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Sol Price: Retail Revolutionary & Social Innovator
Sol Retail Revolutionary and Social Innovator, recounts the extraordinary life of a man who profoundly impacted the shopping habits of consumers in the United States and throughout much of the world. Written by Sol's son Robert Price, this narrative - part biography and part memoir - provides a unique insight into his father's life. Sol's retail success was grounded in an absolute commitment to bringing the best value to his customers. Just as importantly, he insisted on paying high wages and good benefits, including health care, to his employees. He had a real conscience satisfied only by giving the best deal he could to just about everyone. As a retail revolutionary, Sol's creative brilliance changed the way we shop, first with FedMart in 1954, the retail format copied by Walmart, Kmart, and Target in 1962, and then, with the Price Club, the warehouse club format adopted by Costco and Sam's Club in 1983. Self-service shopping in large florescent-lit buildings has become part of the American culture and is now the predominant mode of shopping though most of the world.
223 pages, Hardcover
First published January 1, 2012
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Displaying 1 - 18 of 18 reviews
May 21, 2017
The book is underwhelming, considering it's written by the son of Sol Price, "the father of retail businesses" in America, founder of Price Club (merged with Costco). Robert Price also works under Sol Price and was the CEO of Price Club. The language was informative and allows readers to understand Sol Price. However, the writing was dispassionate and the book does not contain a lot of business insights. "Made In America" by Sam Waltons and "Built From Scratch" by Bernie and Arthur, founders of Home Depot, are better books on retail businesses and much better written.
October 29, 2023
Sol Price was a pioneer in the retail industry and a philanthropist known for his innovative ideas and ethical principles. His journey from a successful lawyer to a revolutionary retail entrepreneur is detailed in the book "Sol Price: Retail Revolutionary and Social Innovator" by Robert E. Price. The book delves into Price's life lessons, retail strategies, and philanthropic impact, presenting a comprehensive portrait of a visionary leader.
Starting with Price's early life, the book highlights his humble beginnings and the values instilled in him by his immigrant family. It chronicles his entry into the retail sector with the establishment of FedMart and later the Price Club, illustrating how he transformed the shopping experience for consumers by introducing the concept of warehouse shopping and membership-based pricing. His emphasis on ethical business practices, fair employee treatment, and customer-centric policies set a new standard in the industry. The book also delves into Price's innovative business strategies, unveiling the behind-the-scenes elements that contributed to the success of his retail empire. From strategic store locations to product pricing and customer engagement tactics, the book showcases how Price's visionary approach reshaped the retail landscape and influenced industry giants like Walmart and Home Depot.
Furthermore, the book delves into Price's philanthropic endeavors, shedding light on his commitment to giving back to society. His strategic approach to philanthropy, characterized by targeted grant allocations and a focus on education and community development, demonstrates his deep empathy for the underprivileged and his desire to narrow societal divides. A significant portion of the book is dedicated to Price's transformative project in the City Heights neighborhood, highlighting his efforts to revitalize the community through strategic investments and partnerships. By focusing on education, affordable housing, and community infrastructure, Price's initiatives brought about a positive transformation in the neighborhood, leaving a lasting legacy of social impact.
Overall, "Sol Price: Retail Revolutionary and Social Innovator" provides a comprehensive and inspiring account of Sol Price's life, emphasizing his contributions to the retail industry and his commitment to creating a more equitable society through strategic philanthropy. The book serves as a testament to Price's enduring legacy as a visionary leader and compassionate philanthropist.
The book is rated 5 stars because of the following reasons:
1. Inspirational Life Lessons: "Sol Price: Retail Revolutionary and Social Innovator" offers invaluable life lessons derived from the experiences of Sol Price, a visionary leader who revolutionized the retail industry. His journey from a humble upbringing to a successful entrepreneur and philanthropist serves as a source of inspiration for readers looking to imbibe ethical principles and resilience in their own lives.
2. Innovative Business Strategies: The book provides an in-depth exploration of Sol Price's innovative business strategies, offering valuable insights into the foundational elements that shaped modern retail practices. Readers can gain a comprehensive understanding of how Price's visionary approach transformed the retail landscape, inspiring industry giants and shaping the shopping experiences of consumers worldwide.
3. Impactful Philanthropic Endeavors: The book highlights Sol Price's profound commitment to philanthropy and social impact, underscoring his strategic approach to giving back to society. Through targeted grants and initiatives focused on education and community development, Price's philanthropic efforts made a tangible difference in the lives of individuals and communities, leaving a lasting legacy of positive change.
4. Community Transformation: One of the standout features of the book is its detailed account of Sol Price's transformative project in the City Heights neighborhood. Readers can explore how Price's visionary initiatives revitalized the community, creating a nurturing environment through investments in education, affordable housing, and community infrastructure. The book showcases the power of strategic philanthropy in driving meaningful societal change.
