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Price Costco to phase out membership req’t
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Posted on Jul 01 2004
Beginning August 1, one-stop-shop wholesaler Price Costco will phase out its wholesale club, which entails a membership card system that has been implemented for about a decade now.
Primary cardholders would even get a refund of their membership fees, according to Price Costco general manager Yasuhito Irinaka.
Price Costco’s annual membership costs $25. Primary cardholders who have more than six months remaining on their membership would be refunded the $25 fee, Irinaka said.
For those who have less then six months remaining on their membership by Aug. 1, Irinaka said primary cardholders would get a 50-percent refund—or $12.50.
“Management has observed that there are a significant number of non-members who want to take advantage of the low prices and unique U.S.-sourced warehouse club merchandise selection available on Saipan only at Price Costco,” Irinaka said.
“We’re listening to the public. We want to see what we can do,” said Irinaka, who recently assumed Costco’s top executive post.
Currently, Irinaka said Costco has about 4,500 members. A 5-percent surcharge is levied on non-members who purchase items at the shop.
Once the membership card system is phased out, anyone can purchase quality goods from Costco without the surcharge.
“Our concept is low [profit] margin for quality goods,” Irinaka said, expressing optimism that Costco’s volume of customers would further increase.
Irinaka became general manager of Price Costco last April. Prior to this, he headed the Hafa Adai Shopping Center in a similar capacity. The business executive joined the Joeten family in 1995.
“I think it’s about time we make some changes. We have to give the public a chance,” Irinaka said.
