[Outliers] Sol Price: The Godfather of Costco, Walmart, and ...

[Outliers] Sol Price: The Godfather of Costco, Walmart, and Modern Retail

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Paying the minimum gets you minimum effort.

Robert E. Price (source book author) • [Outliers] Sol Price: The Godfather of Costco, Walmart, and Modern Retail

Pay your employees more and you’ll get more effort

Most businesses fear any lost sale. The best businesses choose which sales to lose.

Robert E. Price (source book author) • [Outliers] Sol Price: The Godfather of Costco, Walmart, and Modern Retail

Feel free to fire customers, but also to deliberately not get particular customers in the first place

Think Like a Fiduciary, Not a Merchant : When Safeway sold sugar below cost, Sol did something insane. He put up signs in FedMart: “ Sugar is cheaper at Safeway this week. Go buy it there.” His managers thought he’d lost it. Sol’s view? “I have a fiduciary duty to my members, like a lawyer to clients.” That radical honesty created something powerf

Robert E. Price (source book author) • [Outliers] Sol Price: The Godfather of Costco, Walmart, and Modern Retail

Trust is key in any relationship, including a supplier/merchant to customer one

Sol had a saying: “You train an animal, you teach a person.” He wanted people who could assess situations and make the right call, not robots following scripts. Jim Sinegal took this to heart – he spent 90% of his time teaching, not managing. Manuals create followers. Teaching creates thinkers.