Costco, the well-known warehouse chain, is increasing its membership fees for the first time in seven years. The bump in fees, disclosed in a recent sales report, will see an 8% rise in the cost to access Costco’s 700+ U.S. and Canada locations. Starting September 1, the basic Gold Star membership will be $65, up from $60, while the premium Executive membership will increase from $120 to $130 annually. Despite several years of high inflation rates, Costco had kept its fees steady since 2017.

Even as inflation has eased in recent months, Costco’s reputation for providing low prices on a vast array of goods has made its warehouses increasingly popular places to shop. This popularity has directly contributed to increased profits for the company, leading to a sharp rise in its stock value. Over the past year and a half, Costco’s shares have nearly doubled, boosting the company’s market value by about $180 billion.

Following the news of the fee hike and Costco’s strong sales growth in the recent period, the company’s shares have increased by more than 2%. If this trend continues in the upcoming trading session, Costco’s stock is poised to reach a new all-time high. Additionally, Costco also revealed that its sales for the five-week period ending in July climbed by 7% compared to the same period last year, reaching $24.48 billion.