One of America’s top retailers, Costco, made an important, quiet announcement. The retailer always keeps its consumers’ and employees’ best interest at heart. The retailer believes that the needs and well-being of its consumers and employees are central to the company’s efficiency. The retailer generally allows employees time off on holidays – 7 times per year the retailer closes stores to allow employees to spend time with their families. Now, employees may look at more off days.
Top American Retailer: Costco’s
Costco is known to be one of the top retailer warehouses in America, operating in several states. The operation measures of the company are extremely unique, and one has to be a member of the warehouse to walk into the store. Being part of the membership of the retailer, allows consumers to have access to several benefits. If you are not a member, you are allowed in, only with someone who is a member – membership cards can also not be shared.
Quality over Quantity
As we know, Costco has a reputation of providing the best quality of products, at an affordable price. This is one of the aspects that makes the retailer special to many consumers. This is also one of the ways the retailer attracts consumers – and why members are continuously coming back for more. Costco, truly stock the products at the most competitive prices in the retail industry. The company is also very specific with the type of products it will sell because it has to be satisfied with the selling prices.
In addition, one of the reasons why the retailer aims at keeping the prices of products as low as possible, is because it wants the consumers to enjoy their shopping experience. If they enjoy their experience, it means they had a positive experience and will be coming back for similar experiences. So, Costco is not just thinking about the right here and now satisfaction, but the retailer is thinking about the long-term success for the company.
Also, many may be wondering why Costco does not have a broad range of available products like their closest supermarkets. The reason for this is, because the retailer is focused on limiting its inventory to about 4, 000 SKU’s – stock-keeping units. This is to ensure a close eye is kept on the prices and that good terms are negotiated with suppliers. The retailer can expand its inventory when it wants to, but Costco is focused on the right prices for a product to be added to its lineup.
Retailer’s focus on its employees
Costco believe that the employees of the company – just like the consumers – should also enjoy what they are doing and enjoy where they work. Hence, the company is creating an environment that shows the employees they are valued. An example of this is the working hours of the retailer. The stores open at 09:00 – which is late compared to other retailers – and it closes at 20:30 during the week. During weekends, the retailer opens later and closes earlier – indicating that the working hours of employees are important to management.
In addition, the retailer rarely closes stores because it knows the role it plays in the lives of its consumers. But there are specific days where the stores are close to allow employees to spend time with their families. The retailer is closed 7 times per year and below are an indicated of these days:
- New Year’s Day
- Easter Sunday
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving Day
- Christmas Day
Yet again, indication that the retailer values its employees and need them to rest as well.