Defunct 1997 (1997) | Industry Warehouse Successors CostcoPriceSmart Number of locations 94 warehouses (1993) Parent organization Costco | |
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Headquarters San Diego, California, United States | ||
Bizwatch puregold price club expands business into remittance services
Price Club was the pioneer of the warehouse store, founded by Sol Price in San Diego, California. Price devised the Price Club concept in 1975 after being forced out of FedMart, another retail chain he founded. He and a few friends put up $2.5 million in capital to open the first Price Club on July 12, 1976 at 4605 Morena Boulevard, San Diego, the former site of a manufacturing building once owned by Howard Hughes, now Costco warehouse 401.
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Club membership was initially only available to business customers, but was later opened up to certain groups, such as employees of local businesses, non-profits, or government. The company charged shoppers a $25 annual membership fee to purchase bulk products at discount prices in a no-frills warehouse setting. Price Club's high sales volume enabled Price to give his employees more benefits and higher wages than typical retailers. The company expanded throughout the U.S., Canada, and Mexico. In 1992, Price Club earned $134.1 million on $6.6 billion in revenue from 94 locations.
Price Club merged with rival Costco in 1993 and the combined company was known as PriceCostco. For a brief period of time, Price Club and Costco both continued to operate as two separate stores with members of either chain being able to shop at both stores with their membership cards. In 1997, PriceCostco became Costco Wholesale Corporation and the remaining Price Clubs were rebranded as Costco.