CHINA - Warehouse store giant Costco has introduced plans to enter a more-than-billion consumer market. The retailer will open its first stores in China over the next two years.

According to a report by Inside Retail Asia, Costco plans to open its first physical store in Shanghai’s Minhang district next year—with a second store planned for Pudong, set to open in 2021.

The U.S.-based retailer has also, according to local news sources, signed an agreement with state-owned Shanghai Pudong Kangqiao Group to set up a new Chinese headquarters in Kangqiao, in Shanghai’s Pudong district.

Costco has been selling branded products in China through Alibaba’s Tmall e-commerce platform since 2014. Though international retailers like Tesco and Lotte have scaled back their investments in the region because of “market barriers and disappointing sales,” Inside Retail Asia reports, Costco is apparently diving into the market without trepidation.

For more on this and other important retail news, stay tuned to AndNowUKnow.

Costco