Costco to Open First Store in Gwangju and Jeollanam-do in Suncheon... Economic Revitalization Expected

Investment Agreement Worth 102 Billion Won for New Store Entry
Targeting Opening in 2028
Coexistence Measures and Support Plans Also in Preparation

Kim Youngrok, Governor of Jeollanam-do, is signing an investment agreement between Costco Korea Co., Ltd., Jeollanam-do, Suncheon City, and the Gwangyang Bay Area Free Economic Zone Authority on the 30th at the Fairmont Ambassador Hotel in Yeouido, Seoul. Provided by Jeonnam Province.

On September 30, Jeollanam-do announced that it had signed a memorandum of understanding (MOU) with Costco Korea Co., Ltd. in Yeouido, Seoul, for a new store opening in the Seonwol District of Suncheon City, with an investment of 102 billion won.

The signing ceremony was attended by Kim Youngrok, Governor of Jeollanam-do; Cho Minsu, CEO of Costco Korea Co., Ltd.; Noh Gwankyu, Mayor of Suncheon; and Koo Chunggon, Commissioner of the Gwangyang Bay Area Free Economic Zone Authority.

Under this investment agreement, Costco Korea Co., Ltd. plans to build a large-scale store with a total floor area of 46,734 square meters in the Seonwol District, aiming for an opening in the second half of 2028, and to employ approximately 250 people.

With the opening of the first Costco store in Gwangju and Jeollanam-do, various positive effects are expected, including revitalizing the local economy in the eastern region of Jeollanam-do, enhancing the region's image, expanding consumer choices, creating both direct and indirect jobs, and increasing local tax revenues.

Jeollanam-do plans to work with Suncheon City and Costco to develop measures for regional coexistence in order to ensure the business stability of small business owners following the entry of this large-scale store. The province will also prepare strengthened support measures for cooperation between corporations and small businesses.

Governor Kim Youngrok stated, "The opening of Costco is significant not only as an expansion of distribution facilities but also in terms of improving the quality of life for local residents and creating jobs. We will actively support the eastern region, centered on Suncheon, to become the commercial hub not only for Jeollanam-do but also for Jeollabuk-do and Gyeongsangnam-do."