The economy and business both have faced a lot of changes during the last few months. The ups and downs are frequent in business, but for COVID-19, the downward graph was a little worrisome.
From the beginning of the year, COVID-19 has changed everything. The new normal is to wear masks and to greet people from a certain distance. To prevent COVID-19, governments of many countries declared and mandated complete lockdown. This step helped in reducing the number of infected people, but it affected the economy and business severely. However, there was no way out. Now, when we are all seeing a little ray of hope to survive COVID-19 because the researcher has come up with a positive result for the anti-COVID vaccine. There are still a few months to complete the testing process and release the formula in the market.
Though many small scale businesses have suffered losses from this situation, various new companies showed up too. The businesses are mostly focused on medical supplies, anti-viral masks, PPE Kits, disposable masks, face shields, multiple types of N95 masks, etc. For so many options, the shortage of kits has been handled, but many fraudulent businesses earned handsome cash on this occasion. Generally, the manufacturers who want to carry on their business, in the long run, abide by the regulations of the healthcare equipment. The sellers at the popular wholesale stores in the United States have to go with the rules otherwise NIOSH doesn’t approve their products, and there are strict restrictions for the public not to buy anything medical supply that is recommended.
Amazon, being a platform of sellers, have played a crucial role in managing this situation of shortage and selling authentic safety products. They also stopped selling N95 masks in bulk to anyone other than healthcare institutes or frontline workers to provide them with the kit which needed it the most. Not only Amazon. Home Depot also has a notable contribution to the COVID-19 to distribute healthcare supplies equally. Costco is also one of these companies who helped the entire state to combat this deadly disease in the best way. Their production and delivery didn’t stop during this period and they tried to stick to the delivery deadline despite having lesser number of workers. Also, for the employees, they have taken required safety measures so that everyone in the store, including customers and workers, can be in a safe environment. Though Costco is a wholesale marketer, it restricted wholesale shopping for medical equipment, especially N95 respirators, to cope with the shortage. Here, in this blog, we are going to talk about Costco, another wholesaler in the USA and their contribution to this particular situation.
Costco Wholesale Corporation is a multinational company in the USA that runs a network of membership-only warehouse clubs. As of 2015, after Target, Costco became the world's second-largest retailer, and as of 2016, Costco was the world's largest retailer of quality and premium meat, organic products, liquor. As of 2019, by gross sales, Costco ranked # 14 on the Fortune 500 list of the largest companies in the United States. Costco became the first company to increase its revenues in under six years from nil to $3 billion. The firm's sales totalled $97,062 billion for the fiscal year, with a net profit of $1,709 billion. In 2019, by total revenue, Costco ranked # 14 on the Fortune 500 rankings of the largest corporations in the United States. The ACSI, with a score of 84 in 2014, named Costco number one in the specialty retail stores industry.
Like with other large retailers, due to the coronavirus pandemic, Costco has weathered a variety of major changes.
Costco listed as subject to sudden change Business operations, access to inventory, business costs, demand for our products and services, litigation exposure and financial performance, supply chain, labour availability, activities, our ability to predict future performance.
- Costco asked all their customers and visitors to wear a face mask that protects the mouth and nose at all times while at Costco, to help protect employees and customers. This rule does not extend to children under two years of age or to people who due to a medical condition are unable to wear a face cover.
- The company’s responsibility is to provide the safest shopping environment possible, and the position is that a face cover helps to ensure this.
- Knowing that some may find wearing masks inconvenient or objectionable, but it is no harm to take extra protection in this current situation. This is no more a personal choice; it is for protection to the wearer but also others.
- During this crisis, Costco continued to operate as an essential business in all communities and the employees are at the forefront. According to them, this simple act of protection and courtesy as part of a group is one that Costco members and workers should perform together.
The USA Centers for Disease Control encourages the use of face coverings in public areas where it is difficult to manage social distancing steps. CDC recommends that face coverings will help slow down the spread of the virus, particularly among those who are not conscious that they are carrying it. Uses of a face mask should not, however, be used as a replacement for social distancing. Costco requests continue to follow proper distancing rules when at Costco.