Costco to open new China location
The retailer opened its first mainland China store in August
BEIJING - U.S. retail giant Costco will open a new store in China’s eastern city of Suzhou, near Shanghai, state media reported on Thursday.
Costco’s subsidiary in Suzhou on Thursday bought a piece of land in Suzhou New District at a cost of more than 142.5 million yuan ($20.2 million), according to the management committee of Suzhou New District. The plan is for a warehouse store with a floor area of more than 50,000 square meters to be built on the site.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 771.31 | +14.86 | +1.96% |
Costco is beefing up its presence in the world’s most populous country where a rapidly expanding middle class is looking for good-quality products at bargain prices.
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The retailer opened its first mainland China store in Shanghai’s Minhang district in August, with customers queuing for hours to enter the store on its opening day.
A U.S. hypermarket chain Costco Wholesale Corp store is pictured in Shanghai, China, on August 28, 2019. (REUTERS/Aly Song)
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The company said in February it would build another store in Shanghai, with its subsidiary securing a piece of land in the city’s Pudong district.
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Costco’s Suzhou subsidiary was established in January, with a total investment of 1.27 billion yuan. The store in Suzhou will be the company’s third in China, and the first out of Shanghai.
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