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AU: Costco plans $140m growthUS discount supermarket group Costco has committed a further $140 million to ramp up its operations in Australia. It is earmarking the money for the opening of three more warehouse-style stores in the region, which will place further competitive pressure on Coles and Woolworths.
The Australian arm of Costco is believed to have a second site in Sydney it is keen to acquire and build on. It also wants to expand into Queensland in the next 18 months.
Costco Wholesale Corporation, based in Washington state, sent $90 million in equity funding to Costco Wholesale Australia last year for its continuing start-up costs, including purchase of land and buildings, and has followed that with a second capital contribution of $10 million. The US supermarket group, known for its warehouse format and steep discounts on groceries, clothing and other merchandise, enjoys its best growth outside the US in Australia. It has approved two additional capital contributions for its Australian arm totalling a further $40 million
Publication date: 2/20/2012
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