But Costco isn’t entirely new to the Chinese market.
Costco’s subsidiary in Suzhou on Thursday bought a piece of land in Suzhou New District at a cost of more than 142.5 million yuan ($20.2 million), according to the management committee of Suzhou New District.
Costco’s Suzhou subsidiary was established in January, with a total investment of 1.27 billion yuan. But what, specifically, is driving such big numbers? The retailer opened its first mainland China store in Shanghai’s Minhang district in August, with customers queuing for hours to enter the store on its opening day. Not all mega-retailers have met with success in China. Part of the shocking aspect of the store’s success, in addition to the store-closing crowd surge, is the fact that international retailers so often fail miserably when they attempt to come to China. The plan is for a warehouse store with a floor area of more than 50,000 square meters to be built on the site. One of these hot commodities was lobsters—Maine lobsters, no less, a luxurious seafood treat.
Can Costco Succeed In China When Other Western Retailers Have Not? In fact, at around quarter to three in the afternoon, the store announced that it would be closing early—people already there could finish shopping but no one new would be allowed in.So, we know the irresistible appeal of Costco and that there are scores of things that draw shoppers in. China’s first Costco.
L’ouverture du premier club-entrepôt Costco Wholesale en France est prévue au printemps 2017 à Villebon-sur-Yvette, Essonne. by Ben Kwok March 15, 2019 February 18, 2020.
The store in Suzhou will be the company’s third in China, and the first out of Shanghai.
Warren Shoulberg Senior Contributor. Costco set to open new store in China's Suzhou city 2 Min Read FILE PHOTO: A U.S. hypermarket chain Costco Wholesale Corp store is pictured in Shanghai, China August 28, 2019. In fact, Shanghai shoppers viewed the new Costco as a rather “exclusive” shopping spot, due to the membership, as well as a place to get high-end items they couldn’t get anywhere else. It’s had an online presence in the Asian nation for five years now, thanks to Costco became the latest retailer to say that the trade war between China and the U.S. will likely lead to higher prices, but the warehouse giant says it is taking steps to withstand the battle. And it was a success, all right—countless news outlets reported that the opening day saw unprecedented numbers of people and was something of a free-for-all. In August 2019, the first-ever Costco in the world’s most populous country debuted.
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