Cost-U-Less to Open Stores in New Zealand;
Bellevue, Wash. Retailer to Expand International Presence
Business Wire - June 03, 1999
BELLEVUE, Wash.--(BUSINESS WIRE)--June 3, 1999--Bellevue, Wash.-based Cost-U-Less, Inc.
(Nasdaq:CULS) announced today that it plans to open two stores in New Zealand during the first quarter
of 2000.
The company said it will lease a 36,000 square foot facility in the town of Rotorua on the North Island;
and a 30,000 square foot store in Porirua, also on the North Island. Rotorua is a heavily visited tourist
destination, and Porirua is a suburb of New Zealand's capital city, Wellington. New Zealand itself is
primarily comprised of two large islands -- the North and South Islands -- upon which most citizens live.
"We are extremely excited about our entry into New Zealand," said Cost-U-Less' president and CEO,
Jim Rose. "Our management team believes this market represents a tremendous opportunity for future
growth for the company, not only because of its relatively large population base and high per capita
income, but because there is virtually no other competition with our club style format to speak of. We
believe New Zealand could well sustain multiple Cost-U-Less stores."
According to Rose, the company plans to feature a product mix that combines popular consumer items
from New Zealand, Australia and the U.S. Cost-U-Less currently has buyers on staff both in New
Zealand and in Sydney.
The New Zealand locations will be the fifth and sixth Cost-U-Less stores operated outside U.S. territory
and the thirteenth and fourteenth stores overall. The other non-U.S. locations are in Fiji (2 stores);
Curacao, Netherlands Antilles; and St. Maarten, Netherlands Antilles (scheduled to open in December
1999).
Rose said the company will hire approximately 50 people to work in each New Zealand store.
Founded in 1989, Cost-U-Less is a leading operator of mid-sized warehouse "club style" stores with 11
locations: Hawaii (2); Guam (2); the U.S. Virgin Islands (2); Fiji (2); Curacao; American Samoa; and
Sonora, Calif. More information is available on the Web at costuless.com.
Note: Investor relations information can also be obtained from the company website at
costuless.com.
CONTACT: For Cost-U-Less
Tom Phillips, 206/340-6138 |
