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Mar 2, 2021 · After returning from a trip to France, and experiencing a discount grocery/department store, Jeff conceptualized bringing a European-style hypermarket to North America. With the business model ready, he needed a partner. He had heard of Jim Sinegal, and his penchant for consumer business and his employee centric management style.
The first store operated under the Costco label was opened in Seattle on Sept. 15, 1983, by Sinegal and another career retailer, Jeff Brotman. A month later, the pair opened a second warehouse in ...
- Remove Disproportionate Wage Gaps. Sinegal was staunchly against vast wage gaps between company executives and the rest of the workforce. The Washington Post reported that he took home a $350,000 salary while serving as Costco’s CEO, far below the industry standard of $1 million for Fortune CEOs of the time.
- Take Care of Your Employees. Sinegal faced repeated criticism from Wall Street for being overly generous to his workforce — so much so that some said it was better to be an employee than a shareholder.
- Keep Things Simple. Sinegal adopted a no-frills approach to leadership, which extended to several areas of the business. Office Space: It is reported that Sinegal’s office was nothing more than a tiny alcove, complete with basic furniture and folding chairs.
- Be Stern with Suppliers. Sinegal is rightly remembered as a generous and ethical leader, but that doesn’t mean he was a pushover. On the contrary, maintaining such sizable profits at a budget retailer demanded a rigorous approach to supplier management.
Sep 16, 2020 · Despite Costco's immense success, Sinegal earned only a third of what his fellow CEOs did while leading the company. Costco CEO Jim Sinegal smiles at a reopening of a Costco store in...
- Henry Blodget
Mar 6, 2019 · Just three years after opening its doors, Costco was a $1 billion company, Sinegal told CNN. At that point, the chain boasted "17 locations, 1.3 million members, and 3,740 employees,"...
As CEO, Sinegal was well known for traveling to each Costco location every year to inspect it personally. Sinegal's innovations made Costco the first "warehouse club" to include fresh food, eye-care clinics, pharmacies, and gas stations in its mix of goods and services.
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Dec 10, 2019 · Jim Sinegal, co-founder of Costco Wholesale Corporation, discussed Costco’s success in the retail industry, as well as its strong corporate management, innovative business model, and forward-thinking strategy on Nov. 21 at Georgetown’s McDonough School of Business, during an event hosted by the Georgetown Retail & Luxury Association (GRLA ...
