The first Costco in New Zealand was first opened at West Auckland in September 2022, delayed from mid-August due to the economic impact of the COVID-19 pandemic. The store's opening garnered much attention, which led to its opening day being cut short over safety concerns. Ĭostco opened its first warehouse in China on August 27, 2019, in Shanghai. Span Construction, led by King Husein, has constructed almost all of Costco's buildings since 1989.
Ĭostco announced the opening of 29 new locations in 2016, the most in one year since 2007. That year Costco announced plans to open an online store in China using Alibaba Group. In 2014, Costco was the third largest retailer in the United States. On April 26, 2012, CNBC premiered its documentary, The Costco Craze: Inside the Warehouse Giant. The company was able to arrange to keep the same address for the new building. In 2005, Costco replaced its first Seattle warehouse with a new warehouse on an adjacent lot. In 1997, Costco changed its name to Costco Wholesale Corporation, and all remaining Price Club locations were rebranded as Costco. In 1996, Costco moved its headquarters from Kirkland to Issaquah. PriceCostco was initially led by executives from both companies, but in 1994, the Price brothers left the company to form PriceSmart, a warehouse club chain in Central America and the Caribbean unrelated to the current Costco. PriceCostco boasted 206 locations generating $16 billion in annual sales.
The combined company took the name PriceCostco, and memberships became universal, meaning that a Price Club member could use their membership to shop at Costco and vice versa. Costco's business model and size were similar to those of Price Club, which made the merger more natural for both companies. In 1993, Costco and Price Club agreed to merge operations themselves after Price declined an offer from Walmart to merge Price Club with their warehouse store chain, Sam's Club. The company was initially headquartered at its first warehouse in Seattle, but moved its headquarters to Kirkland in 1987. A second store opened in Portland in October, and a third in Spokane in December 1983. He began his retail involvement as a grocery bagger. During this time, small businesses were given an 8% or 9% discount on inventories. Sinegal had started in wholesale distribution by working for Sol Price at FedMart Brotman, an attorney from an old Seattle retailing family, had also been involved in retail distribution from an early age. Brotman opened the first Costco warehouse in Seattle on September 15, 1983. As of February 2023, Costco has 848 warehouses worldwide: 584 in the United States, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 18 in South Korea, 14 in Taiwan, 14 in Australia, four in Spain, two each in France and China, and one each in Iceland, New Zealand and Sweden. Through mergers, however, Costco's corporate history dates back to 1976, when its former competitor Price Club was founded in San Diego, California. The company opened its first warehouse (the chain's term for its retail outlets) in Seattle in 1983. Ĭostco's worldwide headquarters are in Issaquah, Washington, an eastern suburb of Seattle, although its Kirkland Signature house label bears the name of its former location in Kirkland.
Costco is ranked #11 on the Fortune 500 rankings of the largest United States corporations by total revenue. As of 2022, Costco is the fifth largest retailer in the world and is the world's largest retailer of choice and prime beef, organic foods, rotisserie chicken, and wine as of 2016.
Original logo (used until 1993, but carried by stores until 1997)Ĭostco Wholesale Corporation ( doing business as Costco Wholesale and also known simply as Costco) is an American multinational corporation which operates a chain of membership-only big-box retail stores ( warehouse club).
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