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Master the best of what other people have already figured out. Each week, I learn from the best so you can apply their insights to your life. No fluff, no filler, just timeless conversations that make you smarter.
If you enjoy the show, please hit the follow button.
Sol Price: The Godfather of Costco, Walmart, and Modern Retail [Outliers]
The Knowledge Project with Shane Parrish
58 minutes
6 days ago
Sol Price: The Godfather of Costco, Walmart, and Modern Retail [Outliers]
Sol Price is the most influential retailer you've never heard of. A man who never sought the spotlight, but whose legacy and lessons cover the entire landscape of modern retail.
Have you ever wondered why you can still buy a hot dog and soda for $1.50 today at Costco? We can thank Sol Price for that. To him, keeping promises to customers mattered more than profit margins.
Sam Walton said he borrowed more ideas from Sol Price than anyone else. Jim Sinegal of Costco said, “I didn’t learn a lot from Sol. I learned everything.” Jeff Bezos studied him. Home Depot echoed him.
He invented the warehouse club, pioneered membership retail and built two multi-billion-dollar companies. The real lessons aren’t about what he built, but how he did it.
This is the story of how a lawyer with no retail experience created an industry, mentored his competition, and proved that nice guys don't always finish last.
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Approximate Timestamps:
(00:00) Introduction
(02:01) Early Years
(08:29) Starting FedMart
(28:33) Price Club
(36:19) When Students Surpass the Teacher
(42:09) The Teacher's Last Lesson
(43:46) Reflections And Lessons
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The Knowledge Project with Shane Parrish
Master the best of what other people have already figured out. Each week, I learn from the best so you can apply their insights to your life. No fluff, no filler, just timeless conversations that make you smarter.
If you enjoy the show, please hit the follow button.
