The famous ‘members-only model’ wholesale retailer will be officially opening its first store in China in Shanghai's Minhang district come August 27.
For those who are new to the whole big-box retail thing, here’s a quick intro: Costco is one of the largest warehouse retailers around the globe. It ranked 35th among Fortune 500 companies in 2018 and just like Amazon, Costco sells just about everything. It is best known for bringing members (currently 96 million of them) the 'best possible prices' on brand-name merchandise by selling in large quantities, reducing costs and increasing relative value. It's also known for quick delivery services and generous return policies.
As not all mega-retailers have been met with success in China (Amazon closed down its domestic online store
a couple months back), Costco has been cautious about its expansion into the world’s most populous nation. In fact, the company's headway into the Chinese market began way back September 2017 when it launched its first flagship store
Before the brick and mortar actually opens in two months, it's offering some early-bird perks. Customers who sign up for a membership prior to its opening date get a 100RMB voucher to spend at the store. Starting at 299RMB, membership gets you access to a selection of products across its 770 warehouses worldwide, along with access to various speciality departments in the Shanghai store like optical care and tire-repair.