Costco's business was suspended due to full customers on the first day of opening
It is reported that on August 27, due to too many people on the first day of opening today, the first store of Costco, an American supermarket, has been closed. Minhang District relevant departments issued tips: due to the dense flow of people in the stores of the market opening supermarket at present, for the safety of you and the public, citizens who want to go there should consume rationally and choose off peak shopping. If the customer has gone, please obey the on-site command.
Costco in the United States adopts the form of membership supermarket. Due to the additional membership fee, Costco can keep the gross profit margin of goods very low. It is reported that Costco's membership fee revenue was US $2.302 billion and its net profit was US $2.562 billion in the first three quarters of fiscal 2019. In other words, Costco's profits come almost entirely from membership fees. Before the opening of Shanghai Minhang store, Costco attracted new members with a preferential price of 199 yuan. Since opening member applications on July 1, Costco has accumulated tens of thousands of members, far exceeding the expectations of the management.
Costco is Buffett's partner Charlie & middot; Munger claims to be 'an enterprise to be brought to the coffin'. In China, its name has long been known by Chinese entrepreneurs. Lei Jun, the founder of Xiaomi, hyped it. Later, Netease strictly selected and pinduoduo took its book as a benchmark. China's retail industry and even the whole venture capital circle have reached the position of 'no entrepreneurship, no Costco'.
Costco is the largest chain member store in the United States. It established the price club in San Diego, California in 1976. Costco, founded in Seattle, Washington seven years later, is the second largest retailer in the United States and the seventh largest retailer in the world.
Compared with these external names, Costco's most popular is its membership service, that is, you need to pay for a membership card to enter Costco and be eligible for its services.