U.S. warehouse retailer Costco Wholesale Corp.’s (NASDAQ:COST) expansion into China looks to be a hit.
Costco’s first store in China was forced to close early on its opening day after large crowds overwhelmed the store and caused major traffic jams in downtown Shanghai. Videos posted on social media showed thousands of people crowding the aisles of the Shanghai store. Some incoming shoppers waited three hours to park.
Costco announced last month that it would open its first store in China. It first entered the country in 2014 through an online store on Alibaba Group Holding Ltd.'s "Tmall" marketplace.
Costco’s successful debut comes as other Western retailers such as Amazon, Tesco Plc and Carrefour are pulling out of China after failing to win market share in the world’s most populous country.
