笔者家附近有一个烧饼店，厨房和柜台加起来不过3平方米。店里的烧饼种类齐全，用料实在，香气四 溢，几年来，生意越做越红火。他们家的畅销产品——椒盐味烧饼，一直维持"一元一个、买二送一"的 定价，也就是说，两元钱即可买到3个热乎乎、香喷喷的小烧饼。作为老顾客，笔者曾真诚地向老板提 议烧饼涨价，但是两次提议均遭拒绝。 那么，这种不涨价行为的背后是什么样的逻辑支撑呢？ 如果仔细观察，生活中还真的有不少销量可观但价格稳定的商品，比如，炎炎夏日备受青睐的"老中 街"冰棍，零售价始终维持每支1元，已经是其生产商——沈阳中街冰点的经典产品。国货护肤品"千纤 草"丝瓜水19年未涨价，500毫升的丝瓜水标价一直是十几元，曾拒绝头部主播包装提价的建议，坚守平 价定位。 从商业领域的知名案例来说，美国零售巨头开市客（Costco）店内的热狗套餐，从1985年以来，在美国 市场一直坚守1.5美元的价格，已经成为Costco的金字招牌。2019年进入上海市场以来，热狗套餐一直 保持人民币10.9元的价格。有人说，Costco很实诚，但也真会营销。从Costco最近发布的2025财年（截 至2025年8月31日）业绩看，这家全球会员店巨头 ...

Core Insights - Costco continues to show significant growth despite economic uncertainties, with net sales reaching $269.9 billion and net profit at $8.099 billion for the fiscal year 2025, marking an 8% and 9.9% increase respectively [1][2] - Membership fees contribute significantly to Costco's profitability, accounting for 65.7% of net profit, highlighting its business model as a service provider rather than a traditional retailer [2][3] Membership and Customer Base - The total number of paid members reached 81 million, a 6.3% increase year-over-year, with a high renewal rate of 92.3% in North America and 89.8% globally, indicating strong customer satisfaction [3][4] - Costco's e-commerce segment is the fastest-growing area, with a sales increase of 16.1% year-over-year, attracting a younger demographic [5][6] Premium Membership Strategy - As of Q3 2025, Costco had 37.6 million premium members, representing 47.7% of total paid members and contributing 74.2% of global sales [7][8] - The company has implemented benefits for premium members, such as exclusive shopping hours and discounts on online grocery orders, which have positively impacted sales and member upgrades [8][10] Product Offerings and Brand Loyalty - Costco's iconic $1.50 hot dog and soda combo has remained unchanged for 40 years, symbolizing the company's commitment to value and customer loyalty [11][14] - The Kirkland Signature brand has seen increased penetration, providing members with 15% to 20% more value compared to similar products, which helps mitigate inflationary pressures [11][12] International Expansion and Market Position - Costco is cautiously expanding in China, having opened its seventh store in Nanjing, and is focusing on building relationships with local suppliers to enhance its market presence [15][16] - The company acknowledges the slower pace of international expansion compared to the U.S. market but remains optimistic about future growth opportunities [16][17]

Core Insights - Costco revealed its real-estate strategy alongside its fourth-quarter earnings, celebrating significant anniversaries for its hot-dog combo and Kirkland Signature brand [1] - The company continues to expand, opening 10 new warehouses in the fourth quarter and a total of 27 for the year, bringing its global total to 914 [1][2] - Costco plans to open 35 new warehouses in 2026, indicating strong domestic and international growth opportunities [2] Real Estate Ownership - Unlike many retailers, Costco owns the majority of its warehouses, with a real-estate portfolio valued at $31.9 billion [2] - Approximately 80% of Costco's sites are owned, each valued conservatively between $25 million and $35 million [3] - The company’s strategy emphasizes ownership over leasing, allowing it to operate independently of landlords [3] Sales Performance - Costco's "everyday value items" are crucial for customer retention, especially during economic uncertainty, with significant sales figures reported [4] - In 2025, Costco sold over 245 million hot-dog combos and over 157 million rotisserie chickens, showcasing the popularity of its low-priced offerings [4] - The $1.50 hot-dog and soda combo symbolizes Costco's commitment to low prices, with sales growing by over 23% in just over a year [4]