Costco, the sixth largest retailer in the world which was founded in Seattle and is currently headquartered in nearby Issaquah, is expanding in Southern Australia. It will open a store at the Moorabbin Airport in Melbourne, which is located in the state of Victoria in Southeast Australia. The Planning Minister of Victoria, Mr. Matthew Guy, announced that the store will create around 400 jobs, noting that “It is great news for Melbourne’s south and east and it again shows that Victoria is doing exceedingly well in confidence and economic growth…”
This will be the third Costco in Victoria, which already has opened successful stores in the suburbs of Docklands and Ringwood in Melbourne. Melbourne is the capital of Victoria and second most populous city in Australia. Mr. Guy explained in his remarks that Costco was concentrating its investment efforts in Victoria because “They see it as a strong and growing market.”
Australia is one of Costco’s fastest growing markets outside of the US. At the end of 2013, more than 100,000 members signed up for Costco in Melbourne and Sydney. As a result Costco decided to funnel $110 million to its Australian operations. In addition to the 3 stores in Melbourne, it has 2 stores in Sydney and one in Brisbane.