Why You Could See More Costco Stores Soon
It seems like you can't escape Costco. The Balance Small Business reports that the chain now operates as the largest warehouse store in the world and even sparked the "Costco Craze," which encompassed a massive spread of the store back in 2013 and ended with 200 international locations popping up around the globe, too. Fast forward to the present, and the big box store doesn't plan to let up anytime soon.
Forbes reports that the store entered 2022 ready to spend $4 billion over the course of the year. Rumors started floating around at the same time over the idea that the chain was potentially planning to continue its expansion across the world. Back in January, sources couldn't corroborate this information, given that Costco only announces its new stores two or three months ahead of time.
Now, the time has come. The company has revealed at least a taste of its plans, and it looks like Costco has its eye set on global grocery domination.
A bright future for Costco
Costco reports that it now plans to open at least 11 locations across North America, New Zealand, Korea, and Japan over the course of 2022. Canada should see new Costco locations in Quebec and Ontario, while Japan receives a new center in July. U.S. states like Utah, Florida, and Missouri should get peppered with the warehouse store over the summer, too. This onslaught of Costcos might prove that the chain still has a ton of forward momentum behind it, but these openings might just be the tip of the iceberg.
According to The Wall Street Journal, experts predict that Costco may open up to 28 new stores over the course of 2022. The chain can afford to keep up this momentum thanks to an increase in revenue in 2021. In fact, the $4 billion that the company's pouring into itself is 42% more than it did in 2020. The chain is also riding high thanks to the fact that it maintains a minimal amount of debt. With a steady pace like this, this massive chain may continue to rise through the ranks and expand to other grocery sectors. Who knows? We may even begin to see amazing foods from other nations, like Japan, in America thanks to Costco continuing to expand in all of these markets.