TIP691: Sol Price: The Retail Visionary Behind Costco w/ Clay Finck
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You're listening to TIP. Hey everybody, welcome to the Investors Podcast. I'm your host, Clay Fink. On today's episode, I'll be telling the story of Saul Price and the foundational beginnings of Costco. Saul Price was the founder of Fedmart and Price Club.
Price Club would ultimately merge with Costco in 1993. When Jim Senegal, the founder of Costco, was asked what he learned from Saul Price, he mentioned, he learned everything from Saul Price. Somebody like Saul especially catches your attention when you see entrepreneurs like Sam Walton of Walmart, Bernie Marcus of Home Depot, and Jeff Bezos of Amazon cloning his business tactics. During this episode, I'll cover what led Saul to get into the retail business in the first place, the key ingredients that led to the success of Fedmart and Price Club, the story of Costco launching the $1.50 hotdog, which they've kept the same price since its opening day in 1984, why Saul believed in paying his employees better than all of his competitors. What led to the merger of Price Club and Costco in 1993?
What has allowed Costco to be so dominant over the past 40 years in the ruthlessly competitive retail industry and much more? Shares of Costco are up nearly 400 times since the IPO in 1985, which makes this a company well worth studying. So with that, I bring you today's episode on Saw Price and the foundational roots of Costco. Since 2014 and through more than 180 million downloads, we've studied the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected.
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