Sol Price

“That 25 dollars isn't a fee, it's a commitment. Nobody pays 25 dollars just to join a club and then shop somewhere else.”

“In the first year, he projected they would do a million in sales, but the actual first year sales were three million.”

“He put in 5000 dollars of his own money, which was serious money for him back then. His law firm chipped in 10,000. Seven friends invest 5000 each. 50,000 dollars total.”

“He understood that when you're that far ahead, when your principles are that sound, copycats just validate your model. They expand the market, they train your customers, and they make your innovation normal.”

“Price Club hit 1000 dollars per square foot. Competitors with the complete selection were struggling with 300. It turns out that customers prefer low prices to endless choices.”

“The San Antonio retailers paid 50 cents an hour in 1957. Saul paid a dollar. Let's look at what happened. Employees could afford health care and dignity. Communities got stable families, not desperate workers. FedMart attracted the best people with near zero t…”

“The first week sales, 32,000 dollars. Sol needs 200,000 a week to break even. Week two is even worse. By month three, they're hemorrhaging cash.”

“He makes a rule that nothing in Fedmark Can ever be sold below cost. There's no loss leaders, period.”

“Although we are interested in margin, it must never be done at the expense of our philosophy. Margin must be obtained by better buying, emphasis on selling the kind of goods we want to sell, operating efficiencies, lower markdowns, greater turnover, etc. Incre…”

“He said, 80% of a retailer's cost is payroll. Fewer items means less labor, less time ordering, less time stocking, less time checking out.”