New York
CNN
—
Costco has rolled out earlier shopping hours. But members will have to pay a bit more to access it.
Cardholders of Costco’s priciest “Executive Member” plan, which costs $130 per year, can now exclusively enter warehouses beginning at 9 am through 10 am Sunday through Friday. On Saturdays, the time slot is from 9 am to 9:30 am. All other members can enter at 10 am Sunday through Friday and at 9:30 am on Saturdays.
Costco announced the changes last month and they went into effect on Monday, June 30.
The changes come about a year after the warehouse chain hiked prices of its annual memberships for the first time in seven years.
Last September, membership fees increased by $5 to $65 a year in the US and Canada for three of its plans: “Gold Star,” “Business” and “Business Add-On.”
The price of Costco’s premium “Executive Member” tier also went up by $10. However, they can now earn $1,250 in rewards annually versus $1,000 in the past, including a new $10 monthly credit for same-day delivery on its website or through Instacart.
The number of Executive members jumped 9% year-over-year to 37.6 million, according to the company’s most recent earnings report. Those memberships represent 73% of Costco’s sales.
Annual fees have been one of the biggest profit-generating areas for Costco, helping it offset expenses to keep its prices down. Last year, Costco earned $4.8 billion in revenue from membership fees, a 5% increase from 2023.
