> Costco is a subscription business. I don’t think that’s accurate. The membership fee is a trivially small percentage for most members, and can’t be a signifi

> Costco is a subscription business. I don’t think that’s accurate. The membership fee is a trivially small percentage for most members, and can’t be a significant margin driver. Especially for those members who have a pack of kids and shop Costco regularly, spending hundreds of dollars per visit. I personally think the membership fee exists as a gating function to keep less-prolific customers out of overcrowded stores on weekends.