Costco Is Opening Almost 30 New Stores, Starting May 19
LOCATIONS ARE SLATED FOR THE U.S., AS WELL AS OTHER COUNTRIES AROUND THE WORLD.
With so many retailers being forced to close their doors during the COVID-19 pandemic, it's hard not to celebrate now when finding out that our favorite stores are opening additional locations. That just so happens to be the case with Costco Wholesale—a haven for bulk shoppers, bargain hunters, and fans of Kirkland-branded products. The company recently announced it would be opening nearly 30 new stores in 2022, with the first opening set for this month. Read on to find out whether your city or town is on Costco's list of new locations.
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Costco made news earlier this week for less exciting reasons.
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Also this week, Costco announced it would be ending its mortgage program as of May 1. As reported by Eat This, Not That!, the program has been available to Costco members since 2020. Costco instructed those with a current mortgage application or loan to contact the lender they were working with, but no reason was cited for why the program ended. The program capped lender origination fees at $250 for Executive members, while general members saw a cap at $550. When participating in the program, members paid 1 percent on their loan.
But while you won't be able to consult the wholesale club during the home buying process, you may be able to shop at a location closer to home.
New Costco locations will be opening through the remainder of 2022.
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If you love to shop in bulk or simply enjoy grazing the free samples, you'll be excited to learn that Costco is slated to open approximately 28 new stores in 2022. The newest location is in Riverton, Utah, which will open on May 19, BGR reported.
New Costco hubs were first announced in Jan. 2022, when Bob Nelson, senior vice president of finance and investor relations at Costco, told The Wall Street Journal about the plans. The company upped the number of openings from 2021, during which they added 20 new locations across the world.
As listed on the company's website, additional U.S. locations will be opening in Aug. 2022 in St. Augustine, Florida; College Station, Texas; Murrieta, California; and Verona, Wisconsin. In November, residents in University City, Missouri, will have the opportunity to shop at a Costco in their hometown.
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The openings are not limited to the U.S.
There are millions of Costco shoppers across the globe, and the retailer operates warehouses in Canada, Mexico, Japan, and the U.K. Now, Costco is continuing to expand internationally. In June, a Costco will open in North Oshawa, Japan, and later, in July, another store is set to open in Mibu, Japan. August adds more Costco openings to the lineup, including one in Auckland, New Zealand, and another in Gimhae, Korea.
A different kind of Costco store is also in the works for the city of Montreal, Canada, where a business center will be opening in June. According to Costco's website, these locations offer hundreds of items not available at Costco warehouses. They are not limited to businesses, meaning you can show your membership card to take advantage of earlier shopping hours, single-serving snacks, a larger selection of drinks, as well as catering services. Business centers also sell products to convenience stores for resale, so you can find single-flavor packs of gum or mints when shopping, and you can even buy your Twix or Snickers in bulk.
Costco has increased its spending for 2022.
According to The Wall Street Journal, Costco confirmed the costs associated with opening a new warehouse range from under $30 million to $100 million. During the revenue quarter that ended in Nov. 2021, the retailer experienced a 17 percent increase when compared with the same time the year prior, bringing earnings to $50.4 billion. Nelson told the outlet that Costco's "increase in capital spending"—up 10 percent from 2021 and 42 percent from 2020—"largely stems from store openings and investments in its logistics business."
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