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... ...Read more »

The opening of Costco, in Australia in August last year has contributed to the world’s ninth largest retailer 25% jump in quarterly profits, with sales gains driven by international expansion. The American-based retailer for the second quarter, ended 14 February, posted net profit of $330m (US$299m), up from $264m (US$239m) last year. Revenues gained 11%, climbing to $20.7bn (US$18.74bn) from $18.6bn ($16.84bn) last year. Sales at stores open at least a year rose 3% during the period, Costco... ...Read more »

American-based retailer Costco has poured another $25 million into their Australian operations to go with over $80 million spent last year, according to accounts obtained by The Age. The company opened their first Australian store in Melbourne during August amid great fanfare, with crowds upon opening more akin to a launch of a new Apple store or gadget than a wholesale outlet. The latest financial report, provided to the Australian Securities and Investments Commission, highlights a $2.36 million... ...Read more »

The world’s ninth largest retailer has today opened its long-awaited first store in Australia within the Docklands precinct of Melbourne. The warehouse retailer, which sells everything from branded food products to bakery goods, diamonds and TVs, was flooded with customers upon opening this morning – all hoping to find out what the fuss is about. “There were people queuing halfway down Docklands this morning,” a Costco spokesperson told ninemsn. “There are thousands... ...Read more »

Costco, the world’s ninth largest retailer, will open their first Australian store on August 17. The launch of their first warehouse club in the Docklands precinct – on the fringe of Melbourne’s CBD – has been eagerly anticipated and could lead to a new force in the retail market in Australia. Australian Managing Director Patrick Noone said in an interview today that the plan was for an opening in Sydney’s western suburbs in 2010, with expansion to kick on strongly from... ...Read more »

Costco’s arrival on the Australian retail arena is edging ever closer and their Australian boss remains steadfast in the belief that their offering will appeal to Australian consumers. Making their mark The world’s ninth largest retailer is destined to make an impact based on their previous expansions beyond their home base in America, but what works overseas doesn’t always work here in Australia. Starbucks is now all too aware of that. Costco offers a much wider range of goods than... ...Read more »

Costco Wholesale Managing Director Patrick Noone has reported that the retailer remains unperturbed by the economic conditions as results from their early membership drive surpass expectations. “I think any time is a good time to open,” he told the Sunshine Coast Daily. “If people are value-conscious and brand-conscious, they will come to us.” The world’s ninth largest retailer is destined to shake things up in the retail sector in Australia but questions still linger... ...Read more »

Costco Australia has reportedly delayed the launch date of their first Australian store, just two months after announcing the store would open five months ahead of schedule. Originally slated to open towards the end of the year, the retailer reported in March that they were anticipating a July opening of their first store at Docklands – on the western side of Melbourne’s CBD. The store, which will have almost 4,000 product lines, will now open in mid-August, according to a report in the... ...Read more »

Patrick Noone, the Managing Director of Costco’s Australian operations, has reported his American-based firm is struggling to find suitable places for new properties in Australia – where the planning requirements are vastly different to those in the US. The retail chain, which will open their first Australian store at Docklands in Melbourne in the next few months, requires around three hectares for each outlet due to its operation as a large warehouse operation. Costco Australia is searching... ...Read more »

Costco has commenced a major campaign to recruit 225 workers for its Docklands store, which is now expected to open five months ahead of schedule. Costco Australia Manager, Patrick Noone, said the company was “thrilled” to expand into Australia, after recently advising that current economic turbulence had not impacted their Australian plans; believing they can do well in a down market and a booming market due to their low price positioning. Joining Mr Noone for the announcement today,... ...Read more »