00:00In 2012, Singleton retired as CEO, but he's still involved in the company as its chairman.
00:06Today, Costco is a Fortune 500 company with more than 800 stores worldwide,
00:10and it shows no signs of slowing down.
00:13In fact, Costco is still growing at a rate of 10% per year.
00:18As we can see, Costco's success can be attributed to a number of factors.
00:22First, Singleton's focus on customer service was instrumental in the company's early growth.
00:27By taking the time to understand what customers wanted and then implementing their feedback,
00:33he was able to make Costco a more popular destination.
00:36Second, Costco's commitment to low prices and efficiency has allowed them to keep costs down
00:42and pass the savings on to customers.
00:44This has been especially important during tough economic times when consumers are looking for deals.
00:50And third, Costco's expansion into the business market has provided them with a new revenue stream
00:56and a whole new customer base.
00:58By offering businesses the same great products and services that they offer to consumers,
01:03Costco has been able to grow even during tough economic times.
01:07Costco's success is a lesson for all businesses.
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