Costco Wholesale Corporation, better known as Costco, is one of the largest supermarket chains in the world. This company was founded in California, and is known for its offerings in products of all kinds (hospitality, appliances, confectionery, television, car parts, tires, toys, electronics, sports, jewelry, household products, etc.). It is also known for its operation, since, Costco, has a membership system, which have to pay an annual fee to be a member of your club. This year 2025, it will have some modifications and will create new branches. Well, let’s take a look at the history of this company and who owns it.
This is how it all started: this is the history of Costco
Costco’s history begins on July 12, 1976, when James Senigal and Jeffrey Brotman created Price Club. The store was located in an airplane hangar in San Diego, California (Morena Boulevard) and was built with $2.5 million from friends and family. This facility was the first club facility for commercial buyers only. But this location was outgrown and a non-commercial members’ club was created. The first year there were losses of $750,000, but by 1979 it had two warehouses, 900 workers, 200,000 members and $1 million in profits.
A few years later, in 1980, The Price was listed on the stock exchange. By 1983, the first Costco store was established in Seattle, Washington, followed by two more, in Portland, Oregon, and Spokane, Washington. Just one year later, expansion continued with 9 more stores in 5 states. Well, by 1993, the two merged under the name PriceCostco, with a total of 206 stores and sales of $16 billion. Finally, in 1997, it adopted the current name of Costco Wholesale Corporation.
Today, Costco Wholesale has large stores not only in the United States, but also in Canada, Puerto Rico, Mexico, Taiwan, Korea, Japan, the United Kingdom, Australia, Spain, France, Iceland and China. According to its website, there are more than 800 stores.
Who owns Costco supermarkets
Although the founders of Costco, were James Senegal and Jeffrey Brotman, as well as the company philosophy “keep costs low and pass savings to members”, it is not them. Currently, Costco’s CEO is Ron Vachris, although there is not only one owner, as 70% of its shares are held by institutional and individual investors, such as BlackRock and Vanguard.
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