Costco open by spring 2016?

An Icelandic branch of Costco, the world’s second largest retailer, could be open by the spring of 2016, according to the Mayor of Garðabær, Gunnar Einarsson.

The purchase agreement for premises of 12,000 m² in Garðabær, a municipality of Greater Reykjavik, will be signed on 17 July. The estimated real estate value of these premises is around ISK 1.5 billion (approx. €10.2 million).

Mayor Einarsson is expecting Costco to submit specific planning proposals shortly.

The Costco chain currently operates some 670 warehouses in Australia, Canada, Japan, Korea, Mexico, Spain, Taiwan, the United Kingdom and the United States.