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Costco Expands, Earns Big in Australia

Costco Expands, Earns Big in Australia

AUSTRALIA – Retail Giant Costco is making serious strides in the South Pacific this year. Australians spent roughly $1.5 billion at the big box chain over the course of the last year. On average, each of the company’s eight stores in Australia earned $200 million.

Patrick Noone, Australia Managing Director, Costco "I think we've held up organic growth, so people have come to appreciate the great value we have," said Patrick Noone, Costco Australia Managing Director, according to local news source 9News.

Those watching the retailer’s growth in Australia expect the trend to continue.

Jo Munro, Retail Expert"Their range are growing all the time, their outlets are growing all the time," said Retail Expert Jo Munro. "Rumour has it, in alcohol, they're getting some top premium brands in at aggressive prices, so Aussies love that. Also, in their electrical department there's some amazing new products they are adding to their range that will really see some good bargains for Aussies."

According to 9News, Munro predicted the company will continue moving from “strength to strength,” diversifying their offerings and strengthening their presence in underserved markets. Could this include grocery as well?

Costco has three new discount warehouses slated to open in Australia in 2017: a new site in Sydney, the third in the region, a second Brisbane location, and a fourth Melbourne location.

What does the retailer’s recent successes bode for the produce industry next year? Stay tuned to AndNowUKnow for updates.