Costco chief reveals expansion plans in Australia
Costco chief executive Patrick Noone though isn’t waiting as he revealed plans for a second store out west.
In a segment on Today Tonight aired on Tuesday evening, Noone said that he hopes to have two locations trading in Perth by the end of 2019, with a possibility for a third in the north of the city.
“Not only this one, the one in the south,” Noone said. “Two buildings at this point in time we’re looking at.”
The wholesale giant announced in a statement it would expand into WA last month with a $55 million construction project on a site in Perth’s airport precinct. Noone is bullish on the retail company’s prospects, hoping to replicate the success he’s had with the popular US-born model in the Australian market.
“Perth Airport is the obvious place for us to invest given its proximity to the CBD, the great transport links, and the way it is growing into a consumer-focused retail hub,” Noone said.
Costco’s $55 million development compounds $77 million in investment earmarked earlier this month for a new headquarters in Western Sydney, which has been outlaid to facilitate Costco’s growing presence Down Under.