"The first Price Club warehouse sold exclusively to small businesses, but quickly realized it would earn more selling bulk items to everyday consumers with a membership. It was named after founder Sol Price while also referencing the chain's low prices. Price Club was the first of its kind, but it was quickly followed up when Jim Sinegal and Jeff Brotman opened the first Costco location in 1983."
"The two companies merged in 1993 and became PriceCostco, which was then shortened to Costco in 1997. Combining helped the two companies overtake Sam's Club, which had previously outnumbered both individual chains in sales. Costco has never outright stated the meaning of its name, but many think it is a portmanteau of the words "cost" and "company." Regardless of the meaning,"
Costco originated as Price Club in 1976, founded by Sol Price and initially selling only to small businesses before adding consumer memberships to sell bulk items. Jim Sinegal and Jeff Brotman opened the first Costco in 1983; the two chains merged in 1993 as PriceCostco and rebranded to Costco in 1997. The rebranding helped distinguish the company from Sam's Club and aided in overtaking that competitor. Costco offers two membership tiers and had an estimated 73.4 million households with 132 million members in 2024, generating well over $4 billion annually from membership fees.
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