Last Updated:

2024-03-30 03:38:01

Costco

American multinational warehouse club retailer

Costco is the third-largest retailer globally, known for prime beef, organic foods, and wine. It operates 871 warehouses worldwide, with headquarters in Issaquah, Washington. Costco's history dates back to 1976, with its first warehouse opening in Seattle in 1983.

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1976-07-12

Price Club opens first store in San Diego

Price Club, Costco's earliest predecessor, opened its first store on July 12, 1976, in San Diego, California. It was founded by Sol Price and his son, Robert, as a membership-only discount store targeting small business owners.

1979

Expansion of Price Club

After a $750,000 loss in the first year, Price Club expands to two locations with 900 employees, 200,000 members, and a profit of $1 million.

1983-09-15

First Costco warehouse opens in Seattle

Jim Sinegal and Jeffrey H. Brotman opened the first Costco warehouse in Seattle on September 15, 1983. This marked the beginning of Costco's expansion as a big-box warehouse club retail store.

1985-12-05

Costco Goes Public

Costco offers public stock for the first time, signaling a new phase in the company's growth and development.

1986

Price Club expands to Canada

Price Club opens a location in Montreal, Canada, and announces plans for further expansion in Spain and Portugal.

1987

Establishment of Costco Connection magazine

Costco Connection magazine was established in 1987 as a newsprint publication and converted to a magazine in 1997. It features articles related to the corporation, business, celebrity features, cooking, health, and more.

1989

Costco opens first East Coast locations

Costco establishes its first warehouse locations on the East Coast in New York and New Jersey.

1990

Costco's First Sushi Counter in Mainland USA

In 1990, Costco opened its first sushi counter in mainland USA at the location in Issaquah, offering customers a unique dining experience.

1992

Price Club opens first warehouse in Mexico City

Price Club forms a joint venture to open their first warehouse in Mexico City.

1993-09

10th Anniversary of Costco

Costco celebrates its 10th anniversary, marking a decade of success and growth in the retail industry.

1994

Costco starts selling rotisserie chickens

Costco begins selling rotisserie chickens in 1994, which becomes a major driver of customer traffic and sales for the company.

1995

Launch of Kirkland Signature brand

In 1995, Costco introduces the Kirkland Signature brand, which becomes a prominent private label brand offering quality products at discounted prices.

1996

Costco moves headquarters to Issaquah

Costco relocates its corporate headquarters from Kirkland to a new campus in Issaquah, Washington.

1997

Resuming the Costco name

In 1997, the company resumed the Costco name and since then has experienced worldwide growth with total sales exceeding $64 billion in recent fiscal years.

1998-11

Costco launches Costco Online

In November 1998, Costco launches its online shopping site, marking the beginning of its online retail presence.

1999-08-30

Name Change to Costco Wholesale Corporation

The company changes its name to Costco Wholesale Corporation, aligning its branding with its core business of wholesale retail.

2000-01-14

Costco Stock Splits

Costco's stock splits 2-for-1, indicating positive performance and growth in the stock market.

2001-04-17

Costco incorporates B2B e-commerce

On April 17, 2001, Costco expands its online presence by incorporating business-to-business e-commerce on its website.

2004

Craig Jelinek Becomes Vice President of Costco

Craig Jelinek rose to the position of vice president at Costco in 2004.

2005

Largest Costco Store

In 2005, the world's largest Costco store by square feet was located in Hillsboro, Oregon, spanning 148,663 sq ft.

2008

Opening of Office in Sydney, Australia

Costco opens an office in Sydney, Australia, expanding its presence in the Australian market.

2009

Opening of First Warehouse in Melbourne, Australia

Costco opens its first warehouse in Melbourne, Australia, further establishing its foothold in the Australian retail landscape.

2011-07-21

Expansion of Costco in Australia

Costco expands nationally in Australia with the opening of two warehouses in Sydney: Costco Auburn and Costco Canberra.

2012-01-01

Retirement of Jim Sinegal as CEO

On January 1, 2012, Jim Sinegal retired as the CEO of Costco, passing the leadership to Craig Jelinek.

2012-08-31

Costco Sales and Profit

For the fiscal year ending on August 31, 2012, Costco reported sales totaling $97.062 billion with a net profit of $1.709 billion.

2013

Costco's 20th Anniversary

In 2013, Costco celebrated its 20th anniversary with 430 warehouses across North America, Asia, and the UK, over 40 million membership cardholders, and $42.5 billion in revenue. The company also ranked ninth among the world's largest retailers.

2014

Costco becomes third largest retailer in the world

In 2014, Costco achieved the milestone of becoming the third largest retailer globally, a position it maintains to this day, trailing behind Walmart and Amazon.

2016-04-01

Transition of Costco credit card issuer to Citigroup

On April 1, 2016, Citigroup became the exclusive issuer of Costco's branded credit cards in the US. This transition marked a shift from American Express to Citigroup as the issuer.

2017-08-01

Jeffrey Brotman's Death

On August 1, 2017, Jeffrey Brotman, Costco's co-founder and board chairman, passed away.

2018

Jim Sinegal Retires from Costco Board

Jim Sinegal continued to serve as Company Advisor and Director at Costco before retiring from the Board in 2018.

2019

Costco Opening in China

In 2019, Costco opened its first store in China, attracting frenzied crowds with not only hot rotisserie chickens and discounted Birkin bags, but also with the popular liquor Kweichow Moutai.

2019-08-27

Costco opens first warehouse in China

Costco opened its first warehouse in China on August 27, 2019, in Shanghai. The store's opening attracted significant attention but was cut short on the first day due to safety concerns.

2021-03

Launch of Costco Audiobook App

In March 2021, Costco started selling audiobooks and launched a corresponding iOS and Android app for listening to purchases. The app is exclusive to Costco members.

2022-03

Online-Only Treasure Hunt

Costco is hosting an online-only Treasure Hunt event where customers can find special deals and offers while supplies last.

2022-08

Costco Business Centers in the US

As of August 2022, there are 22 Costco Business Centers in the United States, catering predominantly to enterprises.

2022-09

First Costco in New Zealand opens in West Auckland

The first Costco in New Zealand was opened in West Auckland in September 2022. The opening was delayed from mid-August due to the economic impact of the COVID-19 pandemic.

2023-08-22

Costco's Transformation into Bulk Buying King

Costco transitioned from selling goods exclusively to businesses in an old airplane hangar to becoming a dominant force in bulk buying.

2023-12-07

First Costco Location in Seattle

The original Costco store in Seattle, located on Fourth Avenue, is still open for business.

2024-03-17

Costco cracking down on food court access

On March 17, 2024, Costco announced stricter measures regarding access to its food court facilities.

2024-03-26

Sam's Club Food-Court Change

On March 26, 2024, Costco's rival, Sam's Club, implemented a significant change in its food-court offerings.