Costco, the second largest retailer of the United States and the 19th on the 2014 Fortune 500, announced its official settlement in Wuhan, capital city of central China’s Hubei Province on July 9, the local media reported.
It is the first entity store of Costco in China.
It was introduced that the US retailer giant Costco store in Wuhan was operated in the business model of store-in-store, with a business area of 3,000 square meters at the first phase. The Wuhan locals could buy hundreds of US goods without going aborad.
The imported products like the milk powder, designer handbags, fruits, and wines were sold 30 percent lower than the market, some products even enjoyed a 50-percent-off sale.
Another three stores will be opened in Wuchang, Qingshan and Optics Valley of Wuhan within this year, according to the related person in charge.
Costco Wholesale Corporation is an American membership-only warehouse club that provides a wide selection of merchandise. As of 2014, it was the third largest retailer in the United States, in 2015 it is the second largest in the world and the largest membership warehouse club chain in the United States.
The current Costco is headquartered in Issaquah, Washington, United States and was founded as Price Club on July 12, 1976 in San Diego, California with its first warehouse under the Costco name in Seattle, Washington seven years later.
As of 15 April 2014, Costco has a total of 672 warehouses, spread throughout the United States (474), Canada (89), United Kingdom (26), Australia (7), Mexico (34), Taiwan (10), South Korea (11), Japan (20), and Spain (1).
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