The 97-year-old thinks that Jeff Bezos’ Amazon “may have more to fear from Costco in terms of retailing than the reverse.”
Not only do people “trust” the membership-only retail chain, which has over 111 million cardholders, but it also has “enormous purchasing power,” Munger argues. Munger has been a Costco board member since 1997 and personally owned about 166,000 shares of the company at the end of last year, according to filings—worth just over $62 million at the time.
Shares of Costco rose nearly 30% amid the pandemic last year, and have jumped another 40% so far in 2021 amid the reopening of the economy. The big-box retailer, which is one of the largest in the world with over 800 warehouse stores, has been investing heavily in its e-commerce business: Costco last year acquired delivery service provider Innovel Solutions for around $1 billion.Costco saw high demand during the pandemic lockdowns last year as people hoarded household items and groceries. The retailer is now seeing another uptick in sales as the economic reopening continues and more people shop in physical stores again.
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