Sol Price: Difference between revisions
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{{Short description|American businessperson}} |
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{{Infobox person |
{{Infobox person |
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|name = Sol Price |
|name = Sol Price |
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|image = |
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|birth_place = [[New York City]], [[New York (state)|New York]], U.S. |
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|caption = |
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|death_date = {{death date and age|2009|12|14|1916|1|23}} |
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|death_place = [[San Diego]], [[California]], U.S. |
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|education = [[San Diego State University]]<br>[[University of Southern California]] ([[Bachelor of Arts|BA]], [[Juris Doctor|JD]]) |
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|death_place = [[San Diego, California]], United States |
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|alma_mater = [[University of Southern California]], B.A. '36, J.D. '38 |
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|awards = |
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|ethnicity = Jewish |
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|spouse = Helen Moskowitz |
|spouse = Helen Moskowitz |
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|children = |
|children = 2 |
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|parents = Bella and Samuel Price |
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|known_for = [[Costco]], [[Price Club]], [[Fedmart]], [[PriceSmart]] |
|known_for = [[Costco]], [[Price Club]], [[Fedmart]], [[PriceSmart]] |
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|occupation = Wholesale Warehouse Club Pioneer |
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}} |
}} |
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'''Sol Price''' (January 23, 1916 |
'''Sol Price''' (January 23, 1916{{spaced ndash}}December 14, 2009) was an American retailer and the founder of [[FedMart]], [[Price Club]] (which ultimately merged into [[Costco]]) and [[PriceSmart]].<ref>[[PriceSmart]]</ref> He was considered the "father" of the "[[warehouse store]]" [[retail]] model.<ref>{{Cite web |last=Eisner |first=Peter |date=December 14, 2009 |title=Sol Price, philanthropist and entrepreneur, dies at 93 |url=https://www.sdjewishworld.com/2009/12/14/sol-price-philanthropist-and-entrepreneur-dies-at-93/ |access-date=June 6, 2023 |website=San Diego Jewish World}}</ref> |
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==Early life and education== |
==Early life and education== |
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Price was born in The Bronx in New York City, the son of Samuel and Bella Price, [[Russian Jews|Jewish]] immigrants to the United States from [[Minsk]] (Belarus), in the early years of the 20th century.<ref>[https://articles.washingtonpost.com/2009-12-15/news/36810825_1_price-club-sam-walton-sol-price Washington Post: "Price Club changed America's shopping experience" By Peter Eisner] {{webarchive|url=https://web.archive.org/web/20131021084540/http://articles.washingtonpost.com/2009-12-15/news/36810825_1_price-club-sam-walton-sol-price |date=2013-10-21 }} December 15, 2009</ref> The family relocated to San Diego in the early 1920s. |
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Price graduated from [[San Diego High School]] in 1931, attended [[San Diego State University]] in 1932, and earned his undergraduate degree (in philosophy) and a law degree from the [[University of Southern California]] in 1936 and 1938, respectively. |
Price graduated from [[San Diego High School]] in 1931, attended [[San Diego State University]] in 1932, and earned his undergraduate degree (in philosophy) and a law degree from the [[University of Southern California]] in 1936 and 1938, respectively. By 1938, he had married his girlfriend Helen Moskowitz; they eloped to [[Las Vegas]]. Price was admitted to the [[State Bar of California|California Bar]] in November 1938.<ref name=WashPost>{{cite news| url = https://www.washingtonpost.com/wp-dyn/content/article/2009/12/14/AR2009121403336_2.html| title = Price Club changed America's shopping experience| newspaper = [[The Washington Post]]| author = Peter Eisner| date = December 15, 2009| accessdate = 2011-07-23}}</ref> |
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==Career== |
==Career== |
