Yinzhou boasts the first store of the global retail giant of Costco in Zhejiang
Costco, one of the world’s top 500 enterprises and the world’s second largest retailer, officially settled one of its membership stores in Yinzhou, Ningbo. On June 6, a source from the Yinzhou District Investment Promotion Center said that Costco (China) Investment Co., Ltd. signed a project investment agreement with the Yinzhou District People’s Government, aiming to open a standard membership store in Yinzhou which is of the same standard with other global ones of Costco, and the total investment would reach about 100 million US Dollars and the foreign investment under agreement is 80 million US Dollars. Till then, Ningbo will become the first city in the Zhejiang Province and the fourth city in China to have a membership store of Costco.
Costco Ningbo Membership Store will be built in the Xiaying Sub-district, Yinzhou District and is expected to start construction this year and open to the public in Year 2023, providing customers with new one-stop shopping experience.
“As one of the world’s top 500 enterprises, the market influence and brand influence of Costco are of the top level in the world. Costco has very strict requirements on the location of its new stores. Under the current situation, Yinzhou cooperating with Costco highlights the high-quality business environment and high-level investment environment in Yinzhou.” The person in charge of the Yinzhou District Investment Promotion Center said.
Costco is the originator of the global membership store model and boasts its membership model, strict selection of goods, high-quality international brands, unique imported goods and low operating cost, which are recognized by global consumers. The unique operation and management system are also a benchmark for other entities of its kind in the industry to learn from. For now, Costco boasts about 100 million members with 805 stores in 13 regions and countries. In the fiscal year 2020, its global sales reached 152.7 billion US Dollars, ranking the 33rd among world top 500 companies ranked by the Fortune magazine, with an average single store revenue of 190 million US Dollars. Among which, only one store in the mainland of China, located in the Minhang District of Shanghai and which Costco has fully invested, opened in 2019.
According to the person in charge of the Yinzhou District Investment Promotion Center, the settlement of the Costco project will further enhance and optimize the energy level and structure of modern commerce in Yinzhou. Especially from the perspective of project site selection, the completion and operation of the Costco Membership Store will further drive the commercial vitality in the Eastern New Town, Dongqian Lake Tourist Resort and Southern New Town, and promote the development of the Yinzhou’s investment environment towards being more internationalized and of high-end quality, and help to greatly promote the reputation and recognition of Yinzhou as well.