The bulk-buy membership retailer is eyeing new sites and export opportunities as consumers hunt for budget-friendly treats.
The major supermarkets are starting to take notice, highlighting when reporting their financial results last month that consumers are becoming less loyal to grocery brands and shopping around to get the best deals.
“Australian shoppers are savvy. And unlike banks, telcos or utilities, our customers will freely switch retailers to get the best deal,” he said. The company’s most recently filed financial documents for Australia are for the 2022 calendar year, but they show Costco has become a major player in the retail landscape, with annual sales of $3.7 billion – more than retailers such as Myer, which recorded total sales of close to $3 billion for 2022.
“There is a lot of opportunity – we’re looking at additional sites in Melbourne and Sydney, for example, and we are looking for additional sites in Brisbane, Adelaide and Perth. We see the big major cities as being where the growth is for us,” Noone said.
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