Costco's Tradition of Guessing First-Day Sales
Costco, the popular wholesale retailer, has a unique tradition for its employees at newly opened warehouses. Each employee has the opportunity to win a cash prize of $500 if they correctly guess the first-day sales of the location. In November alone, ten new Costco warehouses were opened, which means that ten lucky employees had the chance to win the cash prize.
The Excitement Surrounding New Store Openings
The night before the official opening day, Costco holds a VIP night for employees and their families. During this event, company leaders and local representatives join in to celebrate the hard work put into the new warehouse. It's a special moment for employees to pause and feel proud of their achievements. It is during this VIP night that employees participate in the tradition of guessing the first-day sales.
How the Tradition Works
Employees are invited to write their names and their best guess for the first-day sales total on a dollar bill. These dollar bills are then collected and put into an envelope. The employee who guesses the closest to the actual sales total gets to keep the cash. The tradition was confirmed by two current employees, although Costco did not provide an official comment on the matter.
The Continuation of a Tradition
The tradition of guessing first-day sales started when co-founder Jim Sinegal was the CEO of Costco. He would personally collect the dollar bills and shake hands with the employees. This tradition has been continued by subsequent CEOs, including Craig Jelinek and the future CEO, Ron Vachris. The total prize usually ranges between $300 and $500, which is a significant amount for employees earning the starting wage of $18.50 per hour.
The Significance of First-Day Sales
First-day sales at Costco can be higher than average due to the special offerings available on opening day. Costco often sells items that it doesn't typically offer, such as jumbo teddy bears and specialty bottles of liquor. These unique products attract customers and contribute to higher sales figures on the first day.
Costco's Expansion Plans
Costco has a goal of opening 30 new locations per year, with half of them in the United States and half overseas. Currently, the company has 870 locations worldwide. While only two locations are listed for opening in 2024, Costco typically announces specifics about new openings in December. The company's continuous expansion provides more opportunities for employees to participate in the exciting tradition of guessing first-day sales.
If you are a Costco worker or shopper who would like to share your perspective, please reach out to Dreuter via email. When contacting us, we strongly recommend using a personal email and a non-work device.
Original Article: Business Insider
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By: dreuter@insider.com (Dominick Reuter)
Title: Costco Employees Have a Chance to Win Cash Prizes for Guessing First-Day Sales
Sourced From: www.businessinsider.com/costco-employee-wins-cash-if-they-guess-first-day-sales-2023-11
Published Date: Fri, 01 Dec 2023 14:50:05 +0000
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