Retail giants IKEA and Costco signal Newcastle’s in store

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IKEA and Costco have hinted Newcastle stores might not be far away SIZE MATTERS: IKEA, the Swedish retail juggernaut, is believed to be eyeing land for a new store at the former Pasminco lead and zinc smelter site at Boolaroo, along with American bulk sale retailer Costco.
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CUT PRICE: Global bulk retailer Costco is rumoured to be building a new store at Boolaroo.

TweetFacebookNewcastle Herald that IKEAand Costco, bulk retailerswhere sizematters for shoppers,were slated to become neighbours at Boolaroo.

The Herald reported in 2016 that Costco had its sights set on the Hunter with plans to open one of its membership-based, bulk sale stores in the region.

“Newcastle is certainly an area we are interested in,” the company’s spokeswoman said.But she insisted that “no specific site” had been chosen.

The chain has opened ninestores in since 2009.

Costco’s spokeswoman said on Thursday that “unfortunately we do not haveany sites confirmed at this stage in the Newcastle region”.

IKEA’s spokeswoman was just as coy about a move to the Hunter.

“IKEA is always exploring opportunities to expand and be more accessible to more people, however we do not currently have confirmed plans to open a store in Newcastle,” she said.

But sources told the Herald the deal was “all but done” and Newcastle was an integralpart of IKEA’s plan todouble salesandmarket share over the next decade by reaching more consumers.

After four decades of slumber,IKEA’s n sales have almost doubled since 2014andexceeded $1 billion for the first time in 2017.

However, its share of the home furnishings market languishes about 5 or 6 per cent below that of Harvey NormanandSteinhoff Asia Pacific’s FreedomandFantastic chains.

Authorities say the clean-up of the Boolaroo site wasamong the largest in ’s history.

The administrator gained NSW government approval to place 1.9million cubic metres of contaminated material in a 45-metre-high containment cell in a 19-hectare area on the site.

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