By Clark 
For the past fifteen months, Costco has been teasing its legions of customers with the prospect of a membership fee hike. Regarding the price increase, departing Costco CFO Richard Galanti has stated time and again: “It’s a question of when, not if.”
That much-anticipated charge rise, meanwhile, will not be implemented at this time, according to the store.
Costco held a conference call with investors on March 7 after releasing its most recent earnings report. Galanti stated that the corporation is still not rushing to execute a price hike when the subject of membership fees arose.
Being successful is something we take pride in. “We are pleased that…the majority of our business metrics are trending upwards at the moment,” he stated. We have a lot of runway remaining.
Meanwhile, Galanti went on to say that he is “sure” the business will increase membership dues “at some point.” Any increases in fees will not occur during his tenure as chief financial officer (CFO), as he intends to resign from the position on March 15 after nearly 40 years in the role.
As a result, Costco members will not have any information about when the anticipated cost rise would take effect. At now, the store’s entry-level Gold Star Membership costs $60 per year, while the more expensive Executive Membership costs $120 per year and offers more benefits.
Gold Star Memberships increased from $55 to $60 and Executive Memberships from $110 to $120 in June 2017, the last time Costco increased membership fees.
Around once every five years and seven months, the business has increased the fees. In January 2023, members would have noticed a cost hike had Costco stuck to that trend.
In a December 2023 earnings conference, Galanti admitted that Costco has been unusually sluggish to raise prices. Galanti did mention that customers are still getting good value from their memberships during the delay, so it’s not all bad.
At Costco, there has been a huge leadership shakeup recently, what with Galanti’s impending resignation and Craig Jelinek’s departure at the beginning of the year.
Whether the newly installed CEO Ron Vachris and CFO Gary Millerchip are more amenable to implementing a price hike than their predecessors is an open question.
Additional Costco news includes the announcement that the freshly cooked Kirkland Signature sushi, which made its debut in the Issaquah, Wash., warehouse last year, will be expanded.
According to Galanti, two additional places will receive the option “in the very near future.”
Additionally, he disclosed that in a few months, Costco will launch the inventory lookup capability that it has promised since last year.
Members will be able to see online if specific items are available at nearby warehouses, a service that Costco buyers have been demanding for years.