Sol Price dies at 93

Sol Price, the San Diego businessman who developed the concept of warehouse club marketing, died Monday. He was 93.

Price died Monday morning, according to a statement by PriceSmart, a San Diego-based company he founded with his son, Robert Price, that operates 26 shopping warehouse clubs in Central America and the Caribbean.

Further information about his death was not immediately available.

Before creating PriceSmart, Price founded FedMart and later Price Club. By the time Price Club merged with Costco in 1993, there were 94 stores operating throughout the U.S., Canada and Mexico, generating $6.6 billion in annual sales.

In addition to Robert, Price is survived by another son, Larry, five grandchildren and four great-grandchildren. The family is planning private funeral services.