Sol Price, Founder of Price Club, Dies
Posted on December 16, 2009 by
SAN DIEGO-Sol Price, founder of Price Club and widely considered the inventor of the warehouse-club concept, died on Monday. He was 93.
Price began his retailing career in 1954 when he opened the first FedMart, a discount store with membership confined to government employees. In 1976, he and his son Robert founded Price Club, opening the first club here. The chain grew to 94 clubs in the United States, Canada and Mexico, with 1992 sales of $6.6 billion.
In 1993, Price Club merged with Costco to become PriceCostco. Eight months later, PriceCostco spun off Price Enterprises, which was eventually named PriceSmart. This company now operates 26 warehouse clubs in 11 countries in Central America and the Caribbean. Robert Price is chairman and chief executive officer.
Along with Robert, Price is survived by another son, Larry; five grandchildren; and four great-grandchildren.