Costco Wholesale (COST) perpetual market

Costco Wholesale is one of the world's largest retailers, operating a global chain of membership-only warehouse clubs. Its business model is distinctive: rather than making most of its profit on the goods it sells, Costco marks up merchandise only modestly and earns a large share of its operating income from the annual membership fees customers pay to shop there. This aligns it with offering low prices, and it drives volume by stocking a deliberately limited selection of products in bulk, including its highly successful Kirkland Signature private label. The model produces famously loyal members with high renewal rates and steady, defensive revenue that holds up well across economic cycles. Founded in 1983 and known for treating employees relatively well and keeping signature items like its food-court hot dog cheap for years, Costco is regarded as one of the best-run retailers in the world and a staple of long-term investor portfolios.