The Australian arm of the US based CostCo are preparing plans to expand its Auburn store with the purchase this week of an adjoining property.
The 9,394sqm site, situated at 13-15 Parramatta Rd Lidcombe is currently occupied by Plush Furniture which is part of the Greenlit brand group. The Group, which also owns Freedom Furniture, Fantastic Furniture, Snooze and other bedding companies, made a $288.5m loss last year. Greenlit Brands have sold other assets including a Freedom store in Moorabbin and a Best & Less Head Office in Leichhardt.
CostCo paid $30.5m for the additional site ($3248/sqm of site area), settling on the transaction just prior to Christmas.
Costco currently has 12 stores across Australia and continues to seek to expand its bulk discount network with plans to open two stores a year to reach their growth targets.
To support the expansion, the Group has recently completed a new national distribution facility at Kemps Creek.
The Group have in excess of 782 locations worldwide and is reported to be the second largest retailer in the world, behind only Walmart. In 2019, the company had net sales of over 149.35 billion U.S. dollars and a brand value of over 17 billion.
We have approached Costco to comment on its plans and await their feedback.
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