Costco

“By simply getting rid of paper bags at checkout, Costco arguably saves itself forty five million a year.”

“In business, we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables, like the discount warehouses of Costco.”

“The price company had a seven-year head start on Costco's and Sam's Club, but Costco and Sam's were expanding aggressively while Price Club remained tentative.”

“Price Club was selling a hot dog and a can of soda for a dollar 50. The price of a Costco hot dog and soda has remained the same. A dollar 50.”

“If you're buying as inexpensively as possible and only marking up to cover your cost, And making the vast majority of your money just on membership fees. You're in perfect alignment with the customer as opposed to the person that you're buying goods from.”

“I would argue that he's the most influential retailer of all time. If you factor in how many people Are on record saying that they took Sol's ideas and applied it to their own life and work. Jim Senegal of Costco, obviously. Sam Walton of Walmart. Jeff Bezos o…”

“In business, we often find that the winning system goes almost ridiculously, ridiculously far in maximizing and or minimizing one or a few variables.”

“Extreme success is likely to be caused by some combination of the following factors. Number one, extreme maximization or minimization of one or two variables. Number two, adding success factors so that a bigger combination drives success often in a non-linear …”

“As a leader, if you're not spending 90% of your time teaching, you're not doing your job.”

“These formidably efficient firms kept costs low and passed most of their savings back to consumers who've reciprocated by doing more business with them.”

“Costco marked up its goods by no more than 15% above cost, while typical supermarket might markup prices up to 30%.”

“Increased revenues begets scale savings begets lower costs begets lower prices begets increased revenues.”

“All the benefits that they get from scale as a company are returned to the customer in form of lower prices, which in turn encourages growth and then extends scale advantages.”

“He explained how Costco maintained extremely low markups standardized around a 14% markup across the board.”