US retailer Costco has surpassed €500 million in sales in Spain for the first time, driven by new store openings and increased membership.
Costco Wholesale Spain achieved a turnover of €544 million in the 2023 financial year, a 29% increase from the previous year.
The company's membership base grew by 24% to 650,000 members, while total visits to its stores topped 3.7 million.
Costco opened its fourth store in Sestao (Bilbao) and is preparing to open a fifth store in Zaragoza on September 13.
It will be based on the same concept: a surface area of over 15,000 square metres and the condition of paying a membership fee to buy there. The other three Costco stores are located in Getafe, Las Rozas, and Seville.
Costco plans to further expand its presence in Spain, with additional stores of more than 15,000 square metres planned for various regions.
The original plan was to have three centres in Madrid, as well as expand to Barcelona and Valencia – something that it is yet to be achieved.
Annual Highlights
While Costco Spain recorded a loss of €7.7 million in the 2023 financial year, it was 40% lower than the previous year and the lowest in 10 years.
The company expects to continue making losses until it reaches a higher level of market penetration and sales.
Costco has invested a total of €267 million in the Spanish subsidiary, of which €51 million was spent last year. This includes a €50 million investment in a new logistics centre in Torija (Guadalajara), which the retailer says is the largest of its kind in Europe.
“In a socioeconomic context like the current one, the retail sector faces great challenges in terms of stocking and distributing products,” commented the head of Costco’s Spanish business, Diane Tucci.
Besides Spain, Costco is present in Europe also in France, Sweden, and the UK.
