US club retailer Costco has announced that it will enter the Australian market five months ahead of schedule when it opens its first store in the Docklands area of Melbourne in July.
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Costco Australia manager, Patrick Noone, was joined today (13 March) by Victoria’s industry and trade minister, Martin Pakula, in Melbourne to announce the opening.
“Costco Wholesale Australia will open its first warehouse to the public in the third quarter of 2009, in Melbourne, Victoria,” Costco Australia said on its website.
With an initial investment of A$60m (US$39.5m), the new warehouse outlet will operate on a membership model and create 225 full- and part-time job vacancies.
The store will provide a “wide selection” of food and non-food merchandise “plus the convenience of specialty departments”, Costco added.
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By GlobalDataPakula welcomed the move, emphasising the benefits Costco’s entry would bring to the local area.
“This is a great development that will provide the Victorian economy with a significant boost just when it is most needed. The opening of the store will not only create jobs but also expand visitor numbers, increase retail expenditure and provide new opportunities for Victorian suppliers,” he commented.
Costco also plans to open a store in Sydney, where it is currently searching for a suitable site, Noone revealed.
