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Retail giant Costco chooses Melbourne for $70m investment

Retail giant Costco chooses Melbourne for $70m investment

16 August 2009

In an investment coup for Victoria, Australia’s first Costco Wholesale warehouse has opened in Melbourne, delivering great opportunities for local manufacturers and suppliers to supply the store and potentially tap into Costco’s worldwide distribution network.

Costco’s $70 million investment in Victoria is indicative of a trend which has seen Victoria’s retail sector growing faster than any other Australian state, generating $1.8 billion of investment over the past 12 months.

Victorian Premier John Brumby welcomed Costco to Victoria, hailing the investment as a great vote of confidence in the Victorian economy.

“We were able to demonstrate to Costco the strength of Victoria’s economy, the skills and capabilities of our workers and the quality of our local suppliers.

“The Victorian Government has played a leading role in attracting this innovative, new shopping experience to Victoria and to its new home at Melbourne’s Docklands,” Mr Brumby said.

Costco’s decision to open its first Australian store in Melbourne, expected to create 230 new jobs, builds on a successful track record for Victoria in attracting major projects.

“The Victorian Government has attracted more than $25 billion in investment over the past 10 years which has created over 65,000 new jobs in Victoria,” he said.

Victorian Industry and Trade Minister Martin Pakula said Victoria’s economy, workforce and choice of suppliers had attracted Costco to Melbourne and made Costco’s dream of breaking into the Australian market a reality.

“The Victorian Government has been a strong advocate for Costco’s move to Melbourne and attracting this investment forms part of our joint
Melbourne Retail Strategy 2006:2012 with the City of Melbourne which aims to ensure a diverse Victorian retail sector and attract international flagship stores to Melbourne.

“The Victorian retail industry employs close to 284,000 Victorians and is performing strongly,” Minister Pakula said.

Costco Australian Country Manager, Patrick Noone said they were thrilled to be bringing Costco’s low warehouse prices to Australia.

“We look forward to contributing to the community in many ways, and to making a positive impact on the local job market,” he said.

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