I found an article giving just a little more insight into the Costco operations in Australia. This article covers the financial situation a bit and discusses how Costco has added another $25 million to the Australian operations, on top of $83 million provided in 2008.
According to Patrick Noone, the local managing director for the Melbourne location, the store is doing quite well with people not only buying staple items like toilet paper and milk, but also dropping serious amounts of money for diamonds (in the $5,000 – $10,000 range). Of course, the most shocking purchase, I thought, was $20,000 for a limited edition scotch. That’s crazy! Unfortunately, they don’t provide any numbers regarding the average daily sales so far or anything that specific for the Melbourne store.
The article also points out that Costco has spent $70 million opening the location in Melbourne and establishing a presence in Australia. Costco also has plans to spend another $55 million on the store opening in Sydney, which is slated to be on Parramatta Road on the west of Sydney.
For more details or to read the entire article: