LYNNWOOD, Wash. — Loyal members flock to Costco for one thing – saving money.
“I find that buying larger amounts at Costco is usually a better value, so I hope that would continue to be true,” said James McGregor, a shopper in Lynnwood.
Costco executives say they’re working to keep prices down.
During a quarterly earnings call earlier this month, executives acknowledged the U.S. tariff battles with Canada, Mexico, and China pose a challenge – one that could affect pricing at some point.
During this month’s earnings call, Costco CEO Ron Vachris said, “It is difficult to predict the impact of tariffs, but our team remains agile and our goal will be to minimize the impact of related cost increases to our members.”
Executives said part of that includes buying more inventory.
They also point out that only a third of Costco’s U.S. sales are imported from other countries and less than half of those items come from Canada, Mexico, and China.
According to a report from The Financial Times, Costco has asked Chinese suppliers to cut their prices.
“Businesses like Costco need certainty. They largely don’t care how much it is – they just need to know what the taxes are going to be so they can plan around it,” said Jeff Gramlich, a business professor at Washington State University.
If prices do go up, members say that won’t keep them from shopping, but it may change how they shop.
“I’d probably have to cut back. I’m on a fixed income and so are my folks who I buy for,” said member Steve Zimmerlund.
Costco’s net sales for the second quarter were up by more than 9%.
15 new locations are set to open in the U.S. this year.
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