Friday, December 12, 2008

Costco Membership Up 30,000 per Week and Renewals at All-Time High of 87%

Posted by Princess Eva Angelica at 11:05 AM
Retailers have been hit particularly hard this season, but not retailers who offer membership. Costco is reporting big membership gains and strong membership renewals.

“At quarter-end on November 23, our paid executive membership topped eight million, an increase of almost 400,000 or 5% just in the last 12 weeks or about 30,000 per week increase in the quarter so again its still has been a big success for us. . . In terms of renewal rates as I said they continue strong, essentially our all-time high renewal rate. At Q1 2009 the numbers both for business, Gold Star end total were the same as they were at fiscal year end and rounding up a percentage point versus a year ago, business coming in at 92%, Gold Star at 86%, and total a shade about 87.0%.“[1]

How can you replicate this success in your organization?

[1] Costco Wholesale Corporation F1Q09 (Qtr End 11/23/08) Earnings Call Transcript

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