Costco will open a second Shanghai location in early 2021.
Costco’s COST, +0.92% Chief Financial Officer Richard Galanti said on the retailer’s fourth-quarter earnings call late Thursday that membership at the Shanghai location totals more than 200,000.
Costco will open a second location in early 2021, also in Shanghai. The first warehouse opened on August 27.According to the company’s latest earnings release, Costco operates 783 warehouses around the world, including 544 in the U.S. and Puerto Rico, 100 in Canada, 39 in Mexico, and 29 in the U.K., making it the second largest retailer globally after Walmart WMT, +1.59%
“Strong China store opening supports membership growth,” reads the Bank of America Merrill Lynch note following the earnings announcement.Bank of America analysts highlight membership fee growth, up 5.3% for the quarter to $1.05 billion. And membership renewal rates reached records. In the U.S. and Canada, the rate was 90.9%, up from 90.7% the previous quarter. And globally, it was 88.4%, up from 88.3%.
“Looking ahead, we believe management’s top priority will be to integrate a mobile payment system to make in-store checkout more efficient, and should also help further accelerate digital sales,” analysts wrote.Don’t miss: Bed Bath & Beyond is closing 60 stores, new CEO expected ‘soon’
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