Sol Price Biography: Wiki, Family, Net worth

Sol Price was a visionary entrepreneur who changed the way people shop and influenced the retail industry with his innovative concepts of warehouse stores, discount clubs, and bulk buying. He was also a generous philanthropist who supported various causes related to education, health, and social justice. If you want to know the life and legacy of Sol Price, the founder of FedMart, Price Club, and PriceSmart, read on to learn so on Exclusive9ja.com.

Early Life and Education

Sol Price was born in the Bronx in New York City on January 23, 1916. His parents, Samuel and Bella Price, were Jewish immigrants from Minsk (Belarus), who came to the United States in the early 20th century. They were involved in helping organize female garment workers in New York and instilled in their son a strong social conscience and a sense of justice.

The family moved to San Diego in 1929, where Sol Price attended San Diego High School. There he met his future wife, Helen Moskowitz, whom he eloped with to Las Vegas in 1938. They both earned undergraduate degrees from the University of Southern California (USC), and Sol Price also graduated from the USC Gould School of Law in 1938. He was admitted to the California Bar in November 1938 and started practising law as a solo practitioner.

Career and Business Ventures

Sol Price’s career as a lawyer led him to become involved in real estate development and retailing. In 1954, he launched FedMart, a discount department store that offered low prices, membership benefits, and employee profit-sharing. FedMart was one of the first retail chains to sell gasoline, tires, drugs, jewellery, and optical services under one roof. It also pioneered the concept of self-service and cash-and-carry shopping. FedMart expanded rapidly across the Southwest and Mexico, reaching 45 stores and $300 million in sales by 1974.

However, Sol Price had a falling out with his partners over the direction of the company and left FedMart in 1975. The next year, he founded Price Club with his son Robert, his nephew Giles Bateman, Rick Libenson, and others. Price Club was a warehouse club that catered to small businesses and individuals who paid an annual fee to access low prices on a limited selection of goods. Price Club operated in large, no-frills warehouses that offered high volume and fast turnover. The company went public in 1980 and grew to 94 warehouses and $6 billion in sales by 1993.

Sol Price’s retail innovations inspired many other entrepreneurs, including Sam Walton of Walmart, who wrote in his book Made in America that he “borrowed” “as many ideas from Sol Price as from anybody else in the business”. He especially liked the idea of calling his discount chain “Wal-Mart” because he “really liked Sol’s FedMart name”. In 1983, Walton dined with Sol Price and later that year opened the first Sam’s Club, a direct competitor to Price Club.

In 1993, Costco merged with Price Club to form PriceCostco, with shared leadership between Robert Price and James Sinegal. However, after eight months, the two companies split again, with Robert Price leading a separate company called Price Enterprises that operated the domestic Price Club warehouses. Meanwhile, Sol Price focused on developing PriceSmart, a warehouse club that operated in Latin America and the Caribbean. He also remained involved in real estate development through his company The Price Company (later The Price Group).

Philanthropy and Social Impact

Sol Price was not only a successful businessman but also a generous philanthropist who supported various causes related to education, health, and social justice. He believed that business had a responsibility to serve the public good and improve the quality of life for all people.

In the late 1980s, he donated $2 million to the construction of a new student centre on the campus of the University of California, San Diego (UCSD). Named for him, the Price Center houses the main student bookstore, food court, movie theatre, ballrooms, and meeting rooms. He also endowed a chair in public interest law at UCSD and funded scholarships for students from underrepresented backgrounds.

In the early 1990s, he directed most of his philanthropy to causes honouring the memory of his grandson Aaron, Robert Price’s eldest son who died in 1989 at age 15 from a brain tumour. He established the Aaron Price Fellows Program, which exposes high school students to local government, business, and cultural institutions. He also made gifts to support pediatric end-of-life care through San Diego Hospice and brain tumour research through Duke University and the University of California, San Francisco.

In 1996, he founded Price Charities, a family foundation that invests in improving the lives of low-income families and children in San Diego. Price Charities supports initiatives in education, health, housing, and community development, with a focus on the City Heights neighbourhood. Some of the projects that Price Charities has supported include the City Heights Urban Village, a mixed-use development that includes a library, a police station, a school, and affordable housing; the City Heights Wellness Center, a health clinic that provides primary care and mental health services; and the Copley-Price Family YMCA, a state-of-the-art facility that offers recreational and educational programs.

Legacy and Recognition

Sol Price passed away on December 14, 2009, at the age of 93. He left behind a legacy of innovation, integrity, and generosity that continues to inspire and influence the retail industry and society at large. He was widely respected and admired by his peers, his employees, his customers, and his community.

He received numerous awards and honours for his achievements and contributions, including the Horatio Alger Award in 1986, the National Retail Federation Gold Medal in 1991, the USC Alumni Merit Award in 1993, the San Diego Chamber of Commerce Spirit of San Diego Award in 1994, the UCSD Chancellor’s Medal in 1997, and the USC Presidential Medallion in 2004. He was also inducted into the California Business Hall of Fame in 1990 and the San Diego Business Hall of Fame in 1995.

In 2012, Robert Price published a book about his father’s life and work titled Sol Price: Retail Revolutionary & Social Innovator. The book chronicles Sol Price’s personal and professional journey and reveals his insights and wisdom on business, leadership, and social responsibility. The book also includes a foreword by Jim Sinegal, who considered Sol Price his mentor and friend.

Net worth

According to Forbes, Sol Price had a net worth of $1.7 billion as of September 2009. He ranked #158 on the Forbes 400 list of richest Americans and #601 on the Forbes list of billionaires in the world.

FAQs

How did Sol Price die?
Sol Price died of natural causes at his home in La Jolla, California on December 14, 2009. He was surrounded by his family and friends. He is survived by his wife Helen, his son Robert, his daughter Laurence (Laurie) Black, five grandchildren, and four great-grandchildren.

What is Sol Price’s connection to USC?
Sol Price graduated from USC with a bachelor’s degree in philosophy in 1936 and a law degree in 1938. He was a loyal supporter of his alma mater and donated generously to various programs and initiatives at USC. In 2011, USC named its School of Public Policy after him in recognition of his $50 million gift to endow and support the school. The USC Sol Price School of Public Policy offers undergraduate and graduate degrees in public policy, public administration, urban planning, real estate development, health policy and management, and social innovation. The school’s mission is to improve the quality of life for people and their communities through education, research, and civic engagement.