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Costco to add 7,000 jobs in next year

September 5, 2012 @ 7:45 pm (Updated: 9:02 am - 9/6/12 )

"Costco's story is the American story," co-founder and former CEO Jim Sinegal told the Democratic National Convention. "At Costco we know a thing or two about what it takes for a business to succeed."

costcoSinegal told a prime-time audience about the warehouse chain he described as a "bulk" success.

"Three decades ago my business partner and I started a company. We sacrificed. We struggled. We risked our own money. We relied on ourselves," he says.

"Our initiative, our enterprise, this in part is why our company succeeded. But here's the thing about the Costco story. We did not build our company in a vacuum. We built it in the greatest country on earth."

Costco, the fifth largest retailer in the U.S. and the seventh largest in the world, has created over 116,000 jobs and during the next 12 months Sinegal expects it will add another 7,000 jobs.

Before Sinegal's speech, employees who worked at companies controlled by Mitt Romney's private equity firm, Bain Capital, said Romney's experience is in cutting jobs and shutting down plants.

"Job creation requires companies who plant and grow, not executives who reap and run," says Sinegal, who retired from the company he started with Jeff Brotman earlier this year.

Costco recently reported healthy August sales. Total net sales for August jumped 8 percent to $7.40 billion compared with the same month last year. For the 52-week period, sales increased 9 percent to $95.12 billion.

By LINDA THOMAS

AP file photo

Below, transcript of Jim Sinegal's speech to the Democratic National Convention

Good evening, everyone. I'm Jim Sinegal, and I'm here tonight to share my story. I was born in Pittsburgh, where my father worked the steel mills. I graduated from a public high school, attended a community college and a state university. My first job was at a retail warehouse. And then, three decades ago, a friend and I had a big idea for a small business: a wholesale store that would provide our members with great products at low prices while treating our employees fairly. Today, our small company has been blessed with success "in bulk." Costco is the fifth-largest retailer in the U.S., the seventh-largest in the world.

In Tampa last week, we heard all about job creators. But at our company, we recognize that job creation requires time and investment and commitment to the long term. It requires companies that plant and grow, not executives who reap and run. That's how we do our part to build an economy that lasts. At Costco, we've created over 116,000 American jobs. During the next 12 months, we expect to add 7,000 more. And we're proud that Costco pays the highest wages among our peers, that we provide benefit and health care plans that are second to none, that we've grown our business by promoting from within. So we're not just giving Costco people jobs, we're empowering them to build careers and support middle-class families.

At Costco, we know a thing or two about what it takes for businesses to succeed, for a company to do well by its shareholders and to do right by its employees at the same time. We don't want one set of rules for ourselves and another for our employees. We remember what it was like to be employees. And that's why we want to be part of an economy built to last. Some of my friends in corporate America say that all they need is a government that gets off the backs of businesses, and that's why many of them are supporting the opposition, with donations of hundreds of thousands of dollars.

But I think they get it all wrong. Business needs a president who has covered businesses' backs. A president who understands what the private sector needs to succeed. A president who takes the long view and makes the tough decisions. And that's why I am here tonight supporting President Obama, a president making an economy built to last. See, in order for companies like Costco to invest, grow, hire and flourish, the conditions have to be right. That requires something from all of us.

And if you ask the innovative growth companies across the country, they'll tell you exactly what that something is. They'll tell you America needs to be a nation with the best education system so workers can get the training they need to join or stay in the middle class. America needs to be a nation that spurs research and innovation so our products and industries of tomorrow are invented right here at home. America needs to be a nation with affordable energy of all kinds so companies can keep their costs down, their production lines humming and their products moving. America needs to be a nation with the safest, most efficient transportation systems so people and goods can connect with opportunities and markets. America needs to be a nation that pays down its debt in a balanced way so businesses have a predictable environment in which to plan, invest, hire and trade. America needs to be a nation with sensible immigration laws, laws that are humane and practical, laws that help businesses retain qualified employees who, today, are forced to leave our country after completing their education. And America needs to be a nation where everyone follows the same rules of the road so that small businesses can compete with the big, so that small businesses can become big, so that breakthrough ideas and hard work are rewarded more than speculation, so that more start-ups succeed and fewer bubbles burst. These are the investments that businesses want. These are the building blocks of President Obama's plan for the future. And that's why I'm proud to stand with him.

