Costco Outperforming Rivals

As of late, Costco has significantly outperformed its rivals Wal-Mart and Target. While Wal-Mart and Target have had meek sales growth since 2010, Costco has been able increase its sales by 127 percent.

What's the secret? An uncompromised focus on driving sales. Where Target and Wal-Mart dump gobs of cash into marketing, Costco does not spend a dime but instead uses the savings to offer lower prices. Where Target and Wal-Mart offer an intimidating selection of each product, Costco offers a select few, allowing them to discount deeper. Where Target and Wal-Mart constantly scheme on creative ways to reduce payroll expenses, Costco pays employees competitively to enhance customer relations and motivate more sales. This dedication to sales volumes has paid off handsomely for Costco; in the words of Goldman Sachs, the company believes as long as their sales are strong, “everything else will take care of itself.”

 

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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