In this article, we will be taking a look at 14 countries with Costco in the world. If you want to skip our detailed analysis of the retail sector, you can go directly to see the 5 Countries with Costco in the World.
Retail corporations serve as a vital link between manufacturers and end consumers, providing a platform for product sales while also contributing greatly to economic growth. In one of our previous articles, we saw that it was two retail companies, namely Walmart Inc. (NYSE:WMT) and Amazon.com Inc. (NASDAQ:AMZN), which ranked at the top on our list of the largest companies in the world by revenue.
Before we delve into the countries that have the most Costco warehouses and stores in the world, let’s take a look at the global retail industry and what is going on at Costco Wholesale Corporation (NASDAQ:COST).
A Quick Look at the Global Retail Market
Offering goods and services to consumers worldwide through various channels, the global retail market plays a crucial role in driving economies. According to a report by IMARC Group, the global retail market was estimated to have reached a value of $28.51 trillion in 2023. Looking forward, the market is expected to grow at a compound annual growth rate (CAGR) of 5.54% from 2024 to 2032 to reach a value of $46.3 trillion by the end of the forecasted period. The surge in online shopping, technological advancements, and changing consumer behaviors are some of the key trends creating a positive outlook for the global retail industry.
Retail corporations and businesses continue to adapt to trends like retail therapy, digital transformation, and sustainability to attract customers and stay competitive in this dynamic and evolving landscape. In addition to Costco Wholesale Corporation (NASDAQ:COST), two other key players within the global retail market include Walmart Inc. (NYSE:WMT) and Amazon.com Inc. (NASDAQ:AMZN).
Technological innovations in the retail industry, including Internet of Things (IoT), artificial intelligence (AI), augmented reality (AR), and virtual reality (VR), are also expected to influence the retail market positively during the forecast period. There is also a strong demand for personalized and convenient shopping experiences. On February 2, Amazon.com Inc. (NASDAQ:AMZN) introduced Rufus, a new generative AI-powered expert shopping assistant. Trained using Amazon.com Inc.’s (NASDAQ:AMZN) vast product database, web data, customer feedback, and community Q&As, Rufus will provide users with a conversational shopping experience. It will assist customers by answering queries on various shopping needs and products, offering comparisons, and providing recommendations based on the ongoing conversation. While Rufus has been launched in beta to a small subset of customers in Amazon.com Inc.’s (NASDAQ:AMZN) mobile app, it will be made available to more US customers in the coming weeks.
Retail corporations are focusing on delivering exceptional services and innovative solutions to meet the diverse needs of their vast customer bases. Walmart Inc. (NYSE:WMT) is an American multinational retail corporation that operates a chain of grocery stores, hypermarkets, and discount department stores in the US. It also owns and operates Sam’s Club, a chain of membership-only warehouse club retail stores that provide members with exclusive savings and quality merchandise. On January 9, Walmart Inc. (NYSE:WMT) announced that Sam’s Club has introduced a new technology that uses AI and computer vision to eliminate the need for members to wait in line for receipt verification at the exit. This innovation is part of the company’s ongoing efforts to enhance the member experience and differentiate itself as a segment innovator. Deployed in the exit area of the club, this technology captures images of carts and verifies payment for all items within a member’s basket. The technology is currently being piloted in 10 Sam’s Club locations. With AI constantly learning and enhancing, the company aims to improve the technology and expand it to its nearly 600 clubs by the end of 2024.
Retail Giants: Unveiling Costco’s Success
Costco Wholesale Corporation (NASDAQ:COST) is an American multinational corporation that operates an international chain of membership warehouses. It offers for sale a wide selection of branded merchandise at lower prices by selling in bulk at lower margins while also providing the convenience of specialty departments and exclusive member services. Costco Wholesale Corporation (NASDAQ:COST) also ranks high among the best discount retailer stocks to buy. The company’s success can be attributed to its membership model, which has a high membership renewal rate and drives customer loyalty and repeat business.
On December 14, 2023, Costco Wholesale Corporation (NASDAQ:COST) reported strong earnings for the fiscal first quarter of 2024. The company reported earnings per share (EPS) of $3.58, surpassing EPS estimates by $0.16. Costco Wholesale Corporation (NASDAQ:COST) generated a revenue of $57.8 billion and outperformed revenue estimates by $10.51 million. Here are some comments from Costco Wholesale Corporation’s (NASDAQ:COST) Q1 2024 earnings call:
“In terms of renewal rates, at first quarter end, our U.S. and Canada renewal rate stood at 92.8%, while the worldwide rate came in at 90.5%. Both of these rates were up 0.1% from those numbers 12 weeks earlier at the end of the fourth quarter. Membership growth continues. We ended Q1 with 72.0 million paid household members, up 7.6% versus last year and 129.5 million cardholders, up 7.1%, with consistent growth throughout the quarters. At Q1 end, we had 33.2 million paid Executive members, an increase of 939,000 during the 12 weeks since Q4 end.
