Rolex sky-dweller in Costco !?

[Star Ferry]

Originally Posted by Stuxnet

No snobbery. Great respect for hard working people.

A watch shop has expensive goods and the salespeople are trained in selling them and are used to seeing very wealthy people buy watches. Happens all the time, all day. Walmart, Costco etc sell value items which are consumer staples. Not consumer discretionary like in a watch shop. I, personally would feel a little weird buying something at that ticket price there. I think that's the point I failed to make earlier. Making a very discretionary/luxury purchase in a store offering a value proposition on everyday goods, where employees are also trained to cut as much overhead as possible to boost the profit line. I listed to the WMT 3Q conference call and know they are paying employees much more. But still, for me personally, I would feel less uncomfortable buying the watch someplace else.

And don't get me wrong, I'm no socialist/communist. I've been to the discount grocers/hyper markets in suburban America on due diligence visits. What they print in the 10Ks and Qs are a little different from the reality in the stores. But they are still the largest employers in the country and offer a great first step in upward mobility, especially for immigrants.

Are you a Costco investor? Costco is a very different business than Walmart. Costco has relatively few employees and produces almost a million dollars per year in sales per employee. They are known for having high wages and attracting relatively affluent customers. The average worker there makes 50k/year and the average member has a household income of about 100k. They are the largest retailer of Dom Perignon and sell plenty of expensive products to wealthy customers.

If you work for a fund that has invested in grocery and discount chains, then you should know not to assume that all of these businesses are the same. Some of these assumptions make no sense. For example, how do you know that their employees are immigrants? And claiming to have only interacted with Costco through investor due diligence visits is absurd btw. There is a Costco in Westchester County that many hedge funders "due diligence" every weekend.

[RayRay]

Originally Posted by Watch This

Don't underestimate yourself.

lol

[el1125]

Originally Posted by BomB#Frog

Costco's max markup is 15% most is around 10-12%

Correct.

[Runnin' Rebel]

Costco is the largest retailer of wine in the United States. That's good enough to get me in there 2 times a month. They have huge turnover on that product so it changes very fast. If you are lucky and happen to be there at the right time and find a smokin deal on a particular favorite buy it all, cause it won't be back anytime soon. I've bought some there I couldn't find any where else in town at that good of a price.

You won't find a high end wine at a lower price anywhere else at a 12% markup, some amazing deals on highly rated wines. Just take the original wooden case with you as a bonus. I'm going this week to look for some 2012 Napa Cab, you won't small batch cult like Hundred Acre or Colgin but might get lucky on Joesph Phelps Insignia..maybe. They bottled a 1000's of cases. Lots on auction sites at 199.00.or higher. I bought a few cases prior to the the rating (96-100) that came out for 170. I don't really follow the ratings but I know what is good year after year and what I like. Look out for 2013 cabs soon another great year.

have fun tasting with friends. My winters wines are getting ship in the next few weeks due to the lower temperatures in transit finally

[madmax21]

I have to agree with many that I've stated I would never buy a Rolex from Costco can you honestly imagine returning it for a refund waiting in line for that kind of money unbelievable

[BomB#Frog]

Originally Posted by madmax21

I have to agree with many that I've stated I would never buy a Rolex from Costco can you honestly imagine returning it for a refund waiting in line for that kind of money unbelievable

No cuts, no butts no coconuts, even if it's for 35k lol!

[kirksingleton]

As the same price, wouldn't you rather buy from Costco than a trusted seller here? You get the warranty through Costco as well as taking risk out of the transaction?

[Star Ferry]

Originally Posted by madmax21

I have to agree with many that I've stated I would never buy a Rolex from Costco can you honestly imagine returning it for a refund waiting in line for that kind of money unbelievable

They'd just credit the purchase price back to your card and hand you a return receipt. It wouldn't be awkward at all - sometimes I don't get TRF.

[Tri-Tip]

Originally Posted by Runnin' Rebel

Costco is the largest retailer of wine in the United States. That's good enough to get me in there 2 times a month. They have huge turnover on that product so it changes very fast. If you are lucky and happen to be there at the right time and find a smokin deal on a particular favorite buy it all, cause it won't be back anytime soon. I've bought some there I couldn't find any where else in town at that good of a price.

You won't find a high end wine at a lower price anywhere else at a 12% markup, some amazing deals on highly rated wines. Just take the original wooden case with you as a bonus. I'm going this week to look for some 2012 Napa Cab, you won't small batch cult like Hundred Acre or Colgin but might get lucky on Joesph Phelps Insignia..maybe. They bottled a 1000's of cases. Lots on auction sites at 199.00.or higher. I bought a few cases prior to the the rating (96-100) that came out for 170. I don't really follow the ratings but I know what is good year after year and what I like. Look out for 2013 cabs soon another great year.

have fun tasting with friends. My winters wines are getting ship in the next few weeks due to the lower temperatures in transit finally

I once saw "The Prisoner" there for $29.99 a bottle (actually in the store in Summerlin), and stupidly didn't buy any.

My nephew used to work at Costco and it did seem like a good company to work for. He started in "Carts" just like everyone else, then off to the Gas Station, then stocking, and as a checker, and finally in the Food Court, which is supposed to be the best place until you get into Management.

Unfortunately, he was let go from there, along with most of the rest of the staff for "putting too much pepperoni on the pizza". Turns out that the Food Court Manager is bonused on profits, and there were many long-time employees working in that department, and it was hitting her in the wallet, so she made up accusations and cleaned house.

They probably could have had a nice law-suit, but didn't pursue it.

[Runnin' Rebel]

Hi Byran..

I actually had that wine very recently. The reason I remember it was a 2012 blend I never had before. Zinfandel/Cabernet and I think Sirah. It went very good with some barbecue we were eating. I didn't know much about the price or anything but it wasn't bad at all.

Sorry about your nephew, Nevada is an "At Will State" which unless your covered under a CBA or a individual contract your pretty much screwed unless state or federal law was broken for termination.

Opps, didn't mean to hijack. No ROLEX has been seen by me at Costco Summerlin which I visit too much. Always swing by the watch case and the wife just shakes her head. They do have good meat though and the butcher is always friendly and does special request when he's not to busy.

[Koala]

this is the sound of this thread's resident elitest DB trying his best to sound PC, but failing miserably and unmistakably to the point he doesn't even get what is so obvious to the rest of us

[Runnin' Rebel]

Originally Posted by Koala

this is the sound of this thread's resident elitest DB trying his best to sound PC, but failing miserably and unmistakably to the point he doesn't even get what is so obvious to the rest of us

You weren't directing this at me are you ?

[VAWATCHGUY]

at the local Costco this afternoon:

[Flstfirider]

Once its on your wrist....and it's genuine, who care where it came from. I would happily forgo an uppity sales person at a jewelry store to save thousands at Costco. The AD experience is overrated.