Danielle McCarthy
Money & Banking

Retail giant Costco to open new superstore in Australia

Costco is set to open its 10th superstore in Australia and the announcement of its location is imminent.

The official announcement is expected to be made within the month but according to A Current Affair, Ipswich in Queensland is expected to be the new location of the Costco supermarket.

Queensland currently only has one Costco and it is believed councils across the state were bidding for a second.

Ipswich outgoing mayor Paul Pisasale did not confirm the news but said the Queensland city would receive some good news soon.

“I just had a phone call before in regards to a major announcement and I'm sure the acting mayor would take a lot of delight in telling everybody,” Mr Pisasale said.

It is expected that Costco bosses will visit Ipswich next week and an official announcement is expected to follow within the month.

Costco currently has one store in South Australia, one in Queensland, three in New South Wales, one in the Australian Capital Territory and three in Victoria.

The retail giant has grown in popularity since it first opened an Australian store in Docklands in 2009.

QUT international business expert Gary Mortimer told Daily Mail Australia as Costco opened more stores, there would be room for more savings due to buying in bulk.

“This is about economies of scale. When you bring in product and try to supply a small group of stores it's quite costly, but when you can multiply these store you can bring in more containers,” he said.

“It's basically buying in bulk, buying for more stores and product, the price comes down.”

Tags:
Costco, new, superstore, Australia, Ipswich, Queensland