How did Costco build a moat?
How did $Costco(COST)$ build a moat?
The answer is memberships and it may be the theme of the next decade. $Target(TGT)$ $Amazon.com(AMZN)$ $Wal-Mart(WMT)$
This is one of the most amazing charts in retail.
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Costco isn't fighting fair in retail and there's nothing Target, Walmart, or Amazon can do about it.
It’s a really tough model to spin up and you can see in the first chart that Costco essentially subsidized low prices through 2017.
Others have tried. Sam’s has had some success. But it’s one of those tough businesses to build and then tougher to copy or disrupt.
It’ll be a point like 2008/early 2009 that will be the best buying times. And that’s the hardest time to buy.
https://twitter.com/TravisHoium/status/1733110419063971945
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