Costco plans to open three new stores in Melbourne and Geelong within the next two years, investing up to $150M in the process.
CEO Patrick Noone told The Australian in an interview that potential sites were identified near Melbourne’s CBD, and at Officer and Geelong. Each store will be allocated $50M, with the projects now depending on zoning and council approvals. “We are growing quite nicely, and Melbourne is a big city. For us, business isn’t slowing down in Melbourne,” said Noone.
“Melbourne is a growth area and we’d like to build there as soon as we get the approvals.” During the Covid lockdowns, Costco remained a ‘destination shop’ for Melbournians as members travelled long distances to shop at the store, buying in bulk when regulations allowed. Costco currently boasts 200,000 members and sells a mix of goods from fresh food, groceries, meat, consumer electronics, clothing and even diamonds.
According to The Australian, Costco Australia’s sales in the year to August rose from $2.6bn in 2020 to $2.8bn last year. Strong online growth helped the company double its profit to $46.39M.
