US warehouse retailer Costco is planning to open two more stores in Australia in 2013 after sales beat its expectations since its first outlet opened in the country two years ago.
Costco, which opened its first Australian store in August 2009, has three outlets in the country and told just-food it would open two more next year.
Go deeper with GlobalData
Reports in Australia said this week that Costco planned to invest A$140m in a fresh wave of expansion.
Speaking to just-food, the retailer did not disclose how much it would invest but outlined its plans for the next 18 months.
Costco regional marketing manager Kyla White said the retailer would “likely” open two more stores next year to add to its stores in Melbourne, Canberra and Sydney.
White indicated that Costco was considering entering another state in Australia. “We have plans to open a location in Queensland but have not yet announced a location or opening date.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataA report in The Sydney Morning Herald said Costco had yet to turn a profit in Australia. Losses in the market were A$13.2m in the 12 months to August 2011, it claimed. Revenues were A$245m.
White was coy about Costco’s financial performance in Australia. “We do not release sales figures but both sales and membership have exceeded our expectations.”
She added: “We see a lot of opportunity here with our model and look forward to opening throughout Australia.”
