Retail giant Costco comes to the shopping capital of Australia

Friday, 20 June 2008

Melbourne's reputation as the shopping capital of Australia was again confirmed with US retail giant Costco, the eighth-largest retailer in the world, announcing it will open its first Australian store at Waterfront City in Docklands.

Speaking at Costco's global HQ in Seattle, the Premier of Victoria John Brumby said Costco's decision was a major vote of confidence in Docklands and Melbourne as a leading investment and retail destination in the Asia-Pacific region.

“Costco's decision to open its first Australian store in Melbourne at Docklands represents an investment of more than Au$60 million and up to 250 jobs and is one of the most important retail investments over the past decade for Victoria's international reputation,” Mr Brumby said.

“Melbourne is the shopping capital of Australia, so it makes sense for the eighth-largest retailer in the world to open its first Australian store at Docklands.

“The Costco store will boost visitor numbers and retail expenditure in Docklands, offering a new shopping experience and more choice for Victorian consumers.”

“It will add critical mass to the Waterfront City Docklands development along with the Southern Star Observation Wheel and Harbour Town retail developments.

“It also opens up new opportunities for Victorian suppliers as well as the opportunity to potentially grow Victoria's exports by supplying into international stores across Costco's worldwide distribution system.”

Costco's investment aligns with the 'Melbourne Retail Strategy 2006:2012' and the Docklands Retail Statement which aim to ensure a diverse Victorian retail sector and attract international flagship stores to Melbourne.

The Costco store will be located in Dockland's Waterfront City on Footscray Road directly under the Southern Star Observation Wheel.

It will be approximately 13,000 square metres with around 553 car spaces and will operate seven days a week.

Construction is scheduled to commence in September and is due for completion at the end of 2009.

Costco has an annual turnover of around $65 billion and operated 529 stores with 136,000 employees worldwide.

Costco is a “membership warehouse club” and focuses on selling to members discounted, bulk-packaged, quality products, often at very high volume, which are displayed on the retail floor on shipping pallets.

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