Costco

Type: Public (NASDAQ: COST)
Founded: 1983 (Seattle, Washington)
Headquarters: Issaquah, Washington
Key people: James Sinegal, Founder & CEO, Jeffrey Brotman, Founder & Chairman
Industry: Retail (Warehouse Club)
Products: Retail (Specialty), Private Label - Kirkland Signature
Website: www.costco.com

General Information

Costco Wholesale Corporation (NASDAQ: COST) is the largest membership warehouse club chain in the world based on sales volume, headquartered in Issaquah, Washington, United States, with its flagship warehouse in nearby Seattle. Costco's Canadian operations are based in Ottawa, Ontario, and Burnaby, British Columbia.

History

Founded by James Sinegal and Jeffrey Brotman, Costco opened its first warehouse in Seattle, Washington, on September 15, 1983. Sinegal had started in retailing by working for Sol Price at both FedMart and Price Club. Brotman, an attorney from an old Seattle retailing family, had also been involved in retailing from an early age.

In 1993, Costco merged with Price Club (called Club Price in Quebec). Costco’s business model and size were similar to those of Price Club, which was founded by Sol and Robert Price in 1976 in San Diego, California. Thus, the combined company, PriceCostco, was effectively double the size of each of its parents. Just after the merger, PriceCostco had 206 locations generating $16 billion in annual sales. PriceCostco was initially led by executives from both companies, but then Sol and his son Robert Price founded Price Enterprises and left in 1994.

In 1997, the company changed its name to Costco Wholesale.