984 The iconic Costco hot dog was introduced with the fixed price point it still has today – $1.50. 1985 Costco went public at $10 per share. At the time, the company had 17 locations. 1993 - 1997 In 1993, Price Club and Costco merged, and until 1997, it was called PriceCostco. It took the name we know it as today, Costco, in 1997. 1990s In the mid 1990s, Costco introduced its private label, Kirkland Signature, named after its original headquarters in Kirkland, Washington. That business is now worth over $56 billion. 1997 Costco.com launched its e-commerce platform, bringing its low prices and services online. 2014 By 2014, Costco was the third largest retailer in the United States, with sales exceeding $110 billion and a net income of over $2 billion. 2024 And its presence and loyal membership only model keeps growing, giving it the ability to raise its membership in 2024 for the first time since 2017 – from $60 to $65 per year for three of its membership models. As of 2024, there are nearly 137 million members and 891 stores across the globe. From tech giants to retail titans, Beyond the Ticker is a historical series that takes a deep dive into some of Wall Street's trending companies and how they transformed into the financial icons they are today. Check out more of our Beyond the Ticker series, and be sure to tune in to Yahoo Finance. Editor's note: This video was produced by Zach Faulds.
