Costco Wholesale to stop selling tobacco products at hundreds of locations
Source: www.medicaldaily.com Author: Jaleesa Baulkman Sorry smokers, but you'll have to go someplace other than Costco to get your cigarettes. The New York Daily News reported the retailer has spent the past few years quietly phasing tobacco products out of nearly 300 stores; there are 488 in total. Tobacco smoke has been linked to adverse health effects, such as lung and oral cancer, though that's not why Costco did it. Instead, the company said the decision was more about business than public health. "Tobacco is a very low margin business, tends to have higher theft and is labor intensive in some cases (due to local municipality regulations) — further, we felt we could better use the space to merchandise other items," a spokesman from Costco told The Street. According to The Street, Costco officials first hinted at the ban during a call with analysts, where they said tobacco sales had fallen to a "low double digit." The company hasn’t made an official announcement because "[press releases] are a waste of money." The retail giant’s move is another blow to the tobacco industry, which has seen a significant drop in the percentage of Americans who smoke in the past 50 years. In 2014, the smoking rate hit an all-time low of 17.8 percent, and the rate is still dropping, The Huffington Post reported. Not to mention other retailers have quit selling these kinds of products, too. In 1996, Target was the first large retail store to stop selling cigarettes, citing costs [...]