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🌭 Costco’s Kirkland: How a $1.50 Hot Dog Changed Store Brands Forever | 22

31 snips
Mar 11, 2025
Discover how Costco's Kirkland Signature transcended the typical store brand stereotype to become a retail titan. Dive into the story behind the iconic $1.50 hot dog and its impact on customer loyalty. Learn about Saul Price's revolutionary approach to retail that reshaped consumer experiences and sparked competition. From premium products like tequila to staple grocery items, Kirkland has a reputation for quality that defies the ‘generic’ label. It’s a fascinating journey of innovation, strategy, and a dash of humor that changed the shopping landscape forever.
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ANECDOTE

Senegal's Start

  • Jim Senegal, initially a struggling college student, impressed Saul Price with his work ethic.
  • Price, FedMart's co-founder, mentored Senegal, starting him as a grocery bagger.
INSIGHT

Price's Low Price Strategy

  • Saul Price prioritized low prices, gaining customer loyalty through value.
  • This approach challenged conventional retail practices focused on higher markups.
ANECDOTE

Walmart's Inspiration

  • Sam Walton admitted to borrowing ideas from Saul Price.
  • Walton's Walmart model was directly inspired by Price's FedMart.
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