Costco plans additional openings

Posted by Nicole Eckersley on 16th March 2010

Club store operator Costco has unveiled plans to increase the pace of its store openings in the Australian market over the next three years.

The company, which opened its first Australian store in Melbourne last summer, said that it will likely open between five and six new warehouse style outlets during the coming three years.

Addressing analysts following the company’s recent results announcement, Costco chief financial officer Richard Galanti said that the group was focused on driving growth of its operations in the Asia-Pacific region as a whole.

The company has witnessed growth at its international business outstrip that of its domestic operations, prompting the group to look overseas to fuel growth.

”We are ramping up some of our international a little bit,” Galanti confirmed.

According to a report in the Sydney Morning Herald, Costco’s Australian MD Patrick Noone confirmed that the company has the capacity to open around two stores a year over a three year period.

“I hope we can do that,” he commented.

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