Costco, a large discount mart with a U.S.-based warehouse, has become certain to enter Iksan, Jeollabuk-do. It is the first Costco in the Honam region
Iksan City announced on the 22nd that Costco has signed a mutual letter of intent with a landowner in Wanggung-myeon, Iksan
As Costco has confirmed its entry location, Iksan City is preparing necessary administrative procedures with the aim of starting construction next year, including a change in city plans Costco is expected to establish a district unit plan for the opening of large-scale stores after signing a site contract and submit it to Iksan City soon
Earlier in December 2021, Costco Korea signed a conditional contract with Iksan Wanggung Logistics Complex for about 15,000 pyeong of land
Afterwards, the logistics complex decided to hold working-level negotiations with Costco and submit a business plan for the change of the logistics district unit, which includes the status of land purchase stores, and go through the approval and notification process in December last year
However, due to the delay in the process due to the lack of documents, Costco and the logistics complex faced a conflict. Eventually, in January this year, Costco notified the Royal Logistics Complex of the termination of the contract, saying that the business progress was slow
Since then, Costco has visited Iksan several times to select a location, and Iksan Mayor Chung Heon-yul has also visited Costco Korea’s headquarters to hold a meeting with CEO Cho Min-soo