Since Costco has expanded self-checkout, the company has noticed that non-members have been sneaking in to use membership cards that don’t belong to them.
The warehouse club retailer will now ask for shoppers’ membership cards along with a photo ID to use the self-checkout registers – the same policy as regular checkout lanes.“We don’t feel it’s right that nonmembers receive the same benefits and pricing as our members,” Costco said in a statement.
Costco had around 66 million paid members and 119 million cardholders in 2022, making it one of the largest membership clubs in the world. Costco members pay either $60 for a regular membership or $120 for an executive card every year to shop at clubs. The company has not raised the cost of its membership since 2017, despite rivals such as Amazon and Sam’s Club raising their membership fees. Costco has hinted it may soon raise its membership price.The fees help boost the company’s profit and offset expenses, allowing Costco to keep its prices down. Costco is known for offering some of the lowest prices in the retail industry.
Costco made $4.2 billion in membership fees in 2022, a 9% increase from 2021. The company’s renewal rate was 93% last.Related Articles
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