Costco Wholesale Club plans to build a new store equipped with a fuel station in the quickly developing city of Prosper.
Construction on the new location will begin in March 2024 and is expected to cost over $20 million, per The Dallas Morning News.
The wholesale retailer has made several moves in Texas lately, such as the purchase of land last fall in Celina. Here, it plans to build a new store in a 105-acre mixed-use development, per the DMN.
The Lone Star State has seen tremendous population growth these past years, as The Dallas Express previously reported.
Census data show that Prosper has skyrocketed from just shy of 9,500 residents to over 34,000 since 2010.
The population boom has drawn companies of all kinds to invest in expanding their business operations in Texas, as Andrew Mahaleris, press secretary for Texas Gov. Greg Abbott, told The Dallas Express.
“Texas is the economic engine of the nation, leading with the fastest annual jobs growth rate and with the most Fortune 500 corporate headquarters,” Mahaleris explained.
As for the upcoming Costco store in Prosper, state documents show that it will cover an area of 160,000 square feet. It will be situated on the northeast intersection of West University Drive and FM1385.
Slated to be open by late October 2024, this is one of 24 new warehouse clubs Costco is building this fiscal year.
Currently, the company, which is based in Issaquah, Washington, has 850 locations worldwide.
While the majority can be found in North America, there are 31 stores in Japan, 29 in the United Kingdom, and 14 in Australia, among others.
When it comes to Texas, Costco might have some competition.
Sam’s Club, another bulk retailer which is owned by Walmart, has been in Texas longer than Costco. It currently operates 82 stores in the state, compared to Costco’s 37, per the DMN.
Still, Costco clubs typically post higher sales per store than Sam’s Club, the DMN reported.
Costco reported a 6.5% increase in sales this quarter ending on February 12. This represents a year-over-year increase from $50.94 billion to $54.24 billion.
Despite business going well and the company expanding, the last few months have seen Costco insiders sell $4.9 million worth of shares, per Yahoo Finance. This is usually a warning sign, but the wholesaler’s earnings are expected to climb 8.96% this next year.
