Costco-watching industry analysts say that members of the popular warehouse store should prepare themselves for a possible hike of as much as 10% to the cost of their annual membership at some point in the coming year.
According to Business Insider, analysts with the bank UBS observed that the club raises its membership fee every five to six years, and the most recent price increase was five years ago this month.
Annual membership prices went up about 10% in Costco’s international markets back in September. Oh, and chief financial officer Richard Galanti said during a conference call last month that the time is probably right for a price increase. Probably.
Taking in more money on membership fees isn’t the only way the retailer plans to expand, though. The Motley Fool reports that the chain plans to open about 30 new stores in the coming year, with about half of those in the United States.
About 90% of Costco’s members renewed last year, and the company doesn’t expect to lose renewals with a price increase. It might provide some customers with an opportunity to think about whether paying for a membership to a store is still right for them and for their lifestyle.
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