For the first time in seven years, Costco membership prices are increasing — and it’s a rate of 8%.
Gold Star, Business and Business Add-on/Affiliate memberships are bumping up from an annual cost of $60 to $65 as of Sept. 1.
Executive members can expect an increase from $120 to $130, Costco announced in a release.
The increase is intended to “offset operational costs,” so the company can keep its prices low, the company said in a statement.
“A moderate increase in fees will allow us to bring our members even great value,” the company said.
Members will begin receiving fee increase in mid-July for September renewals.
While Executive memberships are seeing a $10 increase as a result of the new fee system, members also will see a reward increase from $1,000 per year to $1,250 per year.
Costco is a warehouse club store. Warehouse club stores allow customers to pay membership fees to buy items in larger quantities at a discounted rate.
Costco members flash their membership cards at the warehouse doors to enter and leave with bulk products.
Following the membership increase, Costco share prices dropped about 5% from Wednesday, July 10, to Thursday, July 11, The New York Times reported.
Massachusetts has six Costco locations; with stores in Avon, Danvers, Dedham, Everett, Waltham and West Springfield.