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Price launched the first [[FedMart]] in 1954 and, together with his son, Robert, Giles Bateman, a nephew, Rick Libenson and others, founded [[Price Club]] |
Price launched the first [[FedMart]] in 1954 and, together with his son, Robert, Giles Bateman, a nephew, Rick Libenson and others, founded [[Price Club]] in 1976. The company went public in 1980.<ref name="WashPost" /><ref name="NYT_Obit">{{cite news |
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| url = |
| url = https://www.nytimes.com/2009/12/16/business/16price.html |
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| title = Sol Price, Who Founded Price Club, Is Dead at 93 |
| title = Sol Price, Who Founded Price Club, Is Dead at 93 |
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| newspaper = [[The New York Times]] |
| newspaper = [[The New York Times]] |
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| date = December 16, 2009 |
| date = December 16, 2009 |
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| accessdate = 2011-07-23 |
| accessdate = 2011-07-23 |
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}}</ref> In 1993 [[Costco]] merged with Price Club to form PriceCostco.<ref name="WashPost" /><ref name="NYT_Obit" /> Leadership in the new organization was shared between Sol Price's son, Robert, and [[James |
}}</ref> In 1993 [[Costco]] merged with Price Club to form PriceCostco.<ref name="WashPost" /><ref name="NYT_Obit" /> Leadership in the new organization was shared between Sol Price's son, Robert, and [[James Sinegal]]. After eight months, PriceCostco spun a separate company called [[PriceSmart|Price Enterprises]],<ref>{{cite web |url=https://shop.pricesmart.com/ |title = PriceSmart {{!}} Seleccionar país}}</ref> led by the younger Price. PriceSmart continues to operate warehouse clubs in Latin America and the Caribbean, while the domestic operations became Costco.<ref>Jeffrey Covell (2000) [http://findarticles.com/p/articles/mi_gx5202/is_2000/ai_n19122966/ "PriceSmart, Inc."], International Directory of Company Histories, vol. 71</ref> |
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[[Sam Walton]] of [[ |
[[Sam Walton]] of [[Walmart]] wrote in his book ''Made in America'' that he "borrowed" "as many ideas from Sol Price as from anybody else in the business".<ref name="NYT_Obit" /> He added that he especially liked the idea of calling his discount chain "Wal-Mart" because he "really liked Sol's FedMart name". In 1983, Walton dined with Price and later that year the first [[Sam's Club]] opened in [[Oklahoma City]], [[Oklahoma]]. Later when asked how it felt to be the father of an industry (the warehouse retail industry—like Costco and Sam's Club), Sol replied, "I wish I'd worn a condom." Costco's longest-serving CEO, Sinegal, learned the retail business largely through working his way up FedMart's corporate ladder. In [[CNBC]]'s 2012 documentary on Costco, Sinegal indicated that Price had been his mentor, as well as the person who taught him to be "tough" in business, and to display a sense of "social responsibility" toward employees. |
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==Philanthropy== |
==Philanthropy== |
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In the late 1980s, Price donated $2 million to the construction of a new student center on the campus of [[ |
In the late 1980s, Price donated $2 million to the construction of a new student center on the campus of [[University of California, San Diego]].<ref name=wpost> |
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{{cite web| url = http://sdjewishworld.wordpress.com/2009/12/14/sol-price-philanthropist-and-entrepreneur-dies-at-93| title = Sol Price, Philanthropist and Entrepreneur, Dies at 93| author = Peter Eisner| date = December 15, 2009| work =[[San Diego Jewish World]]| accessdate = 2011-07-23}}</ref> Named for Price, the [[Price Center]], which houses the main student bookstore, food court, movie theater, ballrooms, and meeting rooms, opened on April 21, 1989. |
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{{cite web |
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| url = http://sdjewishworld.wordpress.com/2009/12/14/sol-price-philanthropist-and-entrepreneur-dies-at-93 |
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| title = Sol Price, Philanthropist and Entrepreneur, Dies at 93 |
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| author = Peter Eisner |
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| date = December 15, 2009 |
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| work = San Diego Jewish World |
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| accessdate = 2011-07-23 |
