Costco Prepares to Open First Brick-and-Mortar Store in China
CHINA - On the heels of its recent announcement that it was breaking into the New Zealand Market for the first time, Costco has now made plans to open its first-ever China store location as well.
According to news source Caixin Global, Costco did set up an online store in China five years ago, but this new store will be its first brick-and-mortar in the country. The store will open to shoppers on August 27, 2019, in Shanghai’s Minhang district.
Costco isn’t the only major retailer looking to head east, as Aldi has also been eying the China market and has recently opened two pilot stores—one of them in Shanghai’s Minhang district. Walmart and Kroger have also been expanding services in the country.
Analysts have speculated how well the retailer’s bulk shopping format will be received in this new market, where most consumers are used to shopping frequently and bulk formats are not par for the course.
Will these new store openings set the tone for more global expansion? And how will overseas competition shake out between retail powerhouses? AndNowUKnow will continue to report.