The more you know !
And that is exactly how I remember hearing the story as well
The "story."
You reminded me of a very similar operation as the original Price Club, but local to the NYC/Long Island area called "JGE Enterprises." Similar types of merchandise offered but more high end stuff (appliances, jewelry, etc). You didn't have to be a "member" to shop there, but you did have to be a Union member or family, or be a govt. worker (LE, Fire, EMS etc.).
Sadly, I could not find one of their TV commercials on YouTube...they were a hoot! But the following is an audio of one. Imagine, if you will, a "rotund" stereotypical union boss like character called "Jerry" wearing a hard hat and a t-shirt that was way too small and didn't reach his pants. At the end of each commercial, the off camera audience would always ask, "So that's the story Jerry?" And he would respond with his hands held high and exposing his belly button underneath his shirt (sort of like showing "plumber's butt" on the front end):
"THAT'S THE STOOOOOOOOOOOORRRRRRRYYYYYY!"
Freakin' Hilarious!