A photograph of a Costco store in Ottawa was taken on Monday, July 11, 2022.
Costco has announced an upcoming increase in its annual membership fees for both Canadian and American members, set to take effect this fall. This revelation coincided with the release of its June sales figures, reflecting the company's proactive approach amidst economic shifts.
Starting September 1st, Canadians holding individual, business, or business add-on memberships will experience a $5 rise in their yearly fees, bringing it to $65. For executive members, the increase is higher at $10, making their annual fee $130, coupled with enhanced maximum annual rewards.
This adjustment mirrors similar changes for U.S. Costco members, ensuring consistency across borders. The retail giant estimates these fee adjustments will impact approximately 52 million memberships, with executive memberships comprising slightly over half of that total.
In Canada, where inflation concerns are prevalent, Costco's decision aims to maintain service quality and member benefits amid economic uncertainties.
