Steve Pappas, vice president of Costco in Europe, claimed that Costco loves Iceland in a finance summit hosted by Íslandsbanki bank, Vísir reports. "Costco loves Iceland, it has been a success. There were doubters in the company but Iceland has exceeded even the most optimistic expectations". Costco does not normally open stores in cities with less than a million inhabitants but Pappas says that Costco representatives saw an opportunity in Iceland.
"What's not selling well?" was the answer of the vice president when asked about product sells. Pappas stated that strawberries have sold abnormally well and that fresh goods, in general, have sold astoundingly well. He quipped however that Weetabix sales have been disappointing since Costco's arrival in the country. "It tastes like cardboard but it is supposed to be good for you", Pappas joked and encouraged Icelanders to try the cereal.
Costco has started exporting Icelandic goods such as Icelandic water to the United Kingdom. The regional managers of Costco in Japan have also met with lamb manufacturers in Iceland as they are looking to export high-quality lamb to Japan.