Costco to build 2nd local store in Pudong
Print Edition
US-based retailer Costco and a Chinese developer have acquired the rights to use an industrial-and-commercial land parcel in the Pudong New Area.
A consortium made up of Costco鈥檚 wholly owned unit, Pudong Warehouse Development Limited, and Shanghai Heyu Industrial Company Limited, a subsidiary of developer Galaxy Holding Group, placed the only bid on the land to the Planning, Land and Resources Administration of the Pudong New Area.
The consortium bid 898 million yuan (US$128 million) to use the almost 5,000-square-meter land parcel for 40 years, according to a filing with Shanghai鈥檚 land transfer system.
Costco is the latest in a long line of foreign retailers tapping into the booming local consumer market.
The opening of its first Chinese mainland store in Minhang District has been hugely successful. The block of land in the Kangqiao Industrial Zone, Pudong New Area, is close to Shanghai Disney. Company officials have not yet determined when the store will open.
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