Costco: The Leader's Challenges
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Code : COM0031
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Region : US
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All Thanks to Sol Price Sol Price, a widely regarded guru of retailing, was one of the pioneers of discount retailing. Price disregarded conventional retailing and its high margins and set up Fed-Mart, the first in the discount-store industry in 1954. He ran his store on principles like complete obedience to law (no bribes), the customer comes first ("you are the fiduciary of the customer"), treating employees well and careful selection of product assortment. In 1975, Price sold Fed-Mart to a German company... Costco's Steady Growth The Costco Wholesale Corporation operates all the warehouses of Costco, domestic and global. The warehouses carry between 3,600 to 4,000 stock keeping units. The categories range from groceries, sporting goods and books to electronic appliances, automotive supplies, jewelry, furniture and office equipment. Costco also operates self-service gasoline stations at several locations in the U.S. and Canada. The company has 312 stores in the U.S. and 111 stores in Canada, Korea, Japan, Taiwan, the U.K. and Mexico... Sinegal - the Driving Force Behind Costco James Sinegal, now 66, travels 200 days a year and tries to visit every store at least twice annually. His store managers are on their toes trying to answer the salvo of questions he constantly fires. He holds monthly meetings with his managers, reinforcing the company's philosophy. While he sets high standards for himself and his managers, analysts opine that he does not penalize them for taking risks... |
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