For Long Island consumers, it will cost a few dollars more to shop at Costco.
The big-box store chain increased fees for Gold Star memberships for both personal and corporate customers by $5, from $60 to $65, starting Sunday. The fee for Costco’s premium plan, the Executive membership, will increase by $10, from $120 to $130.
The 2% Executive Membership bonus cap will increase from $1,000 per year to $1,250.
Costco said the fee increase was the first in seven years.
“Our membership fees help cover operating costs, allowing us to keep our prices low,” the company’s website states. “A modest increase in fees will allow us to offer even more value to our members.”
Some shoppers have said the fee increase may cause them to shop elsewhere. Costco’s stock price has nearly doubled since the start of 2023, The Associated Press reported in July, increasing the company’s market value by about $180 billion during that period.
Costco shares rose more than 2% after news of the fee increases and revenue figures were released.
“They’re making enough money,” Felix Baba of Deer Park told Newsday in July after shopping at Costco’s Commack store. “Why do they want to make more money off us?”
