Wednesday, May 28, 2008

Costco a Leader in Innovation

In a recent post at Creativity and Innovation, they shed light on a newer business to the top twenty of the Innovation Index, Costco. This chain is known for their great prices, the convince and their treasure hut style of shopping.

Over the past year, they’ve seen exceptionally high sales in wine, televisions, diamonds, as well as seafood. One of the most renowned items is the fact that they’ve grown a chicken business from very little to a revenue of $173 million a year.

So what does Costco do to keep growing? Now they’re looking elsewhere, and growing their business by expanding offerings related to gas, car washes, Costco Travel, Costco Home, as well as growing their retail chain online at Costco.com. Innovations in these categories will grow their business by 2 to 5% in 2008.

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