Costco intends to overhaul its Chinese product portfolio, following a successful entry into the market, according to Forbes.
The retail giant raised over US$6.4m in sales revenue during its first month in the People’s Republic, where it operated an online store through the Alibaba Group-owned Tmall. This was achieved with a relatively small product range in comparison to Costco’s global offering.
Forbes said Costco was “shocked” by its foray into China’s US$2trn retail sector and would look to expand its product range over the coming months. Costco has been reluctant to enter the world’s largest market by population until now, with the US-based cash and carry chain choosing to focus on its domestic operations and Asian markets with more relaxed entry requirements.