Three decades ago, my business partner and I started a company. We sacrificed. We struggled. We risked our own money. We relied on ourselves. Our initiative, our enterprise "this, in part, is why our company succeeded. But here's the thing about the Costco story: we did not build our company in a vacuum, we built it in the greatest country on earth. We built our company in a place where anyone can make it with hard work, a little luck and a little help from their neighbors and their country. I'm here tonight because Costco's story is the American story. Because it's a story that President Obama is helping millions of dreamers and doers to write anew for themselves. And I'm here tonight because I believe he deserves four more years to help us write the next chapter. Thank you all very much.

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Comments (42)


  • Add A Comment

  • Kief Sloberman wrote...
    Obama knows a thing or two about business too
    September 5, 2012 7:30 pm
    “It’s happening right now. The future is here,” Obama said. “It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future.”
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • wsualumn wrote...
    Kief
    September 6, 2012 6:03 am
    You guys sure are hung up on Solyndra. A $500 million dollar mistake. Mistakes can be made when you try and make things work. Roosevelt made a few as well trying to get the economy on track. They aren't all going to work. Do you ever make complaints about the 1 trillion dollar fiasco called "The Iraq War?" You know, that war that we were told wasn't going to cost nearly as much as the critics claimed?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • TwoTrees wrote...
    Jim Sinegal is a good business man, but...
    September 5, 2012 7:31 pm
    ... I refuse to believe that he REALLY thinks that private equity partners become wealthy by systematically ruining companies. All of Bain's success stories exist because the partners thought that a company possessed a unique idea/product that needed capital and/or executive leadership to manifest meaningful growth. What, Mr. Sinegal never had to make hard business decisions? Why is Sinegal's risked capital given angelic status when Romney's risked capital is demonized? I don't think Mr. Sinegal is that obtuse.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Drool wrote...
    TwoTrees
    September 6, 2012 6:54 am
    Where did he say that?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Citizen of Krazy Town wrote...
    UN-possible. He is an evil Billionaire
    September 5, 2012 7:55 pm
    And Billionaires are bad. And evil.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • adiru wrote...
    According to Obama
    September 5, 2012 8:07 pm
    Jim Sinegal didn't build Costco - somebody else made that happen. The only reason why Obama visited Jim instead of the 99% is because Jim Sinegal has $$$$$$$$$$$ and the 99% don't.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • FormerMarineSgt wrote...
    adiru wrote... "According to Obama..."
    September 6, 2012 7:41 am
    "Jim Sinegal didn't build Costco - somebody else made that happen. The only reason why Obama visited Jim instead of the 99% is because Jim Sinegal has $$$$$$$$$$$ and the 99% don't." ------------- you guys still hung up on that taken out of context sentence 'you didn't build that'??? Give it a rest. Obama was NOT telling business owners that they didn't build thier business. you'd have to be an idiot to take that comment so far out of context as to think that he meant that. What Obama meant was exactly what Sinegal said - that business owners don't create thier businesses in a vacuum without ANYONE else's support. They have thousands of different bits and pieces of support. some from friends, families, employees, government, financial backers, CUSTOMERS, etc. etc. So stop with the lies and get real.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Keitho wrote...
    FORMERMARINE
    September 6, 2012 8:36 am
    I have heard that whole speach many times. In Obama's horrible, halting speaking style, it is possible that he meant roads etc but it is clearly not what he said. Also in the larger context, the whole statement was in regards to how business people cant and did not do things on their own. There was a good teacher back there etc.. Point taken but that same teacher taught thousands of students. Some are now drug addicts, some are bums, some are workers and some are CEOs. Clearly a business owner did build seperate themselves from the pack somehow. To minimalize it as he did in the speech is the same as saying you didnt build that. This president hates the private sector. He said so in his book. He said its best to spread the wealth around to those who did not build that. So you may quibble about what he meant in that one line but given the context of his entire speach and his history, You didnt build that is what he thinks.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • FormerMarineSgt wrote...
