What's in a name? Many people believe it's symbolic of their true essence in life. But for a business, the moniker that it takes on harks back to its mission and speaks to its brand. So what went into the christening of bargain-bulk wholesaler Costco? The answer is a lot, but it's not as complex as you might think.
With nearly 900 warehouses in 14 nations across the globe, Costco has become the top dog in the world of membership-based retail chains, raking in more profits than competitors like Sam's Club and BJ's Wholesale. It's known for hocking its high-quality and luxury wares at the lowest price possible (even if ). It's part of the chain's business model, a philosophy so ingrained into the brand that it bleeds into the name.
In fact, as a corporation, Costco is publicly traded on Nasdaq under the ticker symbol "COST." So you may be asking yourself how they do it. The easy answer is a devotion to the almost cultish legion of loyal customers that Costco is known for.
One of the reasons shoppers remain so loyal is because the wholesaler focuses on keeping them happy. Costco, for instance, doesn't run advertisements, investing instead in improving shopper services like online grocery delivery. The customers, in turn, play an integral role in expanding the army by spreading Costco's gospel to other soon-to-be members via word of mouth.
Cost savings is more than a motto From rotisserie chickens to leaf blowers to oversized yard gnomes and even gasoline for your car (though ), .