After much anticipation and amidst intense media attention, American retail giant Costco opened its members only warehouse in Reykjavík today. A few dozen people had formed a line when the store opened its doors at 9 a.m while local reporters giddily described the selection and prices on live TV. The number of members already signed up makes the Iceland opening the retailer's biggest in 24 years.
Costco's arrival has generated a lot of public interest in Iceland. Both major news websites, Vísir and Mbl.is, had live video streaming from the warehouse opening this morning, even if an avalanche of customers queuing to get in never quite materialized as had been predicted.
No need for Search and Rescue
Brett Vigelkas, general manager for Costco Iceland, told Vísir that the opening had gone well.
The reception was great. A lot of people as expected.
ICE-SAR volunteers had been hired to manage traffic at the opening but their services were not needed after all.
Read more: The Costco effect: competitors' shares tumble on the stock exchange
Biggest opening since 1993
Nevertheless, 40,000 Icelanders are reported to already have gotten or applied for a membership at Costco. That is more than 10% of the population of Iceland. The regional manager for Costco told Vísir that represented the biggest opening for the retailer since it first arrived in Europe in 1993.
The arrival of Costco in the Icelandic retail market that is popularly viewed as over-priced and monopolistic has caused a stir. Two of the established local gas station chains saw their shares drop in the stock exchange yesterday when Costco opened a filling station, offering prices around 15 lower than the local competition.
After much anticipation and amidst intense media attention, American retail giant Costco opened its members only warehouse in Reykjavík today. A few dozen people had formed a line when the store opened its doors at 9 a.m while local reporters giddily described the selection and prices on live TV. The number of members already signed up makes the Iceland opening the retailer's biggest in 24 years.
Costco's arrival has generated a lot of public interest in Iceland. Both major news websites, Vísir and Mbl.is, had live video streaming from the warehouse opening this morning, even if an avalanche of customers queuing to get in never quite materialized as had been predicted.
No need for Search and Rescue
Brett Vigelkas, general manager for Costco Iceland, told Vísir that the opening had gone well.
The reception was great. A lot of people as expected.
ICE-SAR volunteers had been hired to manage traffic at the opening but their services were not needed after all.
Read more: The Costco effect: competitors' shares tumble on the stock exchange
Biggest opening since 1993
Nevertheless, 40,000 Icelanders are reported to already have gotten or applied for a membership at Costco. That is more than 10% of the population of Iceland. The regional manager for Costco told Vísir that represented the biggest opening for the retailer since it first arrived in Europe in 1993.
The arrival of Costco in the Icelandic retail market that is popularly viewed as over-priced and monopolistic has caused a stir. Two of the established local gas station chains saw their shares drop in the stock exchange yesterday when Costco opened a filling station, offering prices around 15 lower than the local competition.
