Sol Price, Warehouse Club Pioneer, Passes Away
Sol Price, one of
the earliest pioneers of the warehouse club channel, died Monday at the age
Mr. Price, who opened
Price Club in San Diego in 1976 in an old airplane hangar that once belonged
to Howard Hughes, is widely remembered for his observation extolling the positives
of the “intelligent loss of business.”
While Mr. Price realized
that a strength of his business was not trying to be all things to all people,
another was delivering value to Price Club members. A Wall Street Journal report
recalled an earlier interview with Fortune. “If you recognize you’re
really a fiduciary for the customer, you shouldn’t make too much money,” Mr.
Price once told the magazine.
Price Club and Costco
merged in 1993, creating PriceCostco Inc., and eventually becoming Costco Companies
Inc. in 1997.
Mr. Price along with
his son Robert later founded PriceSmart, a smaller warehouse club format operating
in 11 countries in Central America and the Caribbean as well as in the U.S.
Questions: What do you think are the greatest contributions that Sol Price
made to retailing? What is your assessment of the state of the warehouse club
- PriceSmart Announces
the Passing of Sol Price – PriceSmart
- Developer of Big-Box Stores Supersized the Art of
Retail – The Wall Street Journal
- Price Club founder Sol Price dies at 93 in Calif. – The Associated Press/Google