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Ashwin Nanjappa 🐘

"Costco's gross margins are 12%, compared with Walmart’s 24%. The company makes up the shortfall through its membership fees: customers pay $60 or more a year to shop at its stores. In 2023 fees from its 129m members netted $4.6bn, more than half of Costco’s operating profits."

economist.com/business/2024/02

The Economist · Why Costco is so lovedBy The Economist

@codeyarns

I have never understood why the model of asking customers to pay a fee for the privilege of shopping in the store is such a successful model.

It makes no sense to me.
No, I am not a member.

@ScribblersEmporium @codeyarns well you get a cash back on gas purchases and other stuff that pretty much makes up for the fee.

@ScribblersEmporium @codeyarns
You get a check back every year, a percentage of that year's purchases. That can cancel out your membership fee.

@codeyarns

Here's another difference between Walmart and Costco.

During covid's height, Costco did everything it could to protect customers, vendors, and staff.

They thwarted hoarders.

They implemented social distancing policies, masks & hand sanitizer were provided to shoppers,...

Walmart let their elderly greeters be beaten up by antimask thugs, then abandoned their customers & staff to the antivaxxer Qrazies.

@Npars01 @codeyarns I will never spend a nickel at Satan’s 5 and dime. Those welfare sucking picket-fenced toothed Arkansas hillbillies can suck it.