The first Price Club warehouse opened in 1976 in an airplane hangar on Moreno Boulevard in San Diego, California for business shoppers only. The unbeatable prices and bulk packaging appealed to business consumers everywhere, and it’s no surprise that over the next ten years it would bring in 3.2 million members, 22 warehouses, and become Forbes Magazine’s “Best Managed Company”.
Founded by James (Jim) Sinegal and Jeffrey Brotman, the first Costco Warehouse opened in September 1983 in Seattle, Washington – the current home of Costco’s corporate offices. By the end of Costco’s second year in business it would open 9 additional locations in 5 states, as well as the first expansion into Canada. Later, Costco would become the first company to grow $3 billion before its sixth year.
In 1993, Costco’s 10th anniversary and Price Club’s 17th year in business, both companies merge to create PriceCostco. With locations in the United States, Canada, and Mexico, 1993 proves to be a monumental year with the first international expansion to the United Kington in West Thurrock, Essex, England. The international expansion would continue to Korea (1994), Taiwan (1997), Japan (1999), Puerto Rico (2001), Australia (2008), as well as expansions online through Costco.com and Canada’s equivalent, Costco.ca.
PriceCostco officially changes its name in 1997 to what we know now as Costco Companies, Inc.
Today, Costco is the leading warehouses/Big Box retailer by sales volume, exceeding Wal-Mart’s Sam’s Club and BJ’s Wholesale. Founder Jeffrey Brotman continues to sit as the chairman of Costco’s Board of Directors, and Founder Jim Sinegal is Costco’s CEO (soon to be replaced by current COO Craig Jelinek). Costco continues to prove their “consumer first” business model through the creation of new and unique business concepts, included Costco Pharmacy (1986), Produce and Bakery (1987), Optical Labs (1987), 1-Hour Photo (1989), Hearing Aid Centers (1994), Costco Gas Stations (1995), Costco’s Business Centers (1996), Costco Travel (2000), Costco Home (2003), and Car Washes (2006).
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