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Discounts at Docklands in Melbourne as Costco opens,[link widoczny dla zalogowanych]
SHOPPERS lined up from 5am to be amongst the first through the doors of the new warehouse of major discount chain Costco in Melbourne today.
By 11.30am,[link widoczny dla zalogowanych], the store - which sells everything from supermarket items through to designer goods - had already sold out of its two Louis Vuitton handbags worth $869 and $1100 .
Costco carries top brands such as Vegemite and Tuckers as well as grocery brands including Huggies,[link widoczny dla zalogowanych], Duracell and Cadbury and international names such as Calvin Klein,[link widoczny dla zalogowanych], Sony and Prada.
The store also sells everyday items such as 3L full cream milk for $2.79, three loaves of bread for $7.49,[link widoczny dla zalogowanych], and 18 eggs for $2.29. A 5.5-carat diamond ring will set you back $159,[link widoczny dla zalogowanych],999.99.
Costco wholesale regional operations manager Rick Carlson said the aim was to provide the most competitive prices for consumers.
"We buy globally,[link widoczny dla zalogowanych], our focus of the business is to drive costs down through logistics, we master logistics throughout the world and, doing that,[link widoczny dla zalogowanych], we're able to drive the costs down,[link widoczny dla zalogowanych]," he said.
"Our margins are transparent, we don't mark up anything over 15 per cent margin, which is unique in the retail sector anywhere in the world."
Costco is the fourth-largest retailer in the US and eighth-largest in the world, and turned over $US71 billion ($84.17 billion) last financial year.
- with The Herald Sun
In depth: Read our top business and money stories
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Serendipity Serendipity of Melbourne Posted at 6:51 PM August 18,[link widoczny dla zalogowanych], 2009
Hi All, firstly I myself am looking forward to seeing just what savings Costco have. Frankly, for those of you who say Coles and Woolworths don have high prices, I have to ask. Have you ever shopped there??? Are you serious? Their prices are not only ridiculous, but their staff know it too. And the quality of their fruit and vegies? Needless to say I don buy any fresh produce such as fruit,[link widoczny dla zalogowanych], vegetables,[link widoczny dla zalogowanych], meat poultry, seafood or Deli at these stores everrr. Secondly,[link widoczny dla zalogowanych], If their margin is only 15 then it obvious that there main profit will be from the annual membership fee, and if the savings are as good as they say they are, there is nothing wrong with Costco making a profit on membership fees whilst saving us a whole load of money. As for the Membership Fee,[link widoczny dla zalogowanych], it is refundable if you are not happy with their service so basically you have nothing to lose. Lolol at all of you that say support Australia. For Crying Out Loud everything sold here is made in China and not only,[link widoczny dla zalogowanych], if you actually find a product that is Australian made it is ludicrously priced. So I all for competition no matter where it comes from cause at the end of the day my child benefits from it : ).
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