A multinational wholesale corporation opened almost 18 years ago, in 2000, has made a huge mark in the wholesale market. Started as a membership-only warehouse, this market place is called Costco Wholesale. One of the topmost and largest brands in the retail market in the world, Costco has made its name over time.
Costco sells products to members at a highly discounted price. These members have to pay a membership fee every year. Costco Wholesale Corporation’s sales model focuses on making high product sales at a low cost. These bulk sales are then packed and marketed to other businesses and some families too. The model is very similar to Walmart. However, Costco plays an important role in controlling the wholesale price of products. Their motto is to sell products at the lowest cost and hence, if they see that there is a brand not ready to go below a certain amount they have proposed, they stop selling those products. It has played an important role in reducing the costs of Coca-Cola back in 2009. This is one of the reasons why it is also considered to be anti-Walmart by some.
The journey of Costco Wholesale
The company opened its first warehouse in Seattle in 1983 James Sinegal, popularly known as Jim and Jeffrey H. Brotman. This was more of a Price Club Warehouse. In 1993, Costco’s business model and size were similar to that of Price Club. The journey went ahead with them finally establishing themselves in 2000. One of the very few companies to show the rapid growth of sales and an increase in the company value. By 2015, it was marked under the Fortune 500 companies. As of today, the company has over 759 warehouses across the globe.
Costco has ventured into various businesses apart from its base as a wholesale membership club. Costco is into food services, online shopping, travel services, optical services, and even auto program. It was also the second largest auto seller in the US. Costco business services also include providing payment processing services to Costco Canada’s Business Executive Members with the help of NOVA Information Systems. Costco Wholesale Corporation is the world’s largest retailer of a couple of products which include choice and prime beef, various organic foods and food products, rotisserie chicken, and wine.
Working hours and Costco holidays
Costco is open for a limited time, unlike other wholesale markets. The working hours start a bit late and end early too. Costco is open from Monday to Friday between 10 am and 8:30 pm. On Saturdays it’s open between 9:30 am and 6 pm. It is also open on Sundays between 10 am and 6 pm. Costco holiday hours are a lot similar to the regular working hours. Only on Saturdays Costco has extended an hour to serve its customers. The worst part is they are closed on the major shopping days! Yes, on the following days the Costco stores are closed:
- New Year’s Day
- Memorial Day
- Independence Day
- Labor Day
However, they differ as per the locations too. Costco hrs today have been the same as before and the company seems happy to be as they are. Some of Costco’s gas stations tend to open a bit early. The business centers also seem to open at 7 am at certain locations. Overall, Costco Wholesale Corporation is a people’s company and has proven that its ways of working have always worked for them and they don’t need to change at all.