August 28, 1989
excerpt from the "Los Angeles Times"
August 28, 2019
excerpt from the "Los Angeles Times" - re Costco now in China
(I wonder if you are allowed to go there if your social credit score is low)
The U.S. retail giant had to suspend operations in its
Shanghai store in the afternoon, citing “heavy traffic and customer flows ,”
according to a text message sent by the company to consumers holding its
membership card. The message was shared on Weibo, China’s micro-blogging
website.
excerpt from the "Los Angeles Times"
August 28, 2019
excerpt from the "Los Angeles Times" - re Costco now in China
(I wonder if you are allowed to go there if your social credit score is low)
Costco’s first store in China opens to frenzy, closes early
SOME shoppers in Shanghai waited three hours for parking;
others reported two-hour check-out lines. (Getty Images)
bloomberg
Costco Wholesale Corp.’s first outlet in China opened
Tuesday and was soon overrun with customers willing to fight over discounted
products and wait hours to pay for their purchases.
The U.S. retail giant had to suspend operations in its
Shanghai store in the afternoon, citing “heavy traffic and customer flows ,”
according to a text message sent by the company to consumers holding its
membership card. The message was shared on Weibo, China’s micro-blogging
website.
The frenzy at Costco’s store comes at a time when the U.S.
and China are locked in a tit-for-tat tariff war that shows no signs of abating
and is making American firms wary of investing in the largest Asian economy.
Costco is also entering a market where many of its global rivals have struggled
and given up. France’s Carrefour sold an 80% stake in its China unit at a
discount in June, while German wholesaler Metro is looking to sell its
operations.
“There’s no other word to describe Shanghai’s Costco but
crazy,” said a Weibo user, who gave up on the shopping plan after seeing
two-hour queues at the checkout counters. Other Weibo users shared that they
had to wait three hours to enter the parking lot while some decided to walk to
the store to avoid the traffic jam.
Other pictures showed customers grabbing packets of roast
chicken and elbowing out other shoppers at the store.
Local news reports said the retailer offered discounts as
deep as 60% on some products and annual membership for just 199 yuan ($28). The
sale also includes the nation’s coveted fiery liquor drink from Kweichow Moutai
Co. and Wuliangye Yibin Co.
Costco didn’t immediately respond to phone calls or an
online inquiry seeking comments about Tuesday’s shopping frenzy.
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