TORONTO — Costco is aggressively stepping up its expansion in Canada after years of strong success in this market, a move likely to put even more of a squeeze on traditional grocers such as Loblaw and Sobeys.
The American warehouse club giant, which has annual sales of close to $21 billion and 91 stores across the country, will open seven new stores in fiscal 2017, the company revealed on its fourth quarter conference call with analysts — about double its most robust annual rate.
TORONTO • While many retail industry players anxiously watch Target and Walmart racing to expand their store networks across Canada, Costco Wholesale continues to build its presence here as a quietly indomitable retail giant, with plans to build up to 25 more of its vast warehouse stores.
Limit people’s choices
Costco was recently selling three types of women’s deodorant, four toothpaste varieties and 10 shampoo sets, while its competitors sell hundreds of personal care items. About 55 to 60 per cent of Costco’s merchandise changes every few weeks and regularly stocked items might shift in location. “We have to rearrange all the time,” said Andree Brien, senior vice-president of national merchandising at Costco Wholesale Canada Ltd.
Costco Wholesale, the warehouse merchant, announced Wednesday that it will pay a special $3 billion dividend before year's end, saving shareholders from a big bite should taxes rise due to the fiscal cliff.
I’ve been trying to decide whether I should renew my membership to my local discount warehouse club. Now that I no longer have kids in diapers (hallelujah!) and don’t have any plans to buy a flat-screen TV this year, I had to figure out whether my annual membership fee pays for itself in savings or not.