Latest news with #Sinegal
Yahoo
23-05-2025
- Business
- Yahoo
'Nobody Is Holding A Gun To My Head' Says 89-Year-Old Costco Co-Founder Who Still Goes To Work Because He Loves It
Costco co-founder Jim Sinegal still visits the company's Issaquah, Washington, headquarters every Tuesday just because he enjoys it. 'Nobody is holding a gun to my head,' Sinegal said during a 2016 speech at Loyola Marymount University, highlighting his voluntary commitment to the company he helped build. Sinegal may have stepped down as CEO in 2012, but he's far from done. And he's not alone. A growing number of older Americans are rethinking retirement, blending passion with purpose well past traditional working years. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – In an interview with The Wall Street Journal last month, Sinegal said his drive comes from his early mentor, Sol Price, the retail visionary behind FedMart. Sinegal started bagging groceries at 18 and went on to co-found Costco with Jeff Brotman in 1983. More than 40 years later, he's still walking the aisles—and loving it. "I think to be successful, you've got to be pretty focused," he said. His personal rule of thumb? "Worry about your livelihood, your health, and your family. Anything else is a bonus." Costco is keeping up the momentum. For its Q2 2025, which ended on Feb. 16, the company reported $62.53 billion in net sales, a 6% increase compared to the same period last year. CFO Gary Millerchip said on an earnings call that Costco's U.S. and Canada membership renewal rate stood at 93%, with a global rate of 90.5%. He highlighted significant growth in digital initiatives, noting that e-commerce sales saw double-digit increases in categories like home furnishings and sporting goods. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Costco isn't the only place where seniors are clocking in. According to the U.S. Bureau of Labor Statistics, the labor-force participation rate for Americans ages 65 and older reached 19% in April. Among those 75 and older, it's now over 8%, the highest ever recorded. That trend isn't just economic. Retirees were more likely to show signs of depression than those who continued working, even part-time, according to a long-term study cited by The Times of London. The research, as reported by The Times, tracked 27,500 Americans over the age of 50 for an average of 14 years. Those who had retired reported more frequent feelings of sadness and a sense that "everything is an effort," suggesting that continued engagement in work may help support mental to MarketWatch, retired Harvard Business School professor Teresa Amabile spent a decade studying how people transition into retirement. In her book, "Retiring: Creating a Life That Works for You," she outlines four key stages: deciding when to retire, detaching from work, exploring new roles, and forming a fulfilling new routine. Skipping these steps can leave retirees feeling adrift. Amabile emphasizes that retirement isn't just about finances—it's about finding purpose through meaningful activities like mentoring, volunteering, or staying engaged, much like Costco's Sinegal. Read Next: Maximize saving for your retirement and cut down on taxes: . 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'Nobody Is Holding A Gun To My Head' Says 89-Year-Old Costco Co-Founder Who Still Goes To Work Because He Loves It originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
03-05-2025
- Business
- CNBC
Costco co-founder still goes into the office weekly at age 89: 'To be successful, you've got to be pretty focused'
Costco co-founder Jim Sinegal is retired … for the most part. The 89-year-old former CEO of the beloved warehouse chain stepped down from his role in 2012. But Sinegal still goes to the office some Tuesdays, a nod to the work ethic and commitment he learned from his mentor, the late retail businessman and philanthropist Sol Price. "I think to be successful, you've got to be pretty focused," Sinegal said in an interview with The Wall Street Journal published on April 16. He added that, "if you can find a mentor like I did, like Sol Price, it can make a significant difference in your life." For Sinegal, staying involved in his company is a no brainer. He dedicated a huge chunk of his life to retail, getting his start as a bagger at Price's FedMart at age 18. Sinegal worked his way up to the C-suite before launching Costco alongside businessman and investor Jeff Brotman. There, he served as president and CEO for almost 30 years. Sinegal "always loved" working in the grocery industry and viewed his job as more of a hobby, he told The Wall Street Journal. As for work-life balance, staying busy in a role he loves, even after retirement, is the icing on the cake. "I think there are three things that you have to worry about," he said. "Worry about your livelihood, you gotta worry about your health and you gotta worry about your family. Anything else you do is a bonus, if you're able to sneak it in there." Sinegal has offered similar advice to students and young entrepreneurs over the years. If you "find something you are really passionate about and you won't have to work a day in your life," he noted in a 