2019/08/27

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Costco opens its first store in China and the response is insane


  


The trade war between the U.S. and China clearly wasnt on the minds of the Chinese shoppers that stormed Costcos first-ever store in the country on Tuesday.


Costco (COST) cut the ribbon at its new store in Shanghai and proceeded to watch shoppers overrun the expansive aisles, as seen in numerous posts on Twitter. In fact, the crowds got so big that the store was forced to cut opening day short over safety worries, according to news reports. For Costco, the day one response and the inevitable surge in new memberships should temper concerns on Wall Street that its bulk-selling model wouldnt work in the hyper local Chinese food market.


Costco Chief Financial Officer Richard Galanti confirmed on a May conference call with analysts it plans to open its second warehouse in China within the next two years despite trade war concerns.


China's a little unique in many ways aside from any issues right now with tariffs. That's not hopefully a long-term issue. Each item has to be registered separately, Galanti said.


Costco isnt alone in selling bulk goods to the Chinese masses. Walmarts (WMT) Sams Club has been in China for about 20 years. The warehouse chain has roughly 24 stores open in the country. It said earlier this year it plans to add 16 more locations in mainland China by 2020.


Heres what folks are saying about Costcos new store on Twitter:


Source: https://finance.yahoo.com


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