Costco will open its first China store in Minhang District next Tuesday, August 27, 2019.
With high hopes to take part in the nation’s booming consumer market, prices in the Minhang store will be lower than the online store on Tmall as revealed by Richard Zhang, Costco Asia Senior Vice President. The 14,000-square-meter store also offers a tire service and made fresh food available too.
Shanghai’s store performance will serve as deciding factor whether they can push their sales harder in the Chinese market.
Aiming for 100,000, Costco reportedly already has 10,000 members from all districts in Shanghai. It’s a good aim, most especially if Costco’s want to sustain the future undertakings of its physical store considering majority of frequent buyers atr living within close proximity, within 30 to 45 minutes’ driving distance to be exact.
Costco’s annual membership fee is slashed at 199 yuan until Monday, compared to the normal price of 299 yuan.
Zhang further reveals that the company will be seeking to assess the impact on imported goods from the US had tax been imposed on these items and will be looking for replacements from other parts of its operation.
