Costco exec breaks silence on gold bar rush and luxury items flying off shelves as newest offering ‘sells out in a week’ ...Middle East

A COSTCO executive has pointed to the chain’s gold bar rush as proof the supermarket appeals to nearly every shopper.

From precious metals to luxury cars, consumers aren’t afraid to drop a significant amount of cash as long as it comes with a Costco deal.

In October, Costco stocked one-ounce gold bars and priced them at $2,700. After just one week, around 77% of stores in 46 states completely sold out.

The chain saw a trend of consumers, especially doomsday preppers, investing in gold as the preferred currency of the future.

And shoppers couldn’t get enough of the bars, despite the Commodity Futures Trading Commission warning gold isn’t a safe investment.

This unpredictable success is proof that Costco can appeal to shoppers from all income brackets, the retailer’s chairman, Hamilton “Tony” James, told Chief Executive Magazine.

“Since the beginning, we’ve always known we could move anything in volume if the quality was good and the price was great – Rolex watches, Dom Perignon, 10-karat diamonds,” James said.

Most Costco members are average earners, according to James, but shoppers with significantly higher incomes allow the supermarket to easily sell more luxury goods.

In fact, James said a Porsche dealer in Seattle put some cars out on a Costco floor, and the extravagant rides sold out in just one week.

“Affluent people love a good deal,” James said.

When asked who was purchasing the gold bars, the executive admitted that he wasn’t sure who was attracted to them.

“I don’t know if affluent people are buying them or just people suspicious of the economy,” he said.

“I’d love to see the demographics on the buyers.”

COSTCO TRICKS

While some love Costco for its luxury items, others enjoy the brand’s liberal return policies.

Some shoppers have gone viral for returning years-old furniture in poor condition and still managing to get a refund.

However, there is one item that members shouldn’t expect to get cash back for, as they’ll immediately be rejected at the door.

Costco Return Policy

What are the details of the famous return policy?

“We guarantee your satisfaction on every product we sell, and will refund your purchase price,” the return policy states.

There are a few exceptions to this 100% satisfaction guarantee which are:

Costco memberships can be canceled and refunded at any time if a customer is dissatisfied.

In a Reddit thread one worker said, “My sister called this morning and said they had several people trying to return eggs yesterday […] she rejected all the return requests.”

The bold shoppers were slammed in the anonymous post for buying eggs in bulk during a shortage, only to bizarrely try and get money back.

There are a few other exceptions to Costco’s return policy. Electronics should be returned within 90 days, and cigarettes and alcohol cannot be brought back to the store.

Meanwhile, gift cards are non-refundable, and workers will refuse a gold bar if it’s brought back.

Shoppers have noticed that a fan-favorite side was recently swapped from the supermarket shelves.

Plus, one Costco member was slammed for having “no shame” with what they returned.

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