5. Lasting Legacy: "Sol Price: Retail Revolutionary and Social Innovator" effectively communicates the enduring legacy of Sol Price, emphasizing his influence on the retail industry and his dedication to creating a more equitable society. Through comprehensive storytelling and insightful analysis, the book cements Price's status as a visionary leader and compassionate philanthropist, leaving readers with a profound appreciation for his contributions and impact.
Starting with Price's early life, the book highlights his humble beginnings and the values instilled in him by his immigrant family. It chronicles his entry into the retail sector with the establishment of FedMart and later the Price Club, illustrating how he transformed the shopping experience for consumers by introducing the concept of warehouse shopping and membership-based pricing. His emphasis on ethical business practices, fair employee treatment, and customer-centric policies set a new standard in the industry. The book also delves into Price's innovative business strategies, unveiling the behind-the-scenes elements that contributed to the success of his retail empire. From strategic store locations to product pricing and customer engagement tactics, the book showcases how Price's visionary approach reshaped the retail landscape and influenced industry giants like Walmart and Home Depot.
Furthermore, the book delves into Price's philanthropic endeavors, shedding light on his commitment to giving back to society. His strategic approach to philanthropy, characterized by targeted grant allocations and a focus on education and community development, demonstrates his deep empathy for the underprivileged and his desire to narrow societal divides. A significant portion of the book is dedicated to Price's transformative project in the City Heights neighborhood, highlighting his efforts to revitalize the community through strategic investments and partnerships. By focusing on education, affordable housing, and community infrastructure, Price's initiatives brought about a positive transformation in the neighborhood, leaving a lasting legacy of social impact.
Overall, "Sol Price: Retail Revolutionary and Social Innovator" provides a comprehensive and inspiring account of Sol Price's life, emphasizing his contributions to the retail industry and his commitment to creating a more equitable society through strategic philanthropy. The book serves as a testament to Price's enduring legacy as a visionary leader and compassionate philanthropist.
The book is rated 5 stars because of the following reasons:
1. Inspirational Life Lessons: "Sol Price: Retail Revolutionary and Social Innovator" offers invaluable life lessons derived from the experiences of Sol Price, a visionary leader who revolutionized the retail industry. His journey from a humble upbringing to a successful entrepreneur and philanthropist serves as a source of inspiration for readers looking to imbibe ethical principles and resilience in their own lives.
2. Innovative Business Strategies: The book provides an in-depth exploration of Sol Price's innovative business strategies, offering valuable insights into the foundational elements that shaped modern retail practices. Readers can gain a comprehensive understanding of how Price's visionary approach transformed the retail landscape, inspiring industry giants and shaping the shopping experiences of consumers worldwide.
3. Impactful Philanthropic Endeavors: The book highlights Sol Price's profound commitment to philanthropy and social impact, underscoring his strategic approach to giving back to society. Through targeted grants and initiatives focused on education and community development, Price's philanthropic efforts made a tangible difference in the lives of individuals and communities, leaving a lasting legacy of positive change.
4. Community Transformation: One of the standout features of the book is its detailed account of Sol Price's transformative project in the City Heights neighborhood. Readers can explore how Price's visionary initiatives revitalized the community, creating a nurturing environment through investments in education, affordable housing, and community infrastructure. The book showcases the power of strategic philanthropy in driving meaningful societal change.
5. Lasting Legacy: "Sol Price: Retail Revolutionary and Social Innovator" effectively communicates the enduring legacy of Sol Price, emphasizing his influence on the retail industry and his dedication to creating a more equitable society. Through comprehensive storytelling and insightful analysis, the book cements Price's status as a visionary leader and compassionate philanthropist, leaving readers with a profound appreciation for his contributions and impact.
January 13, 2022
Sol Price was an intelligent, creative and honest leader who revolutionized consumer purchasing in the twentieth century, especially with FedMart and Price Club.
He emphasized passing on savings to customers, while insisting suppliers and employees were treated with respect. This mindset has influenced the greatest businesses on earth, up to this very day.
Moreover, Sol had a big amount of self-knowledge. He was the best at creating a business, not so much at running / growing a business. Therefore, in essence, the sale and merger of his best known companies made sense.
In early life, he gave back to society by doing pro bono work as an attorney. Later, he did this through his charity vehicles, the Price Family Charitable Fund and Price Charities.
Since this book is written by his son, I am aware some parts could be subjective. However, the story gets strengthened a lot by quotes of very prominent business leaders.
All in all, this is a nice tribute to a remarkable man.
