Whether you’re shopping for food for your family or to stock a little league concession stand, Costco is a great place to do it. The variety and quality of products are just one thing shoppers love about it. The high standards the company sets for itself and its employees start at the top of its corporate ladder.
So who owns Costco? Let’s take a long look at this popular warehouse retailer and see!
What Is Costco?
Costco is a large wholesale retailer that started in 1983 and currently has more than 500 locations in the United States and over 800 worldwide. You can find Costco locations in Canada, Mexico, Japan, the United Kingdom, Korea, Taiwan, Australia, and Spain. In addition, you’ll also find one or two in France, China, Iceland, New Zealand, and Sweden.
Costco goes toe to toe with the well-known sister store of retail giant Walmart, Sam’s Club. Like its competitors, a membership is required to purchase most store items. It describes itself as providing “a wide selection of merchandise, plus the convenience of specialty departments and exclusive member services, all designed to make your shopping experience a pleasurable one.”
Is Costco American Owned?
Costco is an American retailer with worldwide locations. It’s officially known as Costco Wholesale Corporation. The CEO of Costco Wholesale Corporation is W. Craig Jelinek. However, the company is publicly traded, which means the CEO and shareholders combine to make decisions for the company.
What Company Owns Costco?
Costco Wholesale Corporation owns all of the over 800 stores around the world. As it is a publicly-traded company, individual stockholders own it. The store is a global competitor in the retail space and functions independently.
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The more than 311,000 shares owned by Jelinek make him the largest individual Costco shareholder. These stocks are worth an estimated $166 million. Additional shareholders include Charles Munger (166,000) and Patrick Callans (65,000).
However, if you want to include companies that own stock, the Vanguard Group, Inc. owns more than 37 million shares or approximately 8.40% of the company.
How Much Does Costco Make a Day?
Costco, as a whole, makes approximately $196 billion in revenue annually. If we take their estimated revenue and divide it by the 365 days in a year, we get $536,986,301.37 per day. So the store makes approximately half a billion dollars per day in revenue.
Costco makes its money not only from selling food and other products in its stores. Since the store requires a membership to shop there, that’s also an excellent way for it to generate revenue.
How Many People Own a Costco Membership?
Costco memberships have been increasing steadily in recent years. In 2020, the store reported 105.5 million members and 111.6 million in 2021. However, in 2022, there are an estimated 118.9 million Costco members.
What Benefits Does a Costco Membership Give You?
It’s safe to assume that with more than 100 million memberships, there are some major benefits to having a Costco membership. Costco members can not only purchase food items in bulk, but they can enjoy discounts while doing so. However, the savings are more than just on food and groceries.
Shoppers can enjoy discounts on clothing, home goods, and fuel. These are a few of the most commonly purchased items and benefits used.
In addition to food, clothing, and fuel discounts, there are discounts available for travel, auto purchases, insurance, and medications. Costco uses its large member pool to secure deals with some of the biggest names in the travel and health industries to provide the best possible prices to its members.
How Much Does a Costco Membership Cost?
A Costco membership ranges from $60 to $120, depending on your chosen membership. The basic (Gold Star) membership costs $60. This comes with a free household card and is valid at all Costco locations worldwide.
However, you can upgrade to the “Executive” membership for an additional $60 ($120 total) and receive 2% rewards and discounts only available to executive members. If you’re a business, they offer specific memberships ($60) for business memberships.
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Is a Costco Membership Worth It?
A Costco membership can be a tremendous resource to have in your wallet. You can save a lot of money by buying many items in bulk. However, there are more than 800 Costco locations, but they’re not always convenient. A membership will not likely be worth it if there’s no Costco near you.
Even if there is a convenient Costco, you need to make sure you use your membership frequently for it to pay for itself and be worth it.
Do you have a Costco membership? Tell us in the comments!
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