    KEITHO
    September 6, 2012 10:43 am
    I also have listed to the entire thing more than once. Creating a succesfull business requires a complete package - you have employees, customers, vendors, suppliers, roads, business laws and rules that make it possible for you to have a business, you learned things that made it possible to be succesful in your business in school, college and elsewhere. etc. etc. etc. He was referring to that package, not just to your business and your ability to succeed. Yeah, you have to seperate yourself from the pack to succeed, HOWEVER - you still have to have the 'whole package' and to deny that and twist what Obama said is wrong.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Keitho wrote...
    Maybe
    September 7, 2012 6:36 am
    Maybe....if....Obama.....was...taught how to....speak....in school. he would not.....uhhhhh....have this.....problem.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • HPD 5-0 wrote...
    Obama was NOT telling business owners that they didn't build thier business.
    September 6, 2012 3:07 pm
    Well, actually...he did. With his own mouth. I heard it. As did the entire nation. Nice back-pedal, though.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • FormerMarineSgt wrote...
    HPD 5-0 wrote... Obama was NOT telling business owners that they didn't build thier business."
    September 6, 2012 4:18 pm
    "Well, actually...he did. With his own mouth. I heard it. As did the entire nation. Nice back-pedal, though." --- sorry, but when you put his words back into the context they were said in, he was speaking of the 'support system' without which, it would be nearly impossible for anyone to be successful in business, not the business itself. If you didn't have teachers, schools, employees, customers, vendors, suppliers, business law and business rules, laws to try to keep unscrupulious people from scamming others within the business world you do business in. etc. etc. You want to take those 4 words out of context, fine. don't force your inaccurate view on the rest of us.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • hpitantso wrote...
    Great for USA
    September 5, 2012 11:23 pm
    Jobs are good for all,and I hope the far right hater don't cut up there cards.Mr. Sinegal is brave believer who's not sitting on his piggy bank if others follow growth will happen and we'll return to the prosperous nation for all.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • wsualumn wrote...
    COSTCO ROCKS!
    September 6, 2012 6:15 am
    They pay they employees well and provide excellent benefits as well. The CEO's aren't asking for ridiculous bonuses, while giving their employees "peanuts." Look at how Walmart treats their employees: minimum wage and minimum benefits, while this state helps subsidize their employees health care.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • 2112 wrote...
    And both Costco and Walmart
    September 6, 2012 6:33 am
    Peddle cheap Chinese junk. The same junk that undermined all those middle class jobs in America. So who is calling the kettle black? Sinegal has helped kill way more jobs than he has produced.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • sportsguru wrote...
    2112
    September 6, 2012 6:36 am
    They peddle it because YOU keep buying it, lol.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • maplefish wrote...
    At his point
    September 6, 2012 7:08 am
    Any jobs created are a good thing. Regardless of Political affiliation. Way to go CostCo!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • FormerMarineSgt wrote...
    maplefish wrote... "At his point"
    September 6, 2012 7:45 am
    "Any jobs created are a good thing. Regardless of Political affiliation. Way to go CostCo!" ---- very true - and let's stop the lies and out of context quoting that try to fake the country into thinking that the only way to fix this country is the right wing republican way. More simply stated: There's more ways to skin a cat than just throwing it in the shredder...
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • maplefish wrote...
    @Former Sgt
    September 6, 2012 8:55 am
    And then you go and spoil it with your stupid Political BS. And Obama said it " You didn't build that" If you are too stupid to LISTEN to what the man said, then you should lose your right to vote. Stop trying to spin it. It makes you look even more pathetic. And BTW, Sinegal is VERY RICH. I'm surprised you don't hate him? You know, with the DEMOCRATIC MANTRA of "Rich Folks not paying their fair share "...BAshing the Wealthy is not going to fix this Country. That is the only thing you Democrats have...That and a FAKE "War on Women"
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • FormerMarineSgt wrote...