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}}</ref> Named for Price, the Price Center, which houses the main student bookstore, food court, movie theater, ballrooms, and meeting rooms, opened on April 21, 1989. |
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In 2011, the Price Family Charitable Fund donated $50 million to the University of Southern California's |
In 2011, the Price Family Charitable Fund donated $50 million to the University of Southern California's School of Policy, Planning, and Development. The school was renamed the [[USC Price School of Public Policy|USC Sol Price School of Public Policy]] as a result of the donation.<ref>{{cite news|last=Gordon|first=Larry|title=USC School of Public Policy gets $50-million gift|url=http://www.latimes.com/news/local/la-me-usc-gift-20111129,0,6117662.story|newspaper=LA Times|accessdate=1 December 2011|date=November 29, 2011}}</ref> |
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Price is responsible for injecting money and aiding the renaissance of the [[San Diego]] mid-city neighborhood of [[City Heights, San Diego|City Heights]], near his childhood home. He was a member of the Board of Trustees for the Urban Institute in Washington, D.C.,<ref name="WashPost" /> the Board of Directors for the Center on Budget and Policy Priorities,<ref name="WashPost" /> the Consumer Affairs Advisory Committee of the U.S. |
Price is responsible for injecting money and aiding the renaissance of the [[San Diego]] mid-city neighborhood of [[City Heights, San Diego|City Heights]], near his childhood home. He was a member of the Board of Trustees for the Urban Institute in [[Washington, D.C.]],<ref name="WashPost" /> the Board of Directors for the Center on Budget and Policy Priorities,<ref name="WashPost" /> the Consumer Affairs Advisory Committee of the [[U.S. Securities and Exchange Commission]], and the San Diego Financial Review Panel. |
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==References== |
==References== |
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[[Category:1916 births]] |
[[Category:1916 births]] |
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[[Category:2009 deaths]] |
[[Category:2009 deaths]] |
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[[Category:American people of Belarusian-Jewish descent]] |
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[[Category:Businesspeople from New York City]] |
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[[Category:Businesspeople from San Diego]] |
[[Category:Businesspeople from San Diego]] |
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[[Category:San Diego State University alumni]] |
[[Category:San Diego State University alumni]] |
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[[Category: |
[[Category:USC Gould School of Law alumni]] |
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[[Category:American businesspeople in retailing]] |
[[Category:American businesspeople in retailing]] |
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[[Category:American chief executives]] |
[[Category:American chief executives]] |
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[[Category:Lawyers from San Diego |
[[Category:Lawyers from San Diego]] |
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[[Category:Philanthropists from New York (state)]] |
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[[Category:20th-century American businesspeople]] |
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[[Category:20th-century American lawyers]] |
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[[Category:21st-century American Jews]] |
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[[Category:San Diego High School alumni]] |
Latest revision as of 15:36, 3 June 2024
Sol Price | |
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Born | New York City, New York, U.S. | January 23, 1916
Died | December 14, 2009 San Diego, California, U.S. | (aged 93)
Education | San Diego State University University of Southern California (BA, JD) |
Known for | Costco, Price Club, Fedmart, PriceSmart |
Spouse | Helen Moskowitz |
Children | 2 |
Sol Price (January 23, 1916 – December 14, 2009) was an American retailer and the founder of FedMart, Price Club (which ultimately merged into Costco) and PriceSmart.[1] He was considered the "father" of the "warehouse store" retail model.[2]
Early life and education
[edit]Price was born in The Bronx in New York City, the son of Samuel and Bella Price, Jewish immigrants to the United States from Minsk (Belarus), in the early years of the 20th century.[3] The family relocated to San Diego in the early 1920s.
