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A visionary in the hyper-competitive retail industry, Sol Price saw a huge opportunity -- in the mid 1970s -- to create a bulk discount chain with a membership fee model. It was the Price Club. By the early 1990s, the company merged with Costco Wholesale Corporation (COST), becoming a powerhouse in the discount market.Unfortunately, Price died this week. He was 93.
Interestingly enough, Price started his career as a lawyer (he graduated from the University of Southern California). It was a great way to learn about the intricacies of different businesses. For example, one of his clients was Seven Seas Locker Club, which had a bulk-retail model for sailors during World War II.
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