Someone you’ve never heard of helped create many businesses we are familiar with today.
The amazing Sol Price…
Sol Price founded the membership-based discount store FedMart in 1954.
– Sol’s business model was a copy of the discount California membership retailer called Fedco. FedMart, Fedco… you know…
Walmart opened 1962 and guess what?
– Sam was friends with & copied Sol’s FedMart. FedMart, WalMart… you know…
Sol sells FedMart (they keep him on for a year, then fire Sol & soon go bankrupt because give your head a shake, he’s the founder!) & opens Price Club 1976. 35 bankrupt FedMart stores were purchased by Target in 1980.
1979 Home Depot opens. Co-founder Arthur Blank was friends with Sol who encouraged Athur to open a wholesale hardware rather than sue his employer – The Handy Dan Home Improvement Store- from which Arthur had just been fired. Lucky for Arthur, bad for HDHIS.
Costco opens 1983. Jim Sinegal, founder Costco, worked for Sol for 30 yrs. Sol helps Jim get going and eventually Price Club & Costco merge.
Sam’s Club opened 1983. Ever the helpster, Sol assists Sam to get his wholesale retailer stores going.
From one man, Sol Price, one idea spawned so many large entities today. All nearly exact copies of each other!
The wheel does not need reinventing. We just require the right drivers.
Until we meet again, stay cool.
Your friend.
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