Price graduated from San Diego High School in 1931, attended San Diego State University in 1932, and earned his undergraduate degree (in philosophy) and a law degree from the University of Southern California in 1936 and 1938, respectively. By 1938, he had married his girlfriend Helen Moskowitz; they eloped to Las Vegas. Price was admitted to the California Bar in November 1938.[4]
Career
[edit]Price launched the first FedMart in 1954 and, together with his son, Robert, Giles Bateman, a nephew, Rick Libenson and others, founded Price Club in 1976. The company went public in 1980.[4][5] In 1993 Costco merged with Price Club to form PriceCostco.[4][5] Leadership in the new organization was shared between Sol Price's son, Robert, and James Sinegal. After eight months, PriceCostco spun a separate company called Price Enterprises,[6] led by the younger Price. PriceSmart continues to operate warehouse clubs in Latin America and the Caribbean, while the domestic operations became Costco.[7]
Sam Walton of Walmart wrote in his book Made in America that he "borrowed" "as many ideas from Sol Price as from anybody else in the business".[5] He added that he especially liked the idea of calling his discount chain "Wal-Mart" because he "really liked Sol's FedMart name". In 1983, Walton dined with Price and later that year the first Sam's Club opened in Oklahoma City, Oklahoma. Later when asked how it felt to be the father of an industry (the warehouse retail industry—like Costco and Sam's Club), Sol replied, "I wish I'd worn a condom." Costco's longest-serving CEO, Sinegal, learned the retail business largely through working his way up FedMart's corporate ladder. In CNBC's 2012 documentary on Costco, Sinegal indicated that Price had been his mentor, as well as the person who taught him to be "tough" in business, and to display a sense of "social responsibility" toward employees.
Philanthropy
[edit]In the late 1980s, Price donated $2 million to the construction of a new student center on the campus of University of California, San Diego.[8] Named for Price, the Price Center, which houses the main student bookstore, food court, movie theater, ballrooms, and meeting rooms, opened on April 21, 1989.
In 2011, the Price Family Charitable Fund donated $50 million to the University of Southern California's School of Policy, Planning, and Development. The school was renamed the USC Sol Price School of Public Policy as a result of the donation.[9]
Price is responsible for injecting money and aiding the renaissance of the San Diego mid-city neighborhood of City Heights, near his childhood home. He was a member of the Board of Trustees for the Urban Institute in Washington, D.C.,[4] the Board of Directors for the Center on Budget and Policy Priorities,[4] the Consumer Affairs Advisory Committee of the U.S. Securities and Exchange Commission, and the San Diego Financial Review Panel.
References
[edit]- ^ PriceSmart
- ^ Eisner, Peter (December 14, 2009). "Sol Price, philanthropist and entrepreneur, dies at 93". San Diego Jewish World. Retrieved June 6, 2023.
- ^ Washington Post: "Price Club changed America's shopping experience" By Peter Eisner Archived 2013-10-21 at the Wayback Machine December 15, 2009
- ^ a b c d e Peter Eisner (December 15, 2009). "Price Club changed America's shopping experience". The Washington Post. Retrieved 2011-07-23.
- ^ a b c Margalit Fox (December 16, 2009). "Sol Price, Who Founded Price Club, Is Dead at 93". The New York Times. Retrieved 2011-07-23.
- ^ "PriceSmart | Seleccionar país".
- ^ Jeffrey Covell (2000) "PriceSmart, Inc.", International Directory of Company Histories, vol. 71
- ^ Peter Eisner (December 15, 2009). "Sol Price, Philanthropist and Entrepreneur, Dies at 93". San Diego Jewish World. Retrieved 2011-07-23.
- ^ Gordon, Larry (November 29, 2011). "USC School of Public Policy gets $50-million gift". LA Times. Retrieved 1 December 2011.
- 1916 births
- 2009 deaths
- American people of Belarusian-Jewish descent
- Businesspeople from New York City
- Businesspeople from San Diego
- San Diego State University alumni
- USC Gould School of Law alumni
- American businesspeople in retailing
- American chief executives
- Lawyers from San Diego
- Philanthropists from New York (state)
- 20th-century American philanthropists
- 20th-century American businesspeople
- 20th-century American lawyers
- 20th-century American Jews
- 21st-century American Jews
- San Diego High School alumni