Costco to Open Giant Store in Iceland Skip to content

Costco to Open Giant Store in Iceland

U.S. Costco Wholesale, the third-largest retailer in the world, is planning to open a 14,000-square-meter (16,743-square-yard) store at Kauptún in Garðabær outside Reykjavík (where IKEA is based) within a year. The company has already bought the facilities.

“Yes, we have heard that they want to come to Garðabær … and we are of course thrilled,” Mayor of Garðabær Gunnar Einarsson told ruv.is. Costco was also considering opening the store at Korputorg in Reykjavík.

Gunnar stated Costco’s presence will have a positive influence on the community, especially for the inhabitants of the new neighborhood Urriðaholt. “Last but not least it will have a significant meaning for competition and the price of products in Iceland.”

Head of the Federation of Icelandic Industries, Guðrún Hafsteinsdóttir, has pointed out that legal amendments must be made so that Costco can operate in Iceland, claiming that the government has not been willing to do the same for Icelandic businesses.

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