The venture will be the first for the company.
Author’s Note
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: BusinessInsider.com and LATimes.com.
Introduction
I write extensively about the Costco superchain for NewsBreak. Of late, the majority of my articles have detailed recent store openings as the company is in the midst of an ambitious expansion. My January 22nd article, “Costco Reportedly Opening 15 Major U.S. Locations in 2023 and Relocating Three Others,” is particularly pertinent to this current piece due to a focus on said expansion.
My article excerpted a BusinessInsider.com report, “Costco Plans to Open 24 Stores This Year, Including 15 Throughout the US,” that discussed the company’s expansion plans.
From BusinessInsider.com’s report, regarding Chief Financial Officer Richard Galanti’s disclosure of the plans on a recent earnings call: Seven of those stores opened during the first quarter of Costco's fiscal year, which began on September 1. One of those new store openings was Costco's first store in New Zealand, and another was the retailer's first store in Sweden. In total, there will be 27 new stores openings, including three "relocations" for stores. Nine of those 24 net stores will open internationally, including Costco's third and fourth locations in China, Galanti said. The US will get 15 more stores.
Now comes word that one of these new locations may involve a deluxe Costco with 800 apartment units built upon it.
Let us explore further.
Costco, 2023
According to a February 1st report from LATimes.com, entitled “Costco Wants to Build a Different Kind of Store in South L.A. — With Bulk Housing,” the California entity — if it happens — would be the first of its kind.
As excerpted from the article: A Costco store could make its way to the Baldwin Village neighborhood and add 800 apartment units and about 400 jobs to the South Los Angeles community, according to renderings released this week. The apartment units would sit above the warehouse store at Coliseum Street and La Brea Avenue, real estate developer Thrive Living announced in a press release. Artist renderings for the proposed mixed-use project show the familiar Costco Wholesale logo crowned with an apartment complex.
As of press time, the new proposed model is planned but not yet finalized. Artist renderings referenced appear in the LATimes.com report.
Conclusion
This is a developing story. In the event of pertinent updates to this matter, I will share them here on NewsBreak.
Thank you for reading.
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