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Costco also added other benefits to the $130 executive membership.
Costco Wholesale (COST) is enhancing benefits for its top-tier members in an effort to boost sales and attract new customers.
Starting Monday, the discount, membership-only retail chain will open for additional hours exclusively for its executive members. As of writing, the news was trending on Google, indicating that consumers were searching for the timings and benefits.
The move comes nearly a year after Costco raised membership fees for the first time since 2017. Rival Sam's Club, owned by Walmart (WMT), already offers exclusive hours for its premium customers.
Costco's locations will open at 9 am exclusively for the executive members, one hour earlier than for other members. Its warehouses will remain open an additional hour on Saturdays for all members, closing at 7 pm.
Here's a snapshot of the new executive membership shopping hours:
- Monday-Friday: 9-10 am
- Saturday: 9-9:30 am
- Sunday: 9-10 am
Costco also added new benefits to the $130 executive membership. Subscribers will receive a $10 monthly credit on same-day or Costco via Instacart orders of $150 or more.
The move might encourage customers to upgrade their memberships to the executive tier, which is more expensive.
While U.S. tariffs have softened demand, Costco appears better positioned than its competitors, thanks largely to its membership model, which locks in customers.
Its results for the last quarter came in above expectations. Although Costco said it would not raise product prices, unlike Walmart, it decided to skip giving an annual business forecast.
On Stocktwits, the retail sentiment for COST was 'bearish,' and message volume was 'low.'
Costco increased membership fees for both Gold Star and Executive tiers by $5 and $10, respectively, in September 2024. Executive membership fees are double the price of the basic membership, but members earn a 2% reward on eligible purchases.
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