2016 speech to Loyola Marymount University students. In addition to going into the office, Sinegal says he still tries to visit Costco stores regularly — not out of any feeling of obligation, but because he's passionate about the company. "Nobody is holding a gun to my head," he said in 2016. "I do it because I love it, [and] if you can find something you love, it will be a great gift for you." Twenty-eight percent of retirees experience depression, which is higher than that of the overall older adult population, according to a 2020 study. That's one of the reasons why it's so important that workers be honest with themselves when considering what their last decades should look like, Harvard business administration professor and author Teresa M. Amabile wrote for CNBC Make It in November 2024. "My research team at Harvard Business School and I spent a decade interviewing people to uncover the psychological, relational and life restructuring challenges of retiring — and how best to navigate them," Amabile wrote. "We discovered that identity issues can loom large for people." Amabile recommends that younger employees ask themselves, "Would I be more likely to say that my work is what I do or my work is who I am?" If you realize your work is who you are, "that insight could help you consider to what extent your strong work identity holds you back from starting a possibly wonderful retirement life," she wrote. Afterward, write down the values and characteristics you have that you deem important. If you write down something like "hard worker," for example, you can "bridge that identity gap" by finding another way to practice dedication, like gardening, going to the gym or becoming more active in your community. "Consider who you are in your career life, which pieces of your working self you'll be able to take with you, and which ones you want to leave behind," wrote Amabile. "If you can do that honestly, you're more likely to find a satisfying retirement on the other side."
CNBC
01-05-2025
- Business
- CNBC
Ex-Starbucks CEO Howard Schultz 'vividly' recalls advice from Costco co-founder—it 'became a core principle for us'
Howard Schultz's advice for CEOs on weathering economic uncertainty is simple: "Serve every customer and partner beyond their expectations," the former Starbucks CEO wrote in a LinkedIn post on Wednesday. That's what Schultz tells the business leaders who reach out to him for insight into handling the global markets' current uncertainty, amid President Donald Trump's tariff policies, he wrote. "I'm not sure there is a playbook other than staying true to your values and a maniacal focus on the things you can control," he added. Schultz would know. He led Starbucks through a turnaround during the 2008 financial crisis — relying on advice he now "vividly" remembers from Costco co-founder and former CEO Jim Sinegal, he wrote. "Howard, the cost of losing your core customers and trying to get them back during a down economy will be much greater than the cost of acquiring new customers," Sinegal said, according to Schultz. "[Sinegal's] sage gift became a core principle for us during that time of crisis, helping us emerge stronger as the headwinds died down," Schultz wrote. During the financial crisis, Starbucks faced an "existential crisis" and flagging sales, CNBC reported in 2009. Schultz cut costs, closed hundreds of locations and ignored pressure to raise prices — opting instead to offer customers discounts and easier mobile ordering through a loyalty program. He also shut every Starbucks store for three-plus hours of employee retraining to improve the company's focus on quality and customer service. "We reinvested in our people, we reinvested in innovation, and we reinvested in the values of the company," Schultz said in a 2010 Harvard Business Review interview. Starbucks' annual profits rebounded: $945 million by 2010, up from $315 million in 2008. "Great, enduring companies have the innate ability to effectively manage through turbulent and uncertain times by embracing customer centric innovation, value and brand [relevance]," Schultz wrote in his LinkedIn post. Sinegal's advice has helped at least one other industry giant. The Costco co-founder met Amazon founder Jeff Bezos for a coffee in 2001, when the tech company was struggling, and reportedly made quite the impression, according to the 2013 book "The Everything Store," by journalist Brad Stone. At that meeting, Stone wrote, Sinegal touted Costco's ability to maintain strong customer loyalty with "dirt cheap" prices made possible by keeping costs low and cultivating relationships with suppliers. Costco operated on the principle that "value trumps everything," meaning that a high degree of bang-for-the-buck was the best way to keep customers happy, Sinegal said, according to Stone. With Amazon's stock reeling after the dot-com bubble burst, Bezos committed to offering customers value, slashing prices on core products, The New York Times reported at the time. The company's sales rose, and Amazon posted its first-ever quarterly profit at the end of 2001. Today, Amazon is one of the world's most valuable companies, turning an annual profit of $59.2 billion in 2024.
