Costco Just Announced 10 New Warehouse Openings This Summer
With the official start of summer less than a month away, many Americans are likely looking forward to backyard barbecues, beach days, boat rides, and other outdoor activities that will let them enjoy the sun. And now they can also look forward to a slew of new Costco warehouses.
Costco just announced that it will be opening 10 exciting new locations this summer. The new warehouses are all slated to open between June and August—and they'll be located all across the country.
Four of the planned locations will open their doors to customers next month in North Port, Fla.; Mount Juliet, Tenn.; Riverbank, Calif.; and Richmond, Texas. Two more will open in July in Northwest Omaha, Neb., and Chaska, Minn. The remaining four will open in August in Tomball, Texas; Covington, La.; Pleasanton, Calif.; and Ridgefield, Wash.
Costco also plans to expand in several markets outside of the United States this summer, too. In August, the city of Cheongna in South Korea will get a new warehouse. Two Costco locations will also open the same month in the Japanese cities of Higashiomi and Okinawa Nanjo.
Costco previously announced that a total of 30 warehouses will open in its 2024 fiscal year, which ends on the Sunday closest to August 31. Other markets that have also received a new Costco this year include Loomis, Calif.; Jiangning, China; Shenzhen, China; Southfield, Mich.; Anchorage, Alaska; and Daytona, Fla.
Looking ahead, the retailer believes there's potential for plenty of additional expansion.
"I think we still see plenty of runway in the U.S. to continue to open more warehouses, but we also see a lot of growth opportunity, of course, in the international markets as well," Costco's new CFO Gary Millerchip said during a May 30 earnings call with investors.
The company currently operates 878 warehouses worldwide, with 605 of them located in the United States and Puerto Rico.
In other Costco news, Millerchip confirmed during the May 30 call that the company still hasn't decided on the timing of a long-anticipated membership fee increase. Millerchip's predecessor, Richard Galanti, repeatedly said in earnings calls dating back to 2022 that a fee hike is "a question of when, not if."
However, executives have been holding off on implementing the increase because the company is still in great shape financially. Net sales in the latest quarter were up 9.1%, while same-store sales were up 6.6%.
"When we reach that point where we feel it is the right time [for a fee increase], of course, we'll be very open and direct in communicating that," Millerchip said.
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