Executive members now represent a little over 46% of our paid members and a little over 73% of worldwide sales.”
Here is what Madison Investments, an investment advisor, had to say about Costco Wholesale Corporation (NASDAQ:COST) in its “Madison Sustainable Equity Fund” fourth quarter 2023 investor letter:
“Costco Wholesale Corporation (NASDAQ:COST) reported solid holiday results and announced a special dividend of $15 per share. Earnings were better than expected driven by better gross margin. Same store sales were 3.9% with solid traffic. Costco also noted better discretionary trends and solid seasonal sales.”
Costco Wholesale Corporation (NASDAQ:COST) is focusing on opening new stores and warehouses worldwide, continuing its growth trajectory by expanding its global footprint. This strategic move aims to drive higher revenues and market penetration, reflecting the corporation’s commitment to sustained expansion and market dominance.
With regards to its expansion plans, here are some more comments from Costco Wholesale Corporation’s (NASDAQ:COST) Q1 2024 earnings call:
“In terms of warehouse expansion in the first quarter, we opened 10 locations, including one relo (ph), so a net of nine increases. That — those nine included eight in the U.S. and one in Canada. For the full year fiscal ’24, we estimate opening — we’re planning to open 33 locations, including two relos, so for a net increase of 31 new warehouses that would be up from 23 that we opened in fiscal ’23.
For Q2 fiscal ’24, we plan four new locations, including our sixth building in China, are early in the calendar year.”
Now that we have discussed what’s going on at Costco Wholesale Corporation (NASDAQ:COST) and the global retail market, let’s take a look at 14 countries with Costco in the world.
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Methodology
In this article, we have listed the 14 countries with Costco in the world. To collect data for our list, we consulted the Costco Wholesale Corporation (NASDAQ:COST) company profile. We used the latest data available, updated in February 2024. This database provided us with information on Costco Wholesale Corporation’s (NASDAQ:COST) areas of operation in different parts of the world. We have ranked the 14 countries with Costco in the world based on their number of Costco locations, in ascending order.
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14 Countries with Costco in the World
14. Sweden
Number of Costco Locations: 1
Sweden is a Scandinavian country in Northern Europe. In 2022, Costco opened its first warehouse in Arninge, Täby, north of Stockholm. The members-only warehouse offers a huge variety of items including bulk groceries, electronics, and more. With one Costco warehouse, Sweden ranks among our list of countries with Costco in the world.
13. New Zealand
Number of Costco Locations: 1
New Zealand is an island nation in the southwestern Pacific Ocean. New Zealand is home to only one Costco warehouse. The Costco store, located in Westgate, Auckland, first opened in September 2022. The Costco store in New Zealand offers a wide variety of products and services including bulk groceries. The warehouse also provides optical, pharmacy, hearing aid, fuel, tires, and food court services.
12. Iceland
Number of Costco Locations: 1
Iceland is a Nordic island nation between the North Atlantic and Arctic Oceans. The first and only Costco warehouse in Iceland first opened in 2017. It is located in Garðabær, south of Iceland’s capital of Reykjavík. The warehouse offers great deals on a huge variety of items including bulk groceries, electronics, furniture, sporting goods, tires and batteries, and much more.
11. France
Number of Costco Locations: 2
France is a country in Western Europe that ranks among our list of countries with Costco in the world. France is home to two Costco warehouses. The first Costco warehouse in France, located in Villebon-sur-Yvette, was launched in June 2017. The second store located in Pontault-Combault, France opened in 2021.
10. Spain
Number of Costco Locations: 4
Spain is a country located in Southwestern Europe that ranks among the top 10 on our list of countries with Costco in the world. There are 4 different Costco stores in Spain. The four Costco stores are located in Seville, Sestao, Getafe, and Las Rozas de Madrid.
9. China
Number of Costco Locations: 6
China is one of the world’s largest and most populated countries. The first Costco store in China opened in the city of Shanghai in 2019. According to recently reported data, there are now a total of 6 Costco warehouses and stores located in China.
8. Taiwan
Number of Costco Locations: 14
Taiwan is a country in East Asia that ranks 8th on our list of countries with Costco in the world. Costco’s first warehouse in Taiwan opened in 1997 in Kaohsiung. Taiwan is now home to 14 Costco warehouses and stores.
7. Australia
Number of Costco Locations: 15
Australia, comprising the mainland of the Australian continent and numerous smaller islands, is the largest country by area in Oceania. The first Costco location in Australia opened in 2009 in Docklands, Melbourne, Victoria. With 15 Costco stores and warehouses, Australia ranks 7th on our list of countries with Costco in the world.
6. South Korea
Number of Costco Locations: 18
South Korea is a country in East Asia that shares a border with North Korea. Costco has a strong presence in South Korea with warehouses in most of the country’s major cities including Busan, Daegu, and the capital city of Seoul. With a total of 18 Costco stores and warehouses, South Korea ranks 6th on our list of countries with Costco in the world.
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Disclosure: None. 14 Countries with Costco in the World is published on Insider Monkey.
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