Costco preparing to open its first store on the Chinese mainland

The world's second-largest retailer, Costco Wholesale, will open its first brick-and-Mortar store on the Chinese mainland in the Minhang District of Shanghai on August 27.

Membership for family and corporate customers will cost 299 yuan (around 42 U.S. dollars).

A Costco store in the U.S. [File Photo: VCG]

With over 700 stores worldwide, Costco is known for its low prices and varied inventory.

It had annual revenue of more than 140 billion U.S. dollars in 2018.

The global membership warehouse retailer will face direct competition from Walmart China's Sam's Club, which already has 26 stores in China, including two in Shanghai.