The CEO of retailer Costco has revealed its best-selling item – and it’s not what you’d expect.
CEO Ron Vachris Started working in the warehouse when he was just a teenager.
Costco is known for its amazing deals on a plethora of bulk items and its famous hot dogs, but Vachris emphasizes that the company’s most valuable product is its membership card.
“The most important item we sell is the membership card,” said Vachris Fortune in a recent interview.
“Everything we do supports that transaction.”
MEMBER’S MOTTO
Costco offers two types of regular memberships: Gold Star and Executive.
Gold Star membership, priced at $60 annually, grants access to online and in-store shopping.
It also comes with two membership cards and includes a satisfaction guarantee for refunds.
However, the Executive membership, which costs $120 per year, provides even greater savings.
In addition to all Gold Star benefits, Executive members receive extra discounts on Costco services and an annual 2% reward (up to $1,000) on eligible purchases.
For example, spending $300 monthly on essentials and other categories could earn approximately $110 in rewards annually.
Members also enjoy daily deals, including the famous $1.50 hot dog and drink combo.
SEASONED CEO
With such diverse offerings, identifying the most valuable item can be a challenge, but Vachris, with his extensive experience, is well suited for this assessment.
Vachris, who began his career as a 17-year-old forklift driver at Price Club (which later merged with Costco), held several senior roles over 40 years before becoming CEO on Jan. 1, 2024, according to with Base crunch.
Costco’s latest annual report reveals membership growth to nearly 128 million, with a 90% renewal rate.
Membership fee revenue increased 8% last year to $4.6 billion, Fox Business reported.
COSTCO MEMBERSHIP TYPES
Here are the membership types on Costo:
EXECUTIVE MEMBER
- $120 annual membership fee ($60 base fee + $60 upgrade fee plus sales tax)
- Includes a free domestic card
- Valid at all Costco stores worldwide
- Earn an annual 2% reward on eligible Costco purchases (terms and conditions apply)
- Enjoy additional benefits and greater savings on Costco services
- Access extra perks on select Costco Travel products
BUSINESS ASSOCIATION
- $60.00 annual membership fee (plus sales tax)
- Includes a free domestic card
- Additional affiliate cardholders can be added for $60 each (plus sales tax)
- Valid at all Costco stores worldwide
- Eligible for purchases intended for resale
- Business Members are required to provide Costco with required resale information
GOLDEN STAR ASSOCIATION
- Annual Membership Fee: $60.00 (plus sales tax)
- Includes a free domestic card
- Valid at all Costco stores worldwide
You can sign up for any of these associations at Costco.com/Join-Costco.
SIGN UP FOR A MEMBERSHIP
This month is the perfect opportunity to enhance your Costco membership experience with a special promotion.
Costco is offering an exclusive deal for first-time members that can make your shopping experience more affordable and enjoyable — as long as you meet two criteria.
For a limited time, new members who sign up for a Costco Executive Membership and are approved for a Costco Anywhere Visa Card from Citi will receive a $50 Digital Costco Shop Card.
This promotion effectively reduces the cost of a year of Executive Membership to just $70.
This big business, known as Triple Playoffers tremendous value with the numerous benefits and savings that come with being an Executive Member.
Meanwhile, Costco shoppers recently noticed a disappointing change to a beloved food court meal, revealing that not all bread is equal in quality.
And more retail customers are voicing their frustrations with a recent checkout change that has some members considering switching to a major competitor.
This story originally appeared on The-sun.com read the full story
