Costco is opening up to 28 stores this year (2024)

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Costco is opening up to 28 stores this year? ›

To wit, Costco announced last week that it expects to open 150 new warehouse stores over the next five years, including 28 this year. Of the 150 stores, though, only 55 would be in the U.S. About half would be in-fill locations and half would be in new markets. The 28 stores this year include 19 already open.

Mega-popular warehouse shopping club Costco continues to grow. Late 2023, Costco CFO Richard Galanti announced the company plans to open 33 locations during fiscal 2024, up from 23 the year before, Eatthis.com reported. Of that 33, two will be relocations of existing stores and 31 will be new builds.

States that will see new stores open include Arkansas, California, Florida, and Michigan. According to the company's website, a new Business Center will open in Southfield, Michigan, in January, with two additional stores, one in Anchorage, Alaska (Business Center) and another in Daytona, Florida, opening in February.

These are the Florida locations planned to open: Daytona Beach, Florida, February 2022. North Port, Florida, May 2024.

Targeted locations for the new sites are: Chelmsford, Colchester, Exeter, Oxford, Cambridge, Maidstone, Brighton, Portsmouth, Bournemouth/Poole, Preston, South Glasgow, South East London, Wolverhampton / North West Birmingham, and South West Birmingham.

People might buy a bed for a guest bedroom they never plan to sleep in sight unseen, but few would opt to buy furniture they plan to use regularly without getting to test it out. Now, for the first time in 15 years, Costco plans to open a store solely dedicated to furniture and appliances.

Shoppers at the new Costco store in Shenzhen, in southern China's Guangdong Province, on January 12, 2024. More than four years after Costco's first store in the country caused a stir, shoppers in the southern metropolis of Shenzhen this week flocked to the US retailer's latest outlet on Chinese shores.

Costco is mainly owned by institutional investors, who own over 70% of shares. The largest shareholders in December 2023 are: The Vanguard Group (9.10%) BlackRock (6.90%)

"The title of Biggest Costco on the Planet belongs to the Salt Lake City store in Utah, which opened in its expanded form in 2015 (via Only in Your State). Part of the reason this particular Costco is so big is because it was remodeled as a hybrid store housing both a warehouse store and a business center in one space.

What store did Costco merge with? ›

Price Club was an American warehouse club chain. Founded in 1976, it merged with its competitor, Costco Wholesale, in 1993. The original Price Club warehouse in San Diego, California, is now Costco location number 401.

Costco plans 28 new locations in 2024, down from an original projection of 31 as three new stores have been delayed into 2025. That still puts the chain on pace to exceed Sam's Club's growth plans.

The highest analyst price target is $940.00 ,the lowest forecast is $676.00. The average price target represents -0.46% Decrease from the current price of $855.67. Costco's analyst rating consensus is a Strong Buy. This is based on the ratings of 25 Wall Streets Analysts.

The new branches will be in Florida, California, Tennessee and Texas. According to the company's website, a branch in Loomis, California will open in May. Four more stores will open in the month of June in different states: North Port, Florida; Mt. Juliet, Tennessee; Riverbank, California; and Richmond, Texas.

The Villages has attracted another prominent global chain to the nation's fastest growing micropolitan community. According to a Sumter County Commissioner, Costco Wholesale Corporation will open sometime in 2025 on County Road 466, next to the Hobby Lobby and behind Fresh Market.

Gainesville's poverty rate of 28.5% also lies above Florida Costco-positive cities' average of 12.3%. “I think that the economics of Gainesville does present a bit of a challenge for Costco,” said Joel Davis, UF Warrington College of Business clinical professor and David F. Miller Retail Center executive director.

Costco is seeking to build a retail building on about 22 acres at the southeast corner of Buffalo Drive and the 215 Beltway, according to documents filed with the county. The building would be just under 158,000 square feet and have a bakery, tire sales, a pharmacy, an optical center and a hearing aid testing area.

Its bottom-line is projected to rise 9.2% year-over-year for 2024, while Wall Street anticipates its top line to improve by 4.6%. Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.09 to $16.04 per share.

This stickiness makes Costco's growth remarkably reliable despite macroeconomic challenges like inflation and high interest rates, which can weigh on sentiment. Net income increased by roughly 19% year over year to $1.74 billion.