Costco Offers New Perks To Executive Members

Costco Wholesale (COST) has announced several new perks for its top-tier “Executive Members” who pay $130 U.S. a year to shop at the warehouse club. Going forward, Executive Members who pay the most for their membership will get early access to Costco store locations.Stores will now be open for Executive Members staring at 9 a.m., giving them an extra hour before lower-tier Gold Star members are allowed into the warehouse outlets. Additionally, Costco’s most valued members will receive a $10 U.S. monthly credit that can be put toward same day delivery via Instacart (CART) on orders of $150 U.S. or more.The new benefits come after Seattle-based Costco also recently announced extended hours for its gas stations across the U.S., a change that has been cheered by customers. Costco CEO Ron Vachris has said that the company is looking for ways to show appreciation for its customers and reward them for their loyalty.Executive Members currently make up 73% of Costco’s sales. The cheaper Gold Star membership costs $65 U.S. a year, or half the price of the Executive Membership. Costco raised the price of its Executive and Gold Star memberships last year, a move that was praised on Wall Street.Additional perks of the Executive Membership include a 2% cash back reward given on every dollar spent at Costco. There are also additional savings on Costco services such as bottled water delivery and pet insurance. The Executive Membership also provides exclusive benefits such as roadside assistance along with auto insurance that’s purchased through Costco.COST stock has gained 10% this year and currently trades at $1,002.71 U.S. per share.