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Costco Membership Changes and Retail Growth
The global retail industry is projected to grow to over $27 trillion this year, according to Mordor Intelligence. Costco Wholesale (NASDAQ: COST) is making headlines with its first membership fee increases in seven years, effective September 1, 2024. Standard Gold Star and Business members will see fees rise from $60 to $65, while Executive members will pay $130 instead of $120.
Additionally, Costco has implemented new entry rules requiring members to scan their cards or QR codes at store entrances, starting later this year. This policy aims to ensure that the 79.6 million paying members, including 37.6 million Executive members, receive their membership perks, as Executive members accounted for 73.1% of net sales in the last quarter.
Furthermore, Executive members now have exclusive access to early morning shopping hours from 9 a.m. to 10 a.m. on weekdays and Sundays, and from 9 a.m. to 9:30 a.m. on Saturdays—a change effective September 2, 2023—highlighting Costco’s strategy to enhance customer loyalty among its highest-paying members.
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