What has been the trend in the growth of Costco stores in Mexico and the world?
On the one hand, the number of these stores in Mexico has not grown practically in the last six-year period, going from 39 units in 2018 to 41 units at the end of 2014.
On the other hand, the company’s stores worldwide rose from 762 to 897 units, in the same period.
Costco stores in Mexico
This company’s stable performance in Mexico in terms of the number of stores it operates comes as the country’s retail sector remains a dynamic industry, with sales reaching US$78.4 billion in 2023.
Below is the number of stores Costco has in the economies in which it operates:
- United States and Puerto Rico: 617.
- Canada: 109.
- Mexico: 41.
- Japan: 39:
- United Kingdom: 29.
- South Korea: 19.
- Australia: 15.
- Taiwan: 14.
- China: 7.
- Spain: 5.
- France: 2.
- Iceland: 1.
- New Zealand: 1.
- Sweden: 1.
Costco also operates e-commerce sites in the United States, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.
Competition
Although most consumers in Mexico still prefer traditional markets, modern chains such as Walmart and Soriana continue to attract middle- and upper-income consumers. At the same time, e-commerce, including grocery and food apps, has gained popularity. According to the U.S. Department of Agriculture, this is due to a growing preference for convenience and quick access to goods and services.
Retail trends include private label products, healthy snacks, confectionery items, and plant-based alternatives to meat and dairy. In addition, Asian foods and sauces are on the rise. This growth is attributed to the growing Asian population in Mexico and the influence of popular food trends in the United States, especially Japanese and Korean cuisine.
Costco, on the other hand, operates under a model based on membership stores and e-commerce. Its approach is to offer members low prices on a limited selection of national and private label products in a variety of categories. This model seeks to generate high sales volumes and rapid inventory turnover.
By the end of 2023, the company had 316,000 employees worldwide.