Costco to open first Zhejiang outlet in Hangzhou

Global membership warehouse club retailer Costco Wholesale Corp will open its first Zhejiang store in the Xiaoshan Economic and Technological Development Zone, Hangzhou, 


according to a signing ceremony held on June 7.


With a total investment of $160 million, the brick-and-mortar store will cover an area of 3.6 hectares. Construction of the new store will begin by the end of the year.


The annual business volume of the store is expected to exceed 1 billion yuan ($156.45 million) after it becomes operational in July 2023.


The Global Fortune 500 company is known for being particular about where it opens new stores, and the decision to do so in the Xiaoshan Economic and Technological Development 


Zone reflects the area's consumption potential.


The Washington-headquartered retailer opened its first China store in Shanghai last August.


Costco's global membership system requires customers to first apply for a membership card before shopping. Members can enjoy benefits such as unconditional goods return and 


membership fee refunds.