Costco (COST) continues its expansion plans and has announced it will open three new stores in 2023.
The wholesalers announced on their website that US stores will open in Queen Creek, Arizona and Kyle, Texas in January and March 2023, respectively. Costco will also open a new international store in Pudong, China in March next year.
The three store openings add to the mass expansion Costco has planned for fall 2022, with US locations set to open in Logan, Utah; Athens, Georgia; Liberty Church, Ohio; Ankeny, Iowa; Redding, California; and Lake Stevens, Washington. The company also recently opened a store in University City, Missouri.
Costco’s international store plans include locations in Gocheok, South Korea; Stockholm, Sweden; Casuarina, Australia; and the city of London near Ontario, Canada. All four are scheduled to open in the fall.
Unlike many retailers, Costco is focused on a brick-and-mortar business model in which it continues to expand its retail presence. Several retailers have balked at opening new locations, especially during the pandemic, instead focusing on selling online.
However, Costco has found great success with its physical stores, as shoppers flock to its wholesale warehouses for discounted goods. While many retailers are reducing the number of their stores, Costco has benefited from adding new stores amid a growing customer base.
The company reported in August that its revenue for the month reached $17.55 billion, up 11.4% from the same period last year. The company’s net sales rose 15.3% to $70.8 billion in the last 16 weeks ended Aug. 28.
Last year, Costco had net sales of $222.7 billion, up from $192.1 billion a year earlier.
Costco shares were trading at $511.84 premarket Wednesday, up $1.54, or 0.30%.
https://www.ibtimes.com.au/3-more-costco-stores-open-2023-heres-where-they-will-be-located-1838345?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Here is where they will be located