BUSINESS

Costco offers discount for new members ahead of Madrid opening

Major US retailer completing second warehouse in Getafe following its success in Seville

Costco's warehouse in Seville.
Costco's warehouse in Seville.PACO PUENTES

Costco, one of the biggest retailers in the world, is about to open its second Spanish megastore.

The US company is preparing to open its new facilities in Getafe, 10 kilometers south of Madrid.

The Getafe warehouse will be the second Costco establishment in Spain after the inaugural store in Seville, which opened in May of last year.

Ahead of the October launch, the membership-only retailer is seeking new additions to its club through a promotional campaign. Costco’s Spanish branch has also increased its capital by €25 million for a total €114.7 million, aimed at financing its growth in Spain.

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Costco Getafe will be located at Los Gavilanes industrial park, and will include a gas station that offers low prices for members.

Annual membership fees in Spain are €36.30 for private customers and €30.25 for businesses and the self-employed. But in order to attract more customers to its new store, Costco is offering a 33% discount for families and 44% for business clients until October 10.

Company sources said the Getafe warehouse is nearly ready to open, and that only a few issues remain, namely the licenses for the gas station.

Costco Wholesale Corporation is the world’s second-largest retailer after Walmart, with sales of $113.7 billion.