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.
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.
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.
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.
Costco offers public stock for the first time, signaling a new phase in the company's growth and development.
Price Club opens a location in Montreal, Canada, and announces plans for further expansion in Spain and Portugal.
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.
Costco establishes its first warehouse locations on the East Coast in New York and New Jersey.
In 1990, Costco opened its first sushi counter in mainland USA at the location in Issaquah, offering customers a unique dining experience.
Price Club forms a joint venture to open their first warehouse in Mexico City.
Costco celebrates its 10th anniversary, marking a decade of success and growth in the retail industry.
Costco begins selling rotisserie chickens in 1994, which becomes a major driver of customer traffic and sales for the company.
In 1995, Costco introduces the Kirkland Signature brand, which becomes a prominent private label brand offering quality products at discounted prices.
Costco relocates its corporate headquarters from Kirkland to a new campus in Issaquah, Washington.
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.
In November 1998, Costco launches its online shopping site, marking the beginning of its online retail presence.
The company changes its name to Costco Wholesale Corporation, aligning its branding with its core business of wholesale retail.
Costco's stock splits 2-for-1, indicating positive performance and growth in the stock market.
On April 17, 2001, Costco expands its online presence by incorporating business-to-business e-commerce on its website.
Craig Jelinek rose to the position of vice president at Costco in 2004.
In 2005, the world's largest Costco store by square feet was located in Hillsboro, Oregon, spanning 148,663 sq ft.
Costco opens an office in Sydney, Australia, expanding its presence in the Australian market.
Costco opens its first warehouse in Melbourne, Australia, further establishing its foothold in the Australian retail landscape.
Costco expands nationally in Australia with the opening of two warehouses in Sydney: Costco Auburn and Costco Canberra.
On January 1, 2012, Jim Sinegal retired as the CEO of Costco, passing the leadership to Craig Jelinek.
For the fiscal year ending on August 31, 2012, Costco reported sales totaling $97.062 billion with a net profit of $1.709 billion.
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.
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.
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.
On August 1, 2017, Jeffrey Brotman, Costco's co-founder and board chairman, passed away.
Jim Sinegal continued to serve as Company Advisor and Director at Costco before retiring from the Board in 2018.
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.
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.
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.
Costco is hosting an online-only Treasure Hunt event where customers can find special deals and offers while supplies last.
As of August 2022, there are 22 Costco Business Centers in the United States, catering predominantly to enterprises.
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.
Costco transitioned from selling goods exclusively to businesses in an old airplane hangar to becoming a dominant force in bulk buying.
The original Costco store in Seattle, located on Fourth Avenue, is still open for business.
On March 17, 2024, Costco announced stricter measures regarding access to its food court facilities.
On March 26, 2024, Costco's rival, Sam's Club, implemented a significant change in its food-court offerings.