Costco Membership Fees Most Likely Going Up
Who doesn’t like saving on gas and groceries? And, we all appreciate giant packs of toilet paper for a deal. Not to mention, that huge holiday pie for a steal can’t be beat. But, recently, Costco’s CFO seemed to indicate the big box retailer’s membership fees are due for an increase. According to WSOC, Richard Galanti said Costco membership fees typically rise every five years. Therefore, he says it’s “a question of when, not if.” He doesn’t say exactly when to expect it, but the last time Costco membership fees went up was June 2017. Right now, Gold Star members pay $60 annually. Executive memberships cost $120. If you have a Sam’s Club card, reports say you recently saw an increase for the first time in nine years. We became Costco members decades ago. And, while we don’t shop there on the regular, it is nice to grab the occasional industrial- sized BBQ sauce for the July 4th gathering.
How did it all begin? The company opened its first location in 1976 with the name Price Club in a converted airplane hangar in San Diego. The idea originally was to serve small business only. However, Price Club realized there was a market for the non-business member. They opened the first “Costco” in 1983 in Seattle. Their rapid success gave Costco the title of the first company to grow from zero to $3 billion in sales in less than six years. The philosophy seems like a no-brainer. They keep the costs down and pass savings to customers. Whatever they do, it’s apparently continued to work all these years later. There were plenty of times we strolled the aisles accepting all the free samples until we had a whole lunch. And, some people go there just for that legendary pizza!
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