By Yuzhou Hu
Last October, we reported that Costco intended to open its first mainland China store in Shanghai, and it seems their plan is falling into place. According to Kankannews, Costco has announced Kangqiao, Pudong as the location for their new store.
Last Tuesday, the top wholesale retailer in the US signed an official contract with Kangqiao, a residential and commercial region within Pudong. In addition to its first warehouse store, Costco will also establish its China headquarters at the Kangqiao location. The store will cover an area of approximately 20,000 square meters, as is reported by Shine.
Costco’s headway into the Chinese market commenced last September when it launched its first flagship store on Tmall.com. The brand hopes by launching its first store in Shanghai, it can gradually expand its presence to other regions of mainland China.
Famous for its ‘members only model,’ Costco is one of the largest warehouse retailers around the globe, ranking 16th among the Fortune 500 companies of last year.
The store will open its doors at some point next year.
[Images via Sohu and Kankannews]
This article was originally published by our sister magazine Urban Family Shanghai. For more articles like this, visit the Urban Family website, or follow the Urban Family WeChat account (ID: urbanfamilyshanghai).