He emphasized passing on savings to customers, while insisting suppliers and employees were treated with respect. This mindset has influenced the greatest businesses on earth, up to this very day.
Moreover, Sol had a big amount of self-knowledge. He was the best at creating a business, not so much at running / growing a business. Therefore, in essence, the sale and merger of his best known companies made sense.
In early life, he gave back to society by doing pro bono work as an attorney. Later, he did this through his charity vehicles, the Price Family Charitable Fund and Price Charities.
Since this book is written by his son, I am aware some parts could be subjective. However, the story gets strengthened a lot by quotes of very prominent business leaders.
All in all, this is a nice tribute to a remarkable man.
May 3, 2024
A good book on the life of an influential businessman. For my taste, I would've preferred more on the price club /Costco business and less on his legal prat and charitable donations.
May 24, 2015
I should say that this book was given to me to read. I also am a Costco employee for the last 23 years. I won't lie. That is the only reason I read it.
The book gets five because I never never never read biographies. The fact that I finished it was the deciding factor. Favorite quote "The man who dies rich....dies disgraced." This deals with giving back.
Favorite scene, his granddaughters talk at his funeral.
He was a man (according to the book) who lived a truly honorable life. He earned and deserved all the good things that came his way. Especially the love of his family and friends.
Worth reading for me. Also would like to say thanks since he is the reason that I am able to support my family.
The book gets five because I never never never read biographies. The fact that I finished it was the deciding factor. Favorite quote "The man who dies rich....dies disgraced." This deals with giving back.
Favorite scene, his granddaughters talk at his funeral.
He was a man (according to the book) who lived a truly honorable life. He earned and deserved all the good things that came his way. Especially the love of his family and friends.
Worth reading for me. Also would like to say thanks since he is the reason that I am able to support my family.
September 18, 2023
- Sol Price was the founder of Price Club, which eventually merged to become Costco of today
- Perhaps one of the biggest competitive advantage for Price was he did not come from retail: he was a successful lawyer before founding his first retail warehouse (which initially was aimed at selling to distributors, but became a smash hit for average consumers unintentionally)
- Few of the retail innovations:
1) Location. At the time, most retailers believed that prime location is the only key for success. However, Price disagreed and usually open store outside of the prime location of any given area. Then, in term, the store itself became the destination for shoppers (whereas prime location, the location draws people in, then they venture into store)
2) Consolidation of merchandises: at the founding of FedMart (Price's first warehouse concept before Price's Club), stores were scattered and a single store that sells everything doesn't exists. Price set to change that by building a store that sells just about everything
3) Self-help shopping
4) Big asiels
5) Merchandises that sells at a loss (hot dogs & soda), but draws people in
6) Free samples
7) Cut margin low, make money based on membership fees
8) Transparent communication with employees, paying employees above market wages
9) Limit SKUs per item category
- Later in life, Price turned his attention towards gentrification of dilapidated areas. His outsider role once again played a crucial part on not playing by the industry norm and innovate from a blank slate
- Perhaps one of the biggest competitive advantage for Price was he did not come from retail: he was a successful lawyer before founding his first retail warehouse (which initially was aimed at selling to distributors, but became a smash hit for average consumers unintentionally)
- Few of the retail innovations:
1) Location. At the time, most retailers believed that prime location is the only key for success. However, Price disagreed and usually open store outside of the prime location of any given area. Then, in term, the store itself became the destination for shoppers (whereas prime location, the location draws people in, then they venture into store)
2) Consolidation of merchandises: at the founding of FedMart (Price's first warehouse concept before Price's Club), stores were scattered and a single store that sells everything doesn't exists. Price set to change that by building a store that sells just about everything
3) Self-help shopping
4) Big asiels
5) Merchandises that sells at a loss (hot dogs & soda), but draws people in
6) Free samples
7) Cut margin low, make money based on membership fees
8) Transparent communication with employees, paying employees above market wages
9) Limit SKUs per item category
- Later in life, Price turned his attention towards gentrification of dilapidated areas. His outsider role once again played a crucial part on not playing by the industry norm and innovate from a blank slate
July 2, 2023
This book is more of a tribute by the author to his father, a giant in the retail revolution.
In this book, there's a recounting of the story of Sol Price and his amazing entrepreneurial journey.
The true insights that led to the revolutionary ideas are not to be found. I suspect this is because the author never received them from his dad, Sol Price.
I think Sol refused to document his story or the insights behind it, compensating for all the wisdom he shared with other entrepreneurs throughout his life.
I get the feeling that the intelligence behind the genius is still a mystery, and life's experience is the true price!
In this book, there's a recounting of the story of Sol Price and his amazing entrepreneurial journey.
