Costco (COST) is continuing its expansion plans and has announced that it will be opening three new stores in 2023.
The wholesale retailers said on its website that U.S. stores will be opening in Queen Creek, Arizona, and Kyle, Texas, in January and March 2023, respectively. Costco also will open a new international store in Pudong, China in March of next year.
The three store openings add to the mass expansion that Costco has planned for fall 2022, with U.S. locations set to open in Logan, Utah; Athens, Georgia; Liberty Township, Ohio; Ankeny, Iowa; Redding, California; and Lake Stevens, Washington. The company also recently opened a store in University City, Missouri.
Costco’s international store plans include locations in Gocheok, South Korea; Stockholm, Sweden; Casuarina, Australia; and the city of London near Ontario, Canada. All four are slated to open this fall.
Unlike many retailers, Costco is focused on a brick-and-mortar store model, where it continues to expand its retail footprint. Several retailers, especially during the pandemic, have shied away from opening new locations, opting to concentrate on online sales.
However, Costco has seen great success with its physical stores as shoppers flock to its wholesale warehouses for discounted merchandise. While many retailers are reducing their store count, Costco has benefited from adding new stores amid a growing customer base.
The company reported in August that its sales for the month reached $17.55 billion, up 11.4% from the same time period last year. Net sales for the company increased 15.3% to $70.8 billion in the last 16-week period that ended Aug. 28.
In the last year, Costco had net sales of $222.7 billion, up from $192.1 billion a year earlier.
As of Wednesday premarket hours, shares of Costco were trading at $511.84, up $1.54, or 0.30%.