The coastal city of Pohang in North Gyeongsang Province is actively pursuing Costco in a bid to boost its local economy and improve living conditions for its residents. (Image courtesy of Yonhap)
POHANG, Oct. 10 (Korea Bizwire) – The coastal city of Pohang in North Gyeongsang Province is actively pursuing Costco, the American multinational wholesale corporation, in a bid to boost its local economy and improve living conditions for its residents. However, the potential location of the store has become a topic of debate among citizens and officials alike.
Since early this year, Pohang city officials have been in talks with Costco Korea, even hosting a visit from the company’s vice president in June to discuss entry conditions. The city’s enthusiasm for attracting the retail giant stems from anticipated benefits including job creation, increased regional consumption, and improved convenience for residents.
Costco, known for its membership-based model, bulk sales, and competitive pricing, currently operates 19 stores in South Korea, primarily in the Seoul metropolitan area and major cities. The company has no presence in North Gyeongsang Province, forcing Pohang residents to travel to Daegu, Busan, or Ulsan for Costco shopping experiences.
In an unusual move, Pohang officials are proposing to pair a Costco location with a memorial park in Guryongpo-eup, an attempt to change perceptions about facilities often considered undesirable by local communities. This strategy, however, has met with mixed reactions from residents.
“We’re in negotiations with Costco about locating in Guryongpo-eup alongside the memorial park, but nothing has been decided yet,” a city official stated, adding that even Costco’s entry into Pohang remains uncertain.
Some citizens argue that Guryongpo-eup’s distance from the city center makes it less than ideal, suggesting alternative locations with better transportation links or in newly developed areas like Daesong-myeon, Heunghae-eup, or Ocheon-eup.
Despite multiple visits from Costco executives indicating interest, the company has yet to commit to a Pohang location. As a business entity, Costco’s decision will likely prioritize economic viability and accessibility.
Ashley Song (ashley@koreabizwire.com)
