As of 2020, Costco was the fifth largest retailer in the world, and the world's largest retailer of choice and prime beef, organic foods, rotisserie chicken, and wine as of 2016. In 2021, Costco was ranked #10 on the Fortune 500 rankings of the largest United States corporations by total revenue. Ĭostco's worldwide headquarters are in Issaquah, Washington, an eastern suburb of Seattle, although its Kirkland Signature house label bears the name of its former location in Kirkland. The company opened its first warehouse (the chain's term for its retail outlets) in Seattle in 1983. Through mergers, however, Costco's corporate history dates back to 1976, when its former competitor Price Club was founded in San Diego, California. As of March 2022, Costco has 831 warehouses worldwide: 574 in the United States, 105 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 16 in South Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland. The company plans to open its first warehouses in New Zealand, and Sweden in 2022. Ĭostco's earliest predecessor, Price Club, opened its first store on July 12, 1976, on Morena Boulevard in San Diego, California. It was founded three months earlier by Sol Price and his son, Robert, following a dispute with the new owners of FedMart, Price's previous membership-only discount store. Price Club was among the first retail warehouse clubs, beginning with its Morena Boulevard store inside a series of old airplane hangars once owned by Howard Hughes. The store, now known as Costco Warehouse #401, is still in operation today. Price Club's sales model was catered towards small business owners, selling items in bulk for a discounted price at no-frills outlets that were accessible only with an annual membership fee. The company launched an initial public offering in 1980 and expanded to 24 locations in the Southwest and 1.1 million members by early 1986. Price Club expanded into Canada in 1986, opening a store in Montreal, and followed with a Mexico City store in 1992 as part of a joint venture with hypermarket chain Controladora Comercial Mexicana. The company also announced plans to open stores in Spain and Portugal through their Canadian subsidiary. Brotman opened the first Costco warehouse in Seattle on September 15, 1983.
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