    @maplefish
    September 6, 2012 10:45 am
    Wow. And you claim I'M biased and supplying political BS.... Do you ever look at what you write? It contains more political BS than I have put in all my posts combined. No - we don't hate the rich, unlike many of you Obamahaters who seem to have everyone who dares to think differently from your ideals. What we hate is liars who twist everything into false statements to support thier cause or those who immediately invalidate everything someone says simply because they don't think 'right wing' enough.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • maplefish wrote...
    I post Facts WSU
    September 6, 2012 3:34 pm
    The problem is you are so blinded by your ideology that you refuse to accept them. I have posted numbers and truths and you, like most Liberals get so pissed off about the truth that you scream Bigot or racist or hater or liar even when presented with FACTS!!! "War on the Rich" You didn't build that. $16 Trillion in Debt. 23 Million people out of work. 110 Million people on Government assistance. You cherry pick the good and Evil Rich people - Good and Evil Companies when it suite your agenda. You are a HYPOCRITE!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • wsualumn wrote...
    MAPLE
    September 6, 2012 4:57 pm
    You sound as "out of balance" as HA HA. Where did I enter into your outburst? Where did I scream "bigot." Get some help Maple!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • maplefish wrote...
    Facts, hypocrites & fmr sgt
    September 6, 2012 5:05 pm
    "You didn't build that" is exactly what Obama said. That is a fact. You are a hypocrite. And if you want to hear haters, spend a few minutes listening to the shrieking LIARS at the DNC... The rhetoric is the most hateful, divisive and desperate that it should be played only on Comedy Central. Which, I might ad is apparently where most of you Democrats get your news. John Stewart is a funny guy, but he is a comedian. Not a reporter. You may want to think about that while you spew your so called facts....
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    Fine Poser Sgt.
    September 6, 2012 3:08 pm
    JUST AS SOON as you and the rest of the mindless left wing robots acknowledge that Obama cannot created jobs!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • FormerMarineSgt wrote...
    t's me! Ha ha! wrote... "Fine Poser Sgt."
    September 6, 2012 4:20 pm
    "JUST AS SOON as you and the rest of the mindless left wing robots acknowledge that Obama cannot created jobs!" ------ as soon as the right wing stops taking Obama's words out of context to falsely accuse him with, as soon as they stop blata
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • FormerMarineSgt wrote...
    dang it - hit the wrong key...
    September 6, 2012 4:21 pm
    "JUST AS SOON as you and the rest of the mindless left wing robots acknowledge that Obama cannot created jobs!" ------ as soon as the right wing stops taking Obama's words out of context to falsely accuse him with, as soon as they stop blatantly lying about his actual record and what he stands for. As soon as Romney admits that he can't crea
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • FormerMarineSgt wrote...
    dang it - hit the wrong key... AGAIN ( I hate this keyboard)
    September 6, 2012 4:22 pm
    yeah - go ahead and laugh. I hate this keyboard. Time to get a new one...---------"JUST AS SOON as you and the rest of the mindless left wing robots acknowledge that Obama cannot created jobs!" ------ as soon as the right wing stops taking Obama's words out of context to falsely accuse him with, as soon as they stop blatantly lying about his actual record and what he stands for. As soon as Romney admits that he can't create any more jobs than the right wing claims that Obama can't.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Cougsfan34 wrote...
    Costco
    September 6, 2012 7:44 am
    Costco is a great company and I enjoy shopping there. But it's one thing for a CEO of a service based grocery store to talk about a business. Its another for a CEO of a company that builds and manufactures goods (cars, fridges, TVs etc.) The environmental,labor,tax,supplier,and safety regulations are far more complex when you are Ford Motor Company as oppose to QFC. Decent speech though.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Seattle is a cesspool wrote...
    I think the bigger issue here is...
    September 6, 2012 8:02 am
    Both the RNC and DNC conventions are merely plays or shows. The shows have little or no effect on the voter bottom line. Both parties agree with that truth. All it does is bring the biggest morons from both parties out to comment... in no one gives a crap comment boards like this one.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
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