Costco plans second Shanghai store after blowout grand opening in the city: report
Retail giant Costco is planning to open a second store in Shanghai after its first store in the city saw a blowout grand opening in August.
Costco, which has a members-only customer base, wants to start construction on the second site as quickly as possible, Chief Financial Officer Richard Galanti said, according to China Knowledge.
The company's first store reportedly closed early on opening day because of overcrowding both inside and outside as drivers searched for parking.
Costco's seeming success with its flagship Shanghai store comes after other international retailers have failed to gain traction. The company had been building the foundation for its expansion into China for several years.
"[Costco has] tapped into what we all love here -- a rising middle class that loves a good bargain,” retail watcher Michael Zakkour told Fox Business Network's Stuart Varney on Wednesday. “And the membership card gives them a feeling of exclusivity.”
FOX Business' inquiries to Costco were not returned at the time of publication.
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