Costco, a company that is the fourth largest retailer in the United States and eighth largest in the world has 537 stores around the world; with 393 in the US and Puerto Rico, 75 in Canada, 31 in Mexico, 19 in the UK, five in South Korea, five in Taiwan and eight in Japan.
Costco is a wholesale warehouse membership club that carries quality, brand name merchandise at substantially lower prices than typically found at conventional wholesale or retail stores.
Costco's warehouses present one of the largest and most exclusive product category selections to be found under a single roof. Categories include groceries, appliances, television and media, automotive supplies, tyres, toys, hardware, sporting goods, jewellery, watches, cameras, books, homewares, apparel, health and beauty aids, tobacco, furniture, office supplies and office equipment.
“Introducing Costco to Australia has been on our agenda for many years but we have had to wait for the perfect location”, says Patrick Noone, Managing Director Costco Australia. “This is the first store planned for Australia and Costco will provide significant retail investment into the state of Victoria. We anticipate that the Waterfront City store will significantly increase retail expenditure and visitation within the Docklands precinct.”
Construction of Costco Waterfront City is scheduled to commence in September 2008 and is anticipated to be completed in mid 2009. 250 local employment opportunities are expected to be generated as a result of the Docklands store opening.
"This is a significant retail first for Australia, Victoria, Melbourne and Waterfront City. The 14,000m2 Costco site will add to Waterfront City’s already considerable 50,000m2 retail and leisure precinct which includes traditional retail spaces, Harbour Town brand outlet shopping, bars and restaurants, as well as the Southern Star Observation Wheel. This is all in addition to offices, hotels and residential accommodation,"said ING Real Estate Development CEO, Greg Boyd.
Harbour Town is due to open its first stage in September 2008 and combines a mix of Brand Direct outlets, specialty stores, restaurants, bars, cafes and 2850 parking bays.
Waterfront Cityalso boasts a major tourism drawcard: the Southern Star Observation Wheel. Due for completion in late 2008 and anticipated to become one of Melbourne’s largest tourist attractions with 1.5 million visitors per annum, the Southern Star will stand over 120 metres tall and is the first of its kind in Australia.
Costco will be located directly on Footscray Road under the Southern Star Observation Wheel.
Waterfront City is a $1 billion development undertaken by ING Real Estate, one of the world’s largest global property companies. Globally, ING Real Estate manages assets valued at over $170 billion, including $17 billion in Australia. |