Property giant Westfield has teamed up with department store retailer Costco in the US, with both companies agreeing to a multiple-site arrangement that will see Costco outlets built alongside shopping centres.
Westfield joint managing director Steven Lowy has also hinted at the possibility of bringing that deal to Australia, where Costco is having difficulties finding appropriate locations due to the unusually large size requirements of its stores.
However, Costco Australia managing director Patrick Noone said the deal related to the US and declined to comment on whether it would extend to Australia.
Lowy told Fairfax yesterday the company has developed a good working relationship with the bulk-goods retailer, “and to the extent they want to expand in Australia, or the UK for that matter, we would enjoy further discussions”.
Westfield group managing director Peter Lowy announced the deal yesterday, saying locations will be built up in Florida, Washington DC and Los Angeles.
“We are delighted to be welcoming Costco to Westfield,” he said in a statement.
“The introduction of Costco illustrates Westfield’s aim to introduce new goods and services into the malls – investing in new elements, new energy, new conveniences and new choices for Westfield shoppers. The integration of Costco into our US portfolio takes the shopping experience to a whole new level.”
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
