US retail giant Costco has announced plans to open its first stores in Spain later this year. Jim Murphy, senior vice president for international operations, told EFE that the company was in the process of identifying various possible locations, but it is understood that the first store will open in Seville in the spring, followed by another in Madrid this summer.
Due to its “large and highly educated population”, Murphy said he believed the Spanish market has “great potential for economic growth”. In the past, Costo’s international strategy has been based on opening a small number of stores to test new markets before further expansion.
The retailer is one of the word’s largest in the warehouse club sector and currently operates 25 stores in the UK, 33 in Mexico and 18 in Japan. It said it plans to charge €25 for annual corporate memberships and €30 for individual memberships in Spain.