The true insights that led to the revolutionary ideas are not to be found. I suspect this is because the author never received them from his dad, Sol Price.
I think Sol refused to document his story or the insights behind it, compensating for all the wisdom he shared with other entrepreneurs throughout his life.
I get the feeling that the intelligence behind the genius is still a mystery, and life's experience is the true price!
April 27, 2024
It is incredibly rare to find historical figures who are all around outstanding role models, Sol Price is one of the very few. In business he revolutionized retailing twice, first creating the super store concept that.WalMart, K-Mart, Target, and many others would build on; and later on by creating the wholesale club format which Sam's Club, Costco and a few others would copy, becoming a billionaire in the process. But even more admirable is his personal life, a loving lifelong marriage to his collage sweetheart and beautiful family of highly accomplished children. A man of absolutely high standards, he used his fortune to improve the lives of thousands. A thoroughly inspirational book.
February 2, 2021
Pretty light and casual reading but well-written enough to let me appreciate the man. Able to pick up some useful ideas.
Coupled with the Sam Walton’ book, I’m under the impression that every retail titans was just peculiar and cranky in the own way! (which I like and enjoy musing)
Coupled with the Sam Walton’ book, I’m under the impression that every retail titans was just peculiar and cranky in the own way! (which I like and enjoy musing)
February 14, 2020
More tribute from Son to Father than business biography.
January 24, 2025
How to a retail business that lasts 100 years?
How to not to execute a 100 year retail business?
This is the right book to answer those two questions.
How to not to execute a 100 year retail business?
This is the right book to answer those two questions.
December 9, 2025
Sol Price's ideas and philosophy are the DNA of Costco and other warehouse retailers. I enjoyed learning about him.
Short read, finished in a day.
Short read, finished in a day.
November 7, 2023
A must read book.
April 22, 2013
This book was not only a great biography of a retail pioneer and revolutionary, but it provided ample information and insight on the techniques and ideologies utilized by this man, Sol Price. Originally a Jewish immigrant from New York, Sol moved west and swiftly rose in the ranks of retailing, creating his own company and expanding it to various locations. After a falling out between Sol and certain stock holders, he and his son, Robert, began a new business. They confronted many troubles as they initially struggled to establish a company as their style of business had not been successfully instituted into society yet. There really was no template for this new business, thus allowing for plenty of innovation and creativity, as well as plenty of error. After years of pushing and hard work, the revolutionary ideas and business initiative of Sol Price aided the business many knew as Price Club to be solidified.
Sol created new techniques and key concepts that very successful retailers commonly use today. As he aged, Sol placed a growing emphasis on giving back to the community. One of those charitable gifts was the Aaron Price Fellows, Sol Price's fellowship created in honor of his late grandson, Aaron, where students learned tools necessary for success and the importance of diversity among other values. As a student in that program I found this book especially interesting and enlightening. In regard to the book itself, the writing and phrasing was intelligent, but easy to digest. All in all it was amazing reading about what this dedicated, intelligent, and righteous man accomplished in his lifetime that changed the way we currently live.
Throughout this book, it is easy to see Sol's purpose, key values, goals, techniques for success, and how to be an overall outstanding human being. The book is great to read if looking for how Sol and the Price family was such a success. I would recommend this book to anyone who is looking to succeed in business or even just in everyday life.
Sol created new techniques and key concepts that very successful retailers commonly use today. As he aged, Sol placed a growing emphasis on giving back to the community. One of those charitable gifts was the Aaron Price Fellows, Sol Price's fellowship created in honor of his late grandson, Aaron, where students learned tools necessary for success and the importance of diversity among other values. As a student in that program I found this book especially interesting and enlightening. In regard to the book itself, the writing and phrasing was intelligent, but easy to digest. All in all it was amazing reading about what this dedicated, intelligent, and righteous man accomplished in his lifetime that changed the way we currently live.
Throughout this book, it is easy to see Sol's purpose, key values, goals, techniques for success, and how to be an overall outstanding human being. The book is great to read if looking for how Sol and the Price family was such a success. I would recommend this book to anyone who is looking to succeed in business or even just in everyday life.
June 26, 2013
Fabulous overview of entrepreneurship, the big box industry and family. Very readable and informative. Sol Prices' character shines through as a tough fair man with integrity. His love of family and how he mentors is exemplary.
May 22, 2013
Sol was a long time mentor and friend. Robert does an exquisite job relaying who he was and the legacy he left for all of us to enjoy and emulate.
August 4, 2014
Informative biography of a retail revolutionary.
January 16, 2016
Most of todays retailing concepts came from Sol Price. Sam Walton admitted in his book to taking most of Sol's ideas. A good book on a legend.
Displaying 1 - 18 of 18 reviews