Warehouse retailer to invest $150 million in and around Melbourne.

 

Discount warehouse retailer Costco has announced plans to open three new stores in and around Melbourne within the next two years.

 

Costco Australia CEO Patrick Noone told The Australian that the company would invest around $150 million on potential sites near Melbourne’s CBD, and at Officer and Geelong. 

 

“We are growing quite nicely, and Melbourne is a big city. For us, business isn’t slowing down in Melbourne,” said Noone.

 

“Melbourne is a growth area and we’d like build there as soon as we get the approvals,” he said.

 

Costco Australia currently boasts 200,000 members and sales in the year to August rose from $2.6 billion in 2020 to $2.8 billion last year. Strong online growth helped the company double its profit to $46.39 million.

 

Costco currently has 13 stores in Australia.