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Costco is opening up to 28 stores this year

Costco is opening up to 28 stores this year
Posted at 3:00 PM, Jan 15, 2022
and last updated 2022-01-14 12:04:29-05

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If you don’t have a Costco close to home and feel like you’re missing out on the deals (or perhaps a high-paying retail job), hang tight. This year, the chain of membership-only warehouse stores could open more than two dozen new locations in 2022.

The big-box store chain reportedly expects to invest about $4 billion into its logistics business and in growing its store network during the 2022 fiscal year, which is approximately 10% more than last year. The company will spend most of the money on opening new stores and boosting its logistics business. Bob Nelson, Costco’s senior vice president of finance and investor relations, told the Wall Street Journal recently that the company opened 20 new stores globally in 2021 and expects to add as many as 28 in 2022.

This is a slight increase from what the company said in September 2021, when Costco’s Chief Financial Officer Richard Galanti stated that the company planned to open at least 25 new locations in 2022, including stores in China, France, and New Zealand.

“This year, we’re looking to open at least 25 net new units, including second warehouses in each of China and France and our first location in New Zealand,” Galanti said during the retailer’s fourth-quarter earnings call. “As well, we plan to relocate five locations.”

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So far, two new international and a few stateside warehouses have opened, with current plans for 23 new stores and relocations of four existing stores.

The next new Costco store will open in Kelowna, British Columbia, Canada, according to its website.

Some of the planned locations not listed on Costco’s website yet because they don’t have opening dates include stores in Seattle; Des Moines, Iowa; Garner, North Carolina; Orlando, Florida; and Tulsa, Oklahoma.

Costco Wholesale Corporation is an American operator (based in Issaquah, Washington) of 828 discount warehouses. The majority of its stores are located in the U.S. However, Costco stores are also present in Canada, Mexico and parts of Europe and Asia. The company continues to grow steadily in these regions, as well as at home. It experienced strong sales in the early pandemic days and has remained strong since then; almost 2 million members joined last year.

This story originally appeared on Don't Waste Your Money. Checkout Don't Waste Your Money for product reviews and other great ideas to save and make money.

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8:47 PM, Oct 17, 2018

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