Costco plans to open a store in Iceland at the end of May, where products as diverse as reading glasses, car tires, baked goods and underwear will be on offer. Steve Pappas, the company’s senior vice president in Europe, believes Costco will change the market in Iceland and increase competition, RÚV reports.
A promotional meeting was held yesterday for suppliers and reporters. The store plans to employ 200 people, all of them Icelanders.
Costco Wholesale Corporation is an American membership-only warehouse club and one of the world’s largest retailers, second only to Wal-Mart.
Access to the Costco store will, therefore, be limited to members only. Annual membership for individuals will cost ISK 4,800, (USD 42, EUR 40) and ISK 3,800 (USD 33, EUR 31) for companies. Being a member gives you access to Costco stores the world over, but they total 725. The company is known for selling products in large quantities.
The store will offer food, clothing, electronics, tools and household goods, to name a few. In addition, the facilities will include a drug store, a tire store, an optical store and restaurants.
A gas station will be located outside the store, carrying Kirkland Signature gas, purchased from local oil companies.