The November issue of Fast Company magazine has an interview with Costco CEO & co-founder Jim Sinegal. It’s a good article for Costco because it makes Sinegal look like a good man and the company look like one that cares more about its employees than what Wall Street thinks of it. Here’s what Sinegal says about that:
You have to recognize — and I don’t mean this in an acrimonious sense — that the people in that business [Wall Street] are trying to make money between now and next Thursday. We’re trying to build a company that’s going to be here 50 and 60 years from now. We owe that to the communities where we do business. We owe that to our employees, that they can count on us for security. We have 140,000 employees and their families; that’s a significant number of people who count on us. We owe it to our suppliers. Think about the people who produce products for us — you could probably multiply our family of employees by three or four times. And we owe it to our customers to continue to offer good prices. Our presence in a community makes pricing better throughout that community because when you have a tough competitor in the marketplace, prices come down.
You can read the whole interview here.