‘Theres a new home for my garage canopy’: Costco opens new store in Australia
AUSTRALIA’S new “Costco in Australia” will open its first store in the country’s capital tomorrow (AEST), following a $50 million investment from the US company.
The store, located in the busy CBD, is being built in partnership with Carport Australia and will be open on January 16, 2018.
“This is a major investment for our business in the Australian market, opening the first Australian store in Sydney and a further 20 in Canberra and the Sunshine Coast,” said Costco chief executive Michael Fauci.
“We look forward to welcoming our first customer at the store in Canberra next week, where we will continue to build our retail network.”
Mr Fauce said the Australian retailer was planning to add 50 to 100 stores across the country.
Costco will also be introducing its “Dairy Queen” model to the Australian marketplace in the coming months, with the first three locations in Sydney, Brisbane and Melbourne.
The company has been a fixture in the market for more than a decade, with more than 30,000 stores in the US, Canada, the UK and the UK-based Republic of Ireland.
Mr Fieci said the store was built to compete with the US chain, with a range of products including camping and caravan tents and a range that offered more choice.
“The price of a camping tent is just too much to ask for in this market, and the price of our camping canopy is a very good price,” he said.
Costcos co-founder Michael Fieces said he was very pleased with the company’s decision to open a store in a key city in the United States.
“It is a fantastic opportunity for us to establish ourselves in a big city that has an incredibly strong presence in the retail market,” Mr Fiece said.
“A huge market opportunity for our brand, and we are confident we can capture that.”
Mr Ferci said costcos Australian operation was expected to expand to more than 20,000 employees and would focus on providing customers with high-quality products.
CostCo also plans to open its next Australian store, which will be built on its new site at the northern Sydney CBD, in late 2021.