Where will Costco open in Hidalgo?
There is no information that Costco is looking to open a new store in Pachuca, Hidalgo. It was mentioned that three stores will be arriving, including Home Depot and AutoZone, but nothing has been confirmed by Costco, nor has the exact opening date been specified. The project has generated great expectations among residents, who are clamoring for the arrival of this chain that offers everything from food to electronics at competitive prices.
When did Costco arrive in Mexico?
Costco arrived in Mexico in 1992, marking its entry into the national market with a strategic alliance with Controladora Comercial Mexicana. The first store, under the name Price Club, opened its doors in February 1992 in Ciudad Satélite, Naucalpan, State of Mexico, north of Mexico City. This location was key due to the population and commercial growth of the area at that time. The acceptance of the membership model was immediate, leading Costco to rapidly expand to other cities such as Guadalajara, Monterrey, and Cancún. In 2012, Comercial Mexicana sold its stake, leaving Costco as the main operator in the country. Currently, it has 42 locations in 21 states in Mexico.
What was the first Costco?
The first warehouse, then known as Price Club, opened on July 12, 1976, on Morena Boulevard, San Diego, California, in a converted airplane hangar. Founded by Sol Price and his son, Robert Price, the store initially catered to small businesses but soon found a niche among individual consumers. This innovative price club model, based on wholesale sales and memberships, laid the foundation for Costco’s success. In 1983, James Sinegal and Jeffrey Brotman opened the first warehouse under the Costco name in Seattle, Washington. The merger with Price Club in 1993 created PriceCostco, which adopted its current name, Costco Wholesale Corporation, in 1997.
Who founded Costco?
It was founded by James Sinegal and Jeffrey Brotman, who opened the first warehouse in Seattle, Washington, on September 15, 1983. However, the story dates back to 1976, when Sol Price and his son Robert created Price Club, the precursor. Sinegal, who worked with Price at FedMart and Price Club, adopted the price club model and perfected it with Brotman, a lawyer with experience in retail. Their philosophy of keeping costs low and passing savings on to members defined Costco’s success. Sinegal, known for his caring approach and commitment to employees, is the only surviving founder after Brotman’s death in 2017 and Price’s death in 2009.
Who owns Costco?
Currently, it has no single owner, as it is a public company with shares distributed among multiple investors. Nearly 70% of the shares are held by institutions such as Vanguard Group (41.75 million shares) and BlackRock (33.56 million shares). James Sinegal, one of the founders, has an estimated fortune of $500 million but no longer has an operational role. Jeffrey Brotman, who died in 2017, left an estate of approximately $267 million. Since January 2024, the CEO is Ron Vachris, who leads the company following the departure of W. Craig Jelinek. The decentralized shareholding structure ensures stability and protects investor interests, consolidating the store as one of the largest retail chains in the world.
Source: merca20
