Banks confident Costco coming to P.E.I.

Dave Stewart
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Developer Tim Banks says it's only a matter of time before Costco opens in P.E.I.

The CEO of property developers APM says it’s a matter of time before retail giant Costco comes to Charlottetown.

But Tim Banks wouldn’t go so far as to say he’ll bring the retailer to the P.E.I. capital.

 

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“I would be surprised if a company as well positioned as Costco wouldn’t be in this market,’’ Banks said Tuesday.

Talk of Costco making the jump across the Confederation Bridge and opening a store in Charlottetown has been going on for years.

Back in April, Costco issued an email to The Guardian saying: “We have checked our upcoming warehouse openings and there are currently no plans for a location in P.E.I.’’

But that same month, another developer said Costco was in fact looking at P.E.I. for a possible expansion.

Since then, The Guardian has been told off the record by businessmen and elected officials that Costco’s interest in Charlottetown is more than just a rumour.

In fact, one politician, who didn’t want to be named, said that Banks said he was personally going to bring the giant retailer to the city in 2014.

Banks, however, wasn’t biting on Tuesday.

“You’ll have to draw your own conclusions because I’m not going to comment,’’ he said.

Plazacorp, the developer that built the new Sobey’s mega-store beside the Charlottetown Mall and is also bringing Toys R Us to town this fall, has already stated repeatedly it won’t be bringing Costco in. That makes sense considering Plazacorp is aligned with Costco rival Sobey’s.

A lot of people don’t believe Charlottetown is a big enough market to support a Costco.

“I disagree,’’ Banks said.

The Costco stores in Moncton, Saint John and Halifax are popular destinations for Island shoppers, as evidenced by a Guardian story in June. The newspaper talked to a number of Islanders shopping at the Halifax location, all of whom said they would love to have their own in Charlottetown.

One woman said she saves $1,500 a year in milk alone by shopping at Costco.

Again, Banks says he believes it’s only a matter of time.

“Anybody could walk into a Costco store in Moncton or Saint John and ask them when they’re going to be in Prince Edward Island and I think the desk will tell you soon,’’ he said.

dstewart@theguardian.pe.ca

Twitter.com/DveStewart

Organizations: Costco, Toys R Us

Geographic location: Prince Edward Island, Charlottetown, Moncton Saint John Halifax

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Recent comments

  • sandra joyce
    January 04, 2014 - 21:57

    I Would Love To See Costco Coming To Charlottetown PEI

  • Marcella
    April 13, 2013 - 11:36

    Always shop at Moncton Costco for 16 years now,and so do many of my family members .I'm from a family of nine,so just our family alone,along with a lot of other large families that I know,drop a lot of dollars at Costco. Bring it !!!!

  • Pro Costco
    October 01, 2012 - 10:40

    While I definitely agree with supporting local community stores, I also agree in fair competition and I am continually shocked at my grocery bill and the lack of supplies on the shelves not just at the grocery store but in the other retail stores as well. I'm not rich and I have a family so I'll go where I get the best deals. I moved here from NB a few years ago and I'm shocked at how much more expensive groceries are, especially milk. I would welcome Costco. Please come...PLEASE!

  • Bring them
    July 20, 2012 - 11:46

    Competition is good for consumers. A Costco would also bring some much needed employment to our community and help keep money here. Bring it on!

  • bigjim
    July 19, 2012 - 11:20

    One of the big driving forces behind Costco's success in Fredericton is their gas bar.Regular multi cent per liter discounts for members adds up. Even at 20L per week you pay the cost of member ship just on fuel. IRAC won't allow discounting like that, and they already refused both Sobey's and Superstore when they attempted to open gas bars on PEI. I'll go on record and say that you won't see Costco until control of petroleum pricing and regulation is taken away from IRAC.

  • Patricia
    July 19, 2012 - 08:30

    Would love to try shopping at Costco would most likely get the membership but won't unless they are here I don't shop across ,I would much rather spend my money here and support our own economy . I think if we can keep the HST away we would actually get more shoppers over here since for the majority of things you would but there would only have 5%tax . We already have tons of people over here shopping for that reason and gas is also cheaper another incentive for People to come here to shop . So I would personally love to see an alternative to Walmart and Costco would fit the bill perfectly

  • Costcolover
    July 19, 2012 - 08:04

    I don't know about anybody else, but I am getting so tired of hearing "Costco is coming" , "Costco is not coming", "Costco is coming", "Costco is not coming". It's been going on for years. Report on it when something is confirmed!

