Costco has recently revealed its ambitious expansion targets for 2024, and you might soon find a Costco warehouse opening in your vicinity. In a recent earnings call with investors on December 14, Costco CFO Richard Galanti shared the company’s plan to launch 33 new locations in the 2024 fiscal year.
This number is a significant increase compared to the 23 warehouses that were opened in 2023. With 871 warehouses currently in operation globally, these upcoming openings are set to propel Costco’s total count beyond the 900 milestone. We have also written 7 Costco Foods That Are Packed With Protein.
The 33 planned openings comprise two warehouse relocations and 31 entirely new locations. Costco operates on a fiscal year from September through August, not aligning precisely with the conventional calendar year. The retailer has already initiated its series of openings for fiscal 2024 within the 2023 calendar year. Here are 6 Major Differences Between Costco and Sam’s Club Right Now.
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During Costco’s first quarter of fiscal 2024, spanning from September to late November, 10 locations were opened. This count encompassed one relocation, eight new warehouses in the United States, and one new warehouse in Canada.
Although the specific dates and locations for all 33 planned openings in 2024 haven’t been disclosed yet, Costco’s website presently features information on four upcoming launches over the next few months.
In January, Costco is set to inaugurate a new warehouse in Shenzhen, China, marking its sixth location in the country. Additionally, two new Business Centers are scheduled to open in early 2024: one in Southfield, Mich., in January, and another in Anchorage, Alaska, in February. Furthermore, a new warehouse in Daytona, Fla., is slated to open in February. (Read also: 8 Best Costco Wines That Will Rock Your Taste Buds)
Costco customers will need to stay tuned for further information on the upcoming debuts of the retailer’s new locations in the coming months. Meanwhile, those without a nearby Costco can remain hopeful that the grocery chain may be expanding to their area soon.
These ambitious growth plans represent just one of the significant revelations from the company’s recent earnings call. In addition, Galanti disclosed that Costco has no immediate plans to raise its membership fees. Currently, the basic Gold Star Membership costs $60 annually, while the enhanced Executive Membership, offering additional benefits, stands at $120 per year.
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However, it’s important to note that the absence of a fee increase at present does not rule out the possibility of one in the future. Galanti emphasized that a fee hike is more a matter of “when” than “if.”
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Frequently Asked Questions
How many new locations is Costco planning to open in 2024?
Costco is set to open 33 new locations in the year 2024.
Does this number include relocated warehouses?
Yes, among the 33 planned openings, two are warehouses that will be relocated, while the remaining 31 are brand-new locations.
When did Costco start its fiscal 2024 openings?
Costco initiated its fiscal 2024 openings in 2023. Specifically, 10 locations were opened during the first quarter of fiscal 2024, spanning from September to late November.
When does Costco’s fiscal year run, and how does it differ from the regular calendar year?
Costco’s fiscal year runs from September through August, which does not align exactly with the conventional calendar year.
FAQ
Can you provide details on the types of openings during Costco’s first quarter of fiscal 2024?
The first quarter of fiscal 2024 saw one warehouse relocation, the opening of eight new warehouses in the United States, and the inauguration of one new warehouse in Canada.
Have all the details regarding the dates and locations of the 33 planned openings been disclosed?
No, Costco has not yet revealed all the specific dates and locations for the 33 planned openings in 2024. However, information on some upcoming launches over the next few months is available on the Costco website.
What are some of the upcoming openings mentioned for early 2024?
In January, Costco is set to open a new warehouse in Shenzhen, China, marking its sixth location in the country. Additionally, two new Business Centers are scheduled to open in January and February in Southfield, Mich., and Anchorage, Alaska, respectively. Another new warehouse is slated for Daytona, Fla., in February.
Is Costco planning any changes to its membership fees?
As of now, Costco has announced that it won’t increase its membership fees. The Gold Star Membership costs $60 per year, while the Executive Membership, offering additional perks, stands at $120 annually.
What did Costco’s CFO, Richard Galanti, say about the possibility of a membership fee increase in the future?
Galanti stated that while there is no immediate plan to raise membership fees, it is a matter of “when, not if” for a fee hike in the future.
Conclusion
In conclusion, Costco’s announcement of 33 new locations opening in 2024 reflects the company’s robust growth strategy. With plans for both relocations and brand-new warehouses, Costco aims to surpass the 900-store milestone.
The expansion, outlined during an earnings call, marks a significant development in the retail giant’s ongoing success. As the company continues to unveil ambitious plans, customers can anticipate greater accessibility and convenience from this global retail leader.
