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Costco Plans to Open 31 Locations in 2024; Richard Galanti Comments

Costco Plans to Open 31 Locations in 2024; Richard Galanti Comments


UNITED STATES & CHINA
Tuesday, December 19th, 2023

Expansion appears to be the main focus for leaders at Costco, as after announcing a new facility in Texas last week, the retailer is now rolling out ambitious global growth plans. The blueprint includes plans to open 31 new locations in the coming year, 24 of which will be in the United States.

Richard Galanti, Chief Financial Officer, Costco"We are finding more opportunities in the U.S.," Chief Financial Officer Richard Galanti said during a recent earnings call, while explaining that the company still plans to increase its rate of international openings.

The 31-location expansion play also includes plans to open the company's sixth location in China in early 2024. In addition, Costco reported that two locations would be relocated.

Galanti has previously said the company's goal is to reach 30 new openings per year, with half of those in the U.S. and half overseas, according to Business Insider. The chain’s 2024 fiscal year is already off to a strong start, with 10 openings in the first quarter.

Costco plans to open 31 new locations in the next year, including 24 new locations in the United States

Costco’s warehouses range in size from 80,000 to 230,000 square feet, with the average coming in at roughly 147,000. A proposed location in the works for Fresno, California, would reportedly top 241,000 square feet, making it the largest in the company's fleet.

Deli Market News will keep you updated with more Costco expansion updates as they become available.

Costco
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