Here’s how many people signed up for Costco memberships on opening day in China
In just one day, Costco signed more than 100,000 members at its first location in China, according to reports.
In fact, Richard Galanti, the retail wholesaler’s chief financial officer, told investors on Wednesday that 139,000 people signed up on Aug. 27, the store’s opening day in a Shanghai suburb, according to Yahoo News.
The opening was such a success, in fact, that the store had to close early because of overcrowding both inside and outside as drivers searched for parking.
The retail giant reportedly sent a notice to shoppers on its app saying that it needed to close early because of the crowds and traffic in the neighborhood, AFP reported at the time.
"Due to overcrowding in the market, and in order to provide you with a better shopping experience, Costco will temporarily close on the afternoon of August 27. Please avoid coming," the notification reportedly said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 952.52 | +24.45 | +2.63% |
The outlet reported that the store was packed with shoppers, causing shopping cart-gridlock, and even leading to shoving for access to goods.
Meanwhile, drivers reportedly complained about 3-hour waits to get into the parking lot, according to the outlet.
After the blowout opening, Galanti reportedly said the company wants to start construction on a second site as soon as possible, according to China Knowledge.
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Before it opened, the store had a goal of signing 100,000 new members, Richard Zhang, Costco's senior vice president for Asia, told AFP, despite the fact that other international retailers have failed to move quickly enough in China to do well in the market.
FOX Business’ Evie Fordham contributed to this report.