Costco is exploring options to make membership more valuable, CEO says
Costco shoppers may soon be getting more bang for their buck.
Three months after the retailer extended hours at its North American gas stations, CEO Ron Vachris has said the wholesale club is reviewing the possibility of keeping its stores open longer as well.
Vachris said on the company's May 29 earnings call that customer response to the gas station changes has been exceedingly positive.
"The combination of expanded gas station hours, new gas station openings and lower prices at the pump have led us to having two of our all-time highest gallon weeks in the U.S. during the last month," Vachris said.
As a result, the chain is looking into giving customers the opportunity to spend more time and money inside its stores.
"We continue to look at the operations side of things as well," he said. "The warehouse hours."
Business Insider reported this week that beginning at the end of the month, Costco will begin allowing members who pay for its $130 Executive Membership into stores an hour earlier than regular $65 Gold Star members.
"Our Executive Members are our most loyal members, and we want to reward them for their commitment to Costco," an internal email cited by Business Insider reads.
Indeed, Executive Members make up 73% of Costco's sales despite representing only 37.6 million of the company's 79.6 million memberships, according to Costco data. Costco did not respond when reached for comment by CNBC Make It.
The main selling point of the Executive Membership is the 2% cash back reward given on every dollar spent at Costco. If you're a Gold Star member thinking about upgrading, you'd need to spend at least $3,250 per year for the membership to start to be worthwhile. Anything below that, and you'll end up spending more money overall with the higher annual fee.
The Executive membership also offers additional savings on Costco services like their bottled water delivery and pet insurance. If you buy your home or auto insurance through Costco, the Executive membership will get you some exclusive benefits such as roadside and lockout assistance.
If you're on the cusp of a $3,250 annual spend but also use those services, it might make the membership worthwhile. Costco promises to refund the difference in cost between a Gold Star membership and an Executive membership in your first year if you aren't satisfied.
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