This story has been updated since it was originally published on 2/23/24 to include up-to-date information
You know what the new year means: Out with the old, in with the new! And we’re not just talking about your resolutions. There are changes to come all around in 2024, and that includes a few things that Costco shoppers should be aware of. One of the best things about this beloved, membership-based warehouse store is that they’re always adding brand new, innovative products to shelves—but new items aren’t the only changes you can expect at Costco this year.
Below, we’ll cover a few of the biggest changes Costco shoppers should gear up for in 2024, from higher membership prices to food court swaps. (But don’t worry, you can still count on that hot dog combo.)
1. Rise in membership price
Okay, let's start by ripping the band-aid off. Earlier this month, Costco announced that they're raising the annual membership fees in the U.S. and Canada by $5. This means the price will come to $65 per year. Additionally, the company is raising the cost of the Executive Membership from $120 to $130 per year, as reported by CNBC. These changes go into effect September 1. As much as we hate to admit it, we're overdue for a membership price hike. Prices haven't gone up since 2017—and Costco usually raises the price every five to six years. There has been talk of upcoming price hikes for quite some time now. As Costco's Chief Financial Officer Richard Galanti noted last year, "It's a question of when, not if," so we can't say we weren't warned.
2. New CEO
This past October, Costco announced that Ron Vachris (previously Costco's President and Chief Operating Officer) would step up and take Craig Jelinek's place as CEO this year.
"Costco has a very strong culture and a deep bench of management talent," Jelinek said in a press release. "I have total confidence in Ron and feel that we are fortunate as a Company to have an executive of his caliber to succeed me."
3. More stores opening
If you're in a Costco desert, there may be good news on the horizon. As it turns out, the company plans to open 31 new stores in the 2024 fiscal year. That's no small number! 23 new stores were opened in 2023, and there are currently 871 locations in 14 countries. Of the 31 new stories coming this year, 24 will be built in the U.S., Business Insider reports. Fingers crossed there's one coming your way so that it's easier to stock up on all of those fan-favorite items!
4. New mega-warehouse
Speaking of new stores... word on the street is there's a mega-warehouse coming to Fresno, California. What exactly does a mega-warehouse entail, you ask? Business Insider notes that it's set to be a whopping 241,000 square feet (a typical warehouse is around 146,000 square feet, for reference), combining standard shopping, e-commerce fulfilment, a drive-thru car wash, a gas station with 32 fuel pumps, and nearly 900 parking spots.
5. App improvements
Where would we be without the Costco app? Whether you're ordering for delivery, in-store pick-up, or just browsing the latest and greatest items, it's a must-have for any Costco member. And this year, we're hopeful it's about to get even better. In the Costco earnings call last year, Galanti said that improvements to e-commerce and the Costco app would be priorities for the company in the coming months.
6. Food court changes
Ok, now what everyone really wants to know about: what changes are coming got the food court? Many of the food court changes we've seen in the past have been quite controversial, from an expensive roast beef sandwich to swaps in smoothie flavors. And we're sad to say that you may not like the rumored shifts coming this year. One Reddit user said that Costco's beloved churros may be replaced with cookies. But nothing is for certain, so our fingers crossed that we can have the best of both worlds.
7. Standing Tables
Those red Costco food court tables are pretty iconic—but you may see less of them over the coming year, if customer reports are any indication. Next time you're eating one of those delicious food court hot dogs, you may have to do it standing up. One Reddit user in South Korea recently shared a photo of tall, bench-less, chair-less round tables, writing "My Costco food court replaced the tables with these standing-only monstrosities." What does that mean for those of us in the United States? It looks like we may see a mix of seating and standing tables in the future, as one poster from Montana noted that their Costco location "added a few to the already existing tables." So, some will still be able to sit down while they eat—but when the warehouse is busy, you may have to battle for a seat!
8. New CFO
In addition to Costco's new CEO, there's a new CFO stepping up to the plate this year, too. Richard Galanti is stepping down after 40 years with the company, and Gary Millerchip (Kroger's CFO) will take his place. Although some Costco members on Reddit are wary of this change, lamenting that "this isn't a good sign for Costco," Chuck Grom at Gordon Haskett Research Advisors has noted that Galanti is to thank for much of the company's recent growth. "Richard Galanti is the face of the company for a lot of people," Grom said. "I’ve covered Costco for 20 years, I’ve done 80 conference calls, give or take, and Galanti has overwhelmingly led those calls."
However, one Reddit user cut to the chase and said what was on everyone's mind: "I won't mince words and waste time. He better not f--- with the hot dogs."
