FedMart

“There have been three CEOs in the history of Costco. Saul Price, Jim Senegal, Craig Jelinek. All of whom worked at FedMart.”

“As Saul is running the company during these first few years, he starts to codify some retail management philosophies, and he famously sort of canonizes these as FedMart's four priority order principles, and he teaches every new employee throughout the whole co…”

“So at the time, Walmarts and Kmarts had on the order of about 50,000 SKUs and even FedMart had Probably close to that many at the time.”

“Saul kind of stumbles into figuring out that if you are a membership club, you're not open to the general public, so you can skirt these laws and sell below the manufacturer's minimum price.”