Costco’s Timeline
1983
·Founded by Jim Sinegal & Jeffrey H. Brotman, Costco opened its first warehouse in 1983 in Seattle, Washington.
Back Track a little
1976
·Price club, another retail store was founded by Sol & Robert Price in San Diego.
·Price Club’s fiercest competitors were Sam’s Club, Kmart and Costco.
Jim Sinegal, the founder of Costco and Sol Price, the founder of Price Club once worked together at another company called FedMart but Sinegal left to become the executive president of Costco in 1983.
In less than 2 years Costco became public.
1986
·Sam’s Club took the lead in the market.
1987
·Costco had 39 stores and Sam’s Club had 49 stores, leaving behind Price Club with 35 stores.
1988
·Sol Price Resigned as Chairman of Price Club and was replaced by Robert Price.
1991
·Price Club’s earnings dropped for the 1st time.
1992
·Negotiations for a merger between Costco and Price Club was promoted after competitive threats to Costco by Sam’s Club started.
·Sinegal became CEO and Robert was chairman of the new company which through the merger changed its name to PriceCostco Inc.
1994
·The merger wasn’t going well. Sales were dropping and earnings dropped.
·Disputes started to arise between Price & Sinegal and the merger broke.
·The commercial real estate properties and other assets were spun off as Price Enterprises Inc.
1997
·Sinegal remained President and CEO of PriceCostco and Jeffrey Brotman took over as chairman. PriceCostco changed its name to Costco Wholesale.
1983
·Founded by Jim Sinegal & Jeffrey H. Brotman, Costco opened its first warehouse in 1983 in Seattle, Washington.
Back Track a little
1976
·Price club, another retail store was founded by Sol & Robert Price in San Diego.
·Price Club’s fiercest competitors were Sam’s Club, Kmart and Costco.
Jim Sinegal, the founder of Costco and Sol Price, the founder of Price Club once worked together at another company called FedMart but Sinegal left to become the executive president of Costco in 1983.
In less than 2 years Costco became public.
1986
·Sam’s Club took the lead in the market.
1987
·Costco had 39 stores and Sam’s Club had 49 stores, leaving behind Price Club with 35 stores.
1988
·Sol Price Resigned as Chairman of Price Club and was replaced by Robert Price.
1991
·Price Club’s earnings dropped for the 1st time.
1992
·Negotiations for a merger between Costco and Price Club was promoted after competitive threats to Costco by Sam’s Club started.
·Sinegal became CEO and Robert was chairman of the new company which through the merger changed its name to PriceCostco Inc.
1994
·The merger wasn’t going well. Sales were dropping and earnings dropped.
·Disputes started to arise between Price & Sinegal and the merger broke.
·The commercial real estate properties and other assets were spun off as Price Enterprises Inc.
1997
·Sinegal remained President and CEO of PriceCostco and Jeffrey Brotman took over as chairman. PriceCostco changed its name to Costco Wholesale.