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9 Reykjavik

Iceland Mag

Business

Costco postpones opening in Iceland until 2017

By Staff

  • Costco The Reykjavík suburb outlet will include a coffee shop, a tire store, a self-service petrol station, a optometrists and a audiologist's office. This is an archive photo and does not show the outlet that will open in Iceland.

American membership warehouse club chain Costco has postponed opening an outlet in Iceland until 2017 reports local news site Vísir.

This is not the first time Costco changes its plans for Iceland. When the news about the imminent arrival of the retail giant broke in 2014 it was believed that its outlet in Iceland would open in 2015. Later it was reported the opening plans had been moved to 2016 but now the confirmed date is late March, according to Samúel Guðmundsson at THG Architects, the company responsible for the design of the outlet.

The 20,000 square metre (21.5278 sq ft) warehouse will be located in Garðabær town, a suburb of Reykjavík and will include a coffee shop, a tire store, a self-service petrol station, a optometrists and a audiologist's office.  The building’s roof will be partially covered with vegetation, resembling a traditional, Icelandic turf roof.

While exploring the possibility of opening an outlet in Iceland Costco made inquiries about exceptions from Icelandic regulation regarding importing of fresh meat and selling pharmacy drugs and alcohol in their outlet. No such exceptions were granted

As of 1 July 2016 Costco is the world's second largest retail chain, behind Walmart, operating 705 warehouses around the globe, including the USA, Canada, UK, Australia, Mexico, South Korea, Japan, and Spain.

Costco will bring a healthy competition to Iceland’s rather stale retail sector for food and groceries.

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