"Sol Price, a tough-minded businessman who pioneered the concept of warehouse superstores and later became a major philanthropist in San Diego, died yesterday at age 93.
Mr. Price was best known as the founder of Price Club, which he built into a chain of almost 100 stores before merging it into Costco. But long before that, he introduced his high-volume, low-price approach with Fed-Mart, a chain that Walmart founder Sam Walton cited as an inspiration.
From the opening of the first Fed-Mart in 1954, his strategy was consistent — sell goods as cheaply as possible."
Mr. Price was best known as the founder of Price Club, which he built into a chain of almost 100 stores before merging it into Costco. But long before that, he introduced his high-volume, low-price approach with Fed-Mart, a chain that Walmart founder Sam Walton cited as an inspiration.
From the opening of the first Fed-Mart in 1954, his strategy was consistent — sell goods as cheaply as possible."
