[Congressional Record Volume 156, Number 34 (Wednesday, March 10, 2010)]
[Extensions of Remarks]
[Page E344]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               HONORING SOL PRICE: A TRUE FRIEND OF LABOR

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                            HON. BOB FILNER

                             of california

                    in the house of representatives

                       Wednesday, March 10, 2010

  Mr. FILNER. Madam Speaker, few in the business world have had as 
great of an impact on building the middle class as San Diego's own Sol 
Price.
  When Price passed away in December, San Diego's middle class lost 
possibly its greatest advocate in the business world. Price's Fed-Mart 
stores, and later Price Club, were known for skimping on the luxuries 
of modern chain retailers. The bulk stores occupied warehouses in out-
of-the-way locations, avoided unnecessary displays, and limited 
advertising to essentially word-of-mouth only. Besides low prices, the 
one thing his stores did invest in was its employees. The Price 
business model realized that the happiness of customers, employees, and 
stockholders are not mutually exclusive. At Sol Price companies, all 
three could be, and were, successful.
  ``We think the stockholder comes last,'' Price told Wall Street 
analysts in 1985. ``But if you do the other three jobs well, (the 
stockholder) will be taken care of.'' This method of business resulted 
in all Price Club employees, union and non-union, receiving ``close to 
the highest prevailing wages in the community.''
  Sol Price's legacy lives on today, as the average wage of Costco 
employees is $19 per hour, with 90 percent receiving health care. A far 
cry from the disturbing trend of retail stores becoming low-wage 
outposts.
  In San Diego County, workers at several Costco stores are proud 
members of Teamsters Local 542.
  For these reasons, Sol Price will always be remembered as a friend of 
labor.

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