Costco (cost) Will open four new stores in the next few months, despite the COVID-19 pandemic, it continues to actively expand globally.
New locations planned to open in the coming months include the US stores in South Windsor, Connecticut and Ghana, North Carolina in November. Two international branches will also be opened in Pontault Combault, France in November and Bilbao, Spain in December.
Unlike many retailers who reduced their physical store footprints during the pandemic, Costco continues to increase its store portfolio as consumers flock to its wholesale clubs. Costco stated in its statement annual report It is planned to open 20 new clubs in 2021.
Wholesale retailer Open a new store In September in San Antonio, Texas and Stafford, Texas, and in October in Duluth, Minnesota and Evan, Indiana. It also opened a branch in Anjou, Quebec, Canada in October.
In July and August, stores opened in Murfreesboro, Tennessee; Little Rock, Arkansas; Moore, Oklahoma; Springfield, Missouri; and Naperville, Illinois. In addition, in July and August, Costco opened international stores in Moriyama, Japan and Lake Macquarie, Australia.
Costco is one of the retailers that can continue to operate as an essential business during the pandemic lockdown. Driven by consumer stimulus spending, the company reaped the benefits of staying open as revenue climbed during the COVID crisis.
Today, it continues to see strong consumer spending and recently reported Net sales Costco said that in the nine weeks ending October 31, sales were $35.97 billion, an increase of 17.3% from last year’s $30.66 billion. Net sales also increased by 19.2% from USD 13.82 billion in 2020 and reached USD 16.47 billion in October alone.
With the surge in consumer spending, Costco has increased Minimum wage for employees By mid-October, it was $17 per hour. The increase is because the company just raised workers’ wages to $16 per hour in February.
Costco also recently announced its Black Friday promotion, Which will allow members to get savings ahead of time, starting on November 15th. The sale will continue until November 29.
As of pre-market trading hours on Tuesday, Costco’s stock price was US$502.00, down US$1.81 or 0.36%
Photo: Saul Loeb/AFP/Getty Images
