Ben Gilbert: commitment

Transcript context

…Yes, which is a misnomer, because they sell everything. Most other brands only sell shoes. But their 52 billion a year that they sell, which inches by Nike by just about a billion dollars, doesn't even include the Kirkland Signature gas. All right, listeners, if you want to know every single time a new episode drops, you can sign up for email updates at acquired.fm/email. Two brand new things. (1) We will be including little hints at what the next episode will be to the email list now. (2) We'll be including follow ups from episodes when listeners share things with us after release, be it little corrections or just additional insights. So sign up, acquired.fm/email. Come talk about this episode with us at acquired.fm/slack and learn from other listeners who may be closer to these topics than even David and I are. If you want more from David and I, check out our second show ACQ2 available in any podcast player. Just search ACQ2. Our next few episodes are about AI with CEOs who are leading the way as the world very rapidly changes in front of us. Without further ado, this show is not investment advice. David and I may have investments in the companies we discuss, and this show is for informational and entertainment purposes only. David Rosenthal, what are the history and facts? Costco was founded, as many people know, in the lovely city of Seattle in 1983 by retail veterans, Jim Sinegal and Jeffrey Brotman. Jeff came from a long line of Seattle retailers. His dad was a retailer, his brother is a retailer. Jeff was one of the first investors and board members of Starbucks. Super cool. We'll talk about Jim as we go here. If you were around in the shopping age, shall we say, in 1983, you know that the true history of Costco dates way further back than that. To someone that we talked a lot about on our Walmart episode, the legendary Sol Price and his two companies, FedMart and Price Club. Although "Costco" was founded in 1983, the organization that we know and love today is actually the result of a merger between Costco and its predecessor company, Price Club. Price Club is really, of course, the actual result of Sol's previous company, FedMart, which itself really came out of Fedco in the 1940s.…

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