Westfield Reaches Deal to Bring Costco to Three Markets

The Westfield Group and Costco Wholesale Corp. reached an agreement for the addition of Costco stores at Westfield centers in three U.S. markets: Los Angeles, Sarasota, Fla., and Wheaton, Md.

"We are delighted to be welcoming Costco to Westfield," Westfield Group Managing Director Peter Lowy said in a statement. "The introduction of Costco illustrates Westfield's aim to introduce new goods and services into the malls—investing in new elements, new energy, new conveniences and new choices for Westfield shoppers. The integration of Costco into our U.S. portfolio takes the shopping experience to a whole new level."

In Los Angeles, an approximately 146,000 square foot Costco is to anchor the proposed Village at Westfield Topanga, which will sit between Westfield's existing Topanga and Promenade centers. The Village will encompass nearly one million square feet of new retail, dining, hotel and office area along with community and cultural uses, courtyards and gathering spaces.

In Sarasota, Florida, a former department store site will be redeveloped to house an approximately 145,000 square foot Costco at Westfield Sarasota Square. This would be Costco's first location in a wide expanse along Florida's Gulf Coast stretching across Manatee, Sarasota, and Charlotte counties.

Currently, the nearest Costco warehouse clubs to Sarasota are located over 40 miles away. Westfield Sarasota Square is contains more than 900,000 square of space and is currently anchored by JCPenney, Macy's, and Sears, along with a diverse mix of more than 130 shops and restaurants.

In Wheaton, Maryland, a suburban community just outside of Washington, D.C., an approximately 148,000 square foot Costco will occupy the second level of a former department store site, with Westfield planning for the addition of mini anchors and new retail shops on the ground level below Costco. Westfield Wheaton is a 1.6 million square foot regional mall anchored by JCPenney, Macy's and Target, along with 195 shops and restaurants.

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