for: COSCO

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 and founded in Kirkland, Washington, with its flagship warehouse in nearby Seattle. Costco's Canadian operations are based in Ottawa, Ontario. It is the fourth biggest general retailer in the United States, after Wal-Mart, The Home Depot, and Kroger.

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 the Canadian province of 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.

Prior to the 1993 Price merger, Wal-Mart founder Sam Walton wanted to merge Sam's Club with Price Club.

The very first Price Club location was an old airplane hangar, previously owned by Howard Hughes, and is still in operation today (Warehouse #401 San Diego).

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

Costco today

In the United States, Costco is closed on the following holidays (most other major retailers stay open on all of these dates except Thanksgiving and Christmas):

• New Year's Day
• Easter
• Memorial Day
• Independence Day
• Labor Day
• Thanksgiving Day
• Christmas Day

Costco became the first company ever to grow from zero to $3 billion in sales in less than six years.

Other retail formats

Costco currently operates two other retail formats, a home furnishings concept known as "Costco Home," and a strictly business operation known as "Costco Business Center."

There are currently two Costco Home locations (Washington State & Arizona, both in former HomeBase warehouse stores) with plans for a third on the west coast. Costco membership is required, and hours of operation are identical to that of regular Costco warehouses.