Part 2/9:
Founded in 1983 in Seattle, Washington, Costco is rooted in a history of innovative retail practices shaped by influential figures like Saul Price. Sam Walton, the founder of Walmart, famously admitted to drawing heavily from Price’s business insights, particularly regarding the bulk retail model. Saul Price initially entered the retail scene in the mid-20th century by launching FedMart, which introduced the concept of membership-based bulk shopping. After challenges with ownership and a pivot in strategy, Price subsequently founded Price Club, which laid the groundwork for Costco's future success.