  • Shopper
    July 18, 2012 - 20:52

    Since Costco opened in Moncton, I have traveled "across" to shop there. While I am a frequent NB Shopper, over the years my trips have lessened as the Charlottetown business community has provided more selection and options for a deal. With the exception of a few local businesses I support in Moncton, my main spending is at Costco, usually making a trip every 6-8 weeks. I would much rather spend my money and support a Costco here on PEI, and save the wear and tear of my vehicle, bridge cost and time. As a Costco Member, the money I save on quality products is significant, even with the additional travel costs. I personally feel it would be a great success and Islanders from tip to tip would support this excellent retailer. I will eagerly await, with fingers crossed, that the rumour will be changed to fact.

  • Sharyn Mitchell
    July 18, 2012 - 15:14

    I sure hope Tim Banks is right. Superstore and Sobey's need the competition from having a Costco here. I shop where I get the best deals and don't really care what name is on the store.

  • Resident
    July 18, 2012 - 15:11

    COSTCO is not a low cost retailer. According to COSTCO business model "Eighty-five percent of heavy wholesale club shoppers are from the upper income groups..." They sell high quality goods at competetive prices. Not everything at low prices. Banks' opinion is a pure developer speculation to support borrowing needs...

  • concerned
    July 18, 2012 - 15:06

    If Costco does come to PEI, it will hurt local businesses. Ask anybody in Fredericton! I would rather buy local and eat healthier.

    • CF
      July 18, 2012 - 18:20

      Buying local sometimes means paying through the nose. When it comes to foodstuffs, I shop where I can afford first, and worry about integrity second (though if it's shopping in a commodity-driven place like Walmart, forget it, they are evil).

  • Kelsi
    July 18, 2012 - 14:14

    Oh dear, the title was a little misleading. Rant aside, I would love it if we had a costco here. It is one of the things I love and miss about Calgary. We had memberships and loved going there. Please please please come!!!!!!!

  • Home Now
    July 18, 2012 - 14:06

    It would be nice for New Brunswick and Nova Scotia not to benefit from Island consumer dollars, but Costco will hurt the smaller retailers more than it will hurt Sobeys and Superstore.

  • To Love Costco
    July 18, 2012 - 13:55

    Have you looked up the population of PE in relations to NB. They are more than 5 times our size so under your thinking, until NB has 5 of them, we shouldn't complain. It's time we realize as Islanders that with a population less than what most people would consider a small city for our whole province, we aren't going to have all the luxuries and perks other large centers have, or if we do we are going to pay through our teeth for it.

    • Costno
      July 18, 2012 - 14:50

      People; please make sure you know what you are talking about before you post."TO LOVE COSTCO", NB has a Costco in Moncton, Fredericton AND Saint John. If you're keeping track, the populations of Fredericton and the greater Charlottetown area are so close it's not even funny. A Charlottetown Costco will see shoppers coming everywhere from Souris to Tignish, just because they won't have to cross the bridge. I'm very surprised there isn't one here yet. It can and definitely will succeed.

    • John
      July 18, 2012 - 16:47

      According to Statscan, Charlottetown has a larger market area population than Fredericton.

  • Trevor
    July 18, 2012 - 13:37

    I bet you could get your own milk cow for less than 1500$!

  • Islanders will welcome it
    July 18, 2012 - 12:49

    I agree with BANKS,it's coming ,we will support it..Sobey's and Superstore may be pushing for iot not to come politicaly behind the scenes.....like the pizza wars..it will lower the prices here for groceries which are to high .Bulk buying is the way to go.

  • Moe
    July 18, 2012 - 12:00

    How much milk would you have to consume to save $1500.00 a year. It would be cheaper to buy a cow.

  • Love Costco
    July 18, 2012 - 12:00

    Charlottetown isn't big enough??? NB has 3 within an hour drive from the other?? Please bring Costco to PEI....

  • GOOD
    July 18, 2012 - 11:59

    Good to see-Sobeys and Superstore maybe have to sharpen their pencils-they've both been ripping us for to long now!