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Old August 28th 19, 06:41 AM posted to alt.home.repair
A K A K is offline
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Default Costco in China

This is a good news story.

https://www.cnn.com/videos/business/...orth-watching/

I wonder how much Chinese goods those customers were buying?

Those rotisserie chickens are quite tasty.

:-)

Andy

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Old August 28th 19, 01:49 PM posted to alt.home.repair
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Default Costco in China

A K wrote:

This is a good news story.


Not really.

===============

Big Trouble In Little Costco: Big Box Retailer's Chinese Debut Closes
Early For "Security Reasons"

Tue, 08/27/2019 - 13:55

After the Berlin Wall fell, one of the first aspects of western society
that East Berliners were attracted to were the supermarkets, stocked
with goods and brands that simply weren't as plentiful in the formerly
Communist bloc. China's "Socialism with Chinese characteristics" has
long since offered Chinese people a similar consumer culture as can be
found in the West. But on Tuesday, shoppers in Shanghai got their first
taste of what it means to shop at an American-style warehouse club when
the first Costco in China opened its doors.

It was almost immediately overrun by curious shoppers, who signed up for
memberships in droves. For a few hours, everybody seemed to forget about
the trade war, and simply shopped for bulk packages of peanut butter,
toilet paper and whatever regionally popular products ended up in the
stores.

Demand was so intense on opening day that Costco was forced to close
early as crowds of thousands of people showed up to shop.

The scene inside looked like Black Friday crowds on steroids. But
according to one reporter, police soon forced the store to close for
security reasons.

#Costco opened its Shanghai outlet, causing traffic jam and huge
crowds waiting to shop. Police were even said to #herebyorder close the
store for security reason. Welcome to #China .
pic.twitter.com/GwgTaYoCT1
- Wang Hao (@hongfenghuang) August 27, 2019

Today, Costco wholesale opened its first store in China. Shoppers in
Shanghai had to wait 3 hours for a parking spot...
pic.twitter.com/Z4uKpDXb54
- Xi Chen (@xcyale) August 27, 2019

Hu Xijin, the editor in chief of the Global Times, pointed out that,
contrary to President Trump's demand that US companies leave China and
relocate back to America, Costco was moving ahead with its plans to
expand within China.

"Such a grand opening can't be seen in other places," Hu said. The
"Chinese market is crucial to American companies."

Instead of leaving China, US retail giant Costco opened its first
Chinese store in Shanghai on Tuesday. Consumers waited in long queue to
get inside the store. Such a grand opening can't be seen in other
places. Chinese market is crucial to American companies.
pic.twitter.com/93oGP1QOdf
- Hu Xijin ??? (@HuXijin_GT) August 27, 2019

Signs outside the store, located in the Minhang District of Shanghai,
warned customers that they might have to wait three hours to park, and
another two hours to pay for their goods.

According to CNBC, one nearby school sent out an advisory to parents,
warning them that the dismissal of their students would be "severely
delayed" that afternoon because of the Costco Grand Opening.

A local media outlet run by the Shanghai government advised shoppers to
visit the store during "off-peak" hours and to "consume in a rational
manner."

With the trade war between the US and China escalating, Costco announced
last month that it would open its first store in China. Before that, it
had first entered the country in 2014 by selling goods via an online
store on Alibaba's Tmall.

Costco's blockbuster first day comes as other western retailers,
including Amazon, Tesco and Carrefour, are retreating from China.

To be sure, Costco isn't the only company selling bulk goods in the
Chinese market: Walmart's Sam's Club has been in China for about 20
years, and has about 24 stores across the country. Walmart said earlier
this year that it plans to add 16 more location in mainland China by
2020.

According to one local media outlet that publishes in English, most
shoppers said they loaded up on as many items as possible so they
wouldn't have to come back.

When it opens on Wednesday, Costco said it will control the number of
shoppers and limit the number to 2,000. That probably won't stop the
crowds from swamping the store once again. There's been no word yet on
the number of new memberships the company has sold, but judging by the
response, the store has been a success.

https://www.zerohedge.com/news/2019-...elmed-shoppers


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