While Costco has never been one to slow down, its expansion efforts have certainly sped up as of late. Most recently, the retailer set its sights on two new stores in Murfreesboro, Tennessee, and St. Augustine, Florida. Currently in development, the more than 150,000 square-foot stores will tighten Costco’s hold on these two competitive markets.
Following a unanimous decision from the Murfreesboro City Council to fund $2.4 million of land for the proposed store, which will sit on 18.6 acres, the land will be transferred to the Rutherford County Industrial Board which will lease the land to Costco during a five-year tax break deal that was signed by the company, according to an article from Daily News Journal.
The new store will be built near the New Salem Highway interchange with Interstate 24, and will be approximately 154,134 square feet. With the introduction of the new Costco will come 225 new jobs to the county, and the city believes that it will see a fast return on its investment in the company.
Costco’s proposed new store in St. Augustine is planned to be built on 18.7 acres and will feature 162,785 square feet of new space. The store will be located at 655 Commerce Parkway, within 36 miles of the Palm Coast Parkway, placing it considerably closer to St. Augustine residents than the two other Jacksonville locations that Costco has already introduced.
According to an article from Flagler Live, the proposed new site will put Costco in competition with stores like Sam’s Club that also reside in the area. However, the deal has yet to be completed, and as of now it is in the pre-application phases. If allowed to begin construction, the St. Augustine Costco would be larger than its average stores.
I’d bet that Costco has its eye on a few other locations for future growth, so stick with us as more news comes to light.