Teardown·Retail
Costco membership
Costco made paid membership the moat: a 92% renewal rate and the most disciplined margin in retail — with almost no personalization.
Operator Score
78/ 100
Data & Identity25%78
Retention20%96
Personalization20%40
Monetization & Margin25%94
Experience10%80
The score, all five dimensions and the finding are public. The full read is for members.
The breakdown, dimension by dimension
Members only
Read the full analysis.
You’ve reached the part where Cadence earns its name: the dimension-by-dimension reasoning, the money-and-data read, and what we’d change. Membership unlocks every teardown in full.