Sep 03, 2019 (China Knowledge) - The membership-only retail chain Costco Wholesale (COST) is planning to open a second store in Shanghai and hopes to start the construction as soon as possible, according to Richard Galanti, the chief financial officer of Costco.
Aug 27, Costco opens its first store in Shanghai Minhang District, with numerous people lining up to wait for the store to open. It was said that on that day, people waited three hours to park and two hours to checkout; traffic on Lianyou Road and Zhu Jian Road around Costco were temporarily paralyzed, forcing Costco to suspend business on the afternoon of the opening day.
It chose Shanghai to set up its first store in China was because of Shanghai’s high quality of living, a large number of international residents and the large demand for imported products from local people.
Facts have proved that this was a very wise choice. Even though Costco had already expected huge crowds for its opening day, the actual human traffic still exceeded the expectations. Record number of new members' registration and the immense enthusiasm showed by netizens on social media were cited as the reasons for the large crowds.
Galanti added that Costco is optimistic about the long-term success of its stores in China and will continue to bring high-quality and exciting new products to its members around the world.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: firstname.lastname@example.org
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI