US wholesale giant Costco has secured a site to host its 30th store in the UK following its recent strong performance.
It will be located in Gloucester at a former Interbrew site off the A38, with clearance work on the 11.5-acre site already underway.
The search for a suitable site was led by property developers Chase Commercial, alongside commercial real estate brokers Colliers. Director at Chase Commercial, Justin Parker, said: “We are delighted to have secured this prominent site in Gloucester on behalf of Costco Wholesale. The deal is reflective of Costco’s performance track record and its ability to move decisively once suitable sites are identified. Costco is entirely self-funded.”
A opening date for the store has yet to be confirmed.
Accounts filed last month for Costco’s warehouses and e-commerce operation in the UK confirmed that the business continued to perform well last year as the country emerged from the pandemic.
Figures covering the 52 weeks to 28 August 2022 show the US giant’s British subsidiary saw turnover climb 17.1% to £4.19bn and its operating profit jump 21.4% to £102.5m.
Looking ahead, the group said: “Our outlook remains optimistic as our business continues to grow its value reputation and membership base, leverage pricing through higher volumes, improved efficiency and further improve and enhance its online platform, offers and services.”
Costco’s last opening in the UK was its 29th branch in Stevenage back in 2019.
NAM Implications:
- Not bad progress for a Wholesale Membership Club…
- …after obtaining permission to open its first UK outlet in 1993…
- …bespite strong objections by Sainsbury’s, Tesco and the Argyll Group.
- Meanwhile, 2022 results show Costco UK sales climbed 17.1% to £4.19bn…
- …and its operating profit up 21.4% to £102.5m…
- …has to make Costco a prospect for suppliers.
- Worth securing and maintaining your fair share?
