Costco is Opening 5 New Stores This Summer, as Sales Continue to Boom After Lockdown
Business Insider | June 9, 2021
Costco plans to open five new US stores this summer. As many retailers are pulling back on physical stores, Costco is one of a few opening new locations. Sales boomed for Costco at the height of the pandemic in 2020, and have remained high. Total revenue for the year ended August 2020 was up 9% to $163 billion. In its most recent quarterly earnings results, reported at the end of May, revenue was up 21.7% to $44.38 billion.
New stores will open in: Murfreesboro, Tennessee; Little Rock, Arizona; Moore, Oklahoma; Springfield, Missouri; and Naperville, Illinois, between July and August. It also is opening a new store in both Australia and Japan, Costco said.
Costco has become one of the few legacy brick-and-mortar retailers off track from the threat of Amazon, despite being stubborn about going digital. While the pandemic spurred on many of its grocery competitors to bet on delivery and pickup for customers that didn't want to shop in-store, Costco has been intentionally slow to follow.