Government News
Costco adds second Shanghai store in Pudong 2023-03-01
United States retailer Costco is adding a second location in Shanghai, making it the only city with two Costco warehouse stores in China.
It is also preparing for locating its regional headquarters office in Minhang District which is estimated to be operational by 2025.
"This showcases our commitment to be fully integrated in the Chinese market," said Senior Vice President of Costco Asia Richard Chang. "We're fully confident about local spending power and believe we could offer value products for our members."
Costco is expediting its expansion pace with new store openings planned for later this year in Ningbo and Hangzhou, Zhejiang Province, as well as Shenzhen in Guangdong Province as it sees increasing demand for imported goods and strong purchasing power from local shoppers.
"Adding four new stores in the country in one year is "spectacular" speed for us; we normally add one or two stores a year," he noted.
Retailers like Costco are betting on customers' willingness to shop for high-quality products in bulk volume by paying an annual membership fee.
United States retailer costco is adding a second location in Shanghai.
After more than three years of its first footprint on the Chinese mainland, the second Costco Shanghai store is located in the Pudong New Area spanning 15,000 square meters with nearly 1,000 parking lots.
Membership stores have picked up steam in recent years as retailers cater to one-stop shopping options for family purchases in big volumes.
Domestic consultancy iiMedia expects the market size of membership exclusive retailers to reach 38.7 billion yuan (US$5.6 billion) by 2024.
Walmart's Sam's Club also accelerated its expansion speed in China by opening six new stores last year, the highest since the American retail giant entered the country more than two decades ago.
The second Costco Shanghai store is located in the Pudong New Area.
Source: Shanghai Daily
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