Costco在2021年《财富》世界500强排名第27位，Costco在经过三十多年的稳健发展后已成为美国第二大零售商、全球第七大零售商以及美国第一大连锁会员制仓储式超市。2019年中国大陆首家Costco在上海正式营业，吸引力大量的顾客，开业仅五个小时就因购买人数过多不得不终止营业；同时，Costco决定陆续在中国增设店面。本文采取统计分析、单位根检验、协整分析、格兰杰因果检验、多元回归分析等方法，对Costco的商业模式进行研究，探究使得Costco如此火爆的原因。研究结果发现其低价格高品质、会员服务是其成功的关键，这与我国传统零售商以及连锁超市的运营模式存在着很大的不同，也对我国连锁经营超市有着良好的指导和借鉴作用。

关键词：Costco、低价高品质、会员制

Ranked 27th on the Fortune 500 in 2021, Costco has become the second largest retailer in the U.S., the seventh largest retailer in the world, and the number one membership-based warehouse supermarket chain in the U.S. After more than three decades of steady growth. The first Costco in mainland China officially opened in Shanghai in 2019, attracting many customers and opening for only five hours before the business had to be terminated due to an overwhelming number of purchases. At the same time, Costco decided to open additional stores in China one after another. This paper adopts Unit Root Test, Cointegration analysis, Granger causality test and multiple regression analysis to study Costco's business model. It is found that its low price, high quality and membership service are the keys to its success and are very different from the traditional retailers in China as well as the operation mode of supermarket chains. The results of this paper have a good guiding and reference effect on China's chain operation supermarkets.

Keywords: Costco, Low Price and High Quality, Membership System