Costco to Invest US$100 Million in Queretaro Store Expansion

Summary: Costco Wholesale is investing US$200 million in new and expanded facilities in Queretaro and Aguascalientes, reflecting accelerated retail infrastructure growth in high-demand Mexican markets. The expansion aligns with rising membership, nearshoring-driven population growth, and increased bulk consumption, strengthening regional supply chains and local sourcing strategies amid tariff uncertainty. The investments impact retail, logistics, consumer goods suppliers, and local labor markets, while reinforcing Mexico’s role as a priority growth market for international warehouse club operators.

Costco Wholesale will invest US$100 million to open a new store in Corregidora, Queretaro, marking its second location in the state. Company executives and local authorities announced this during a groundbreaking ceremony on March 30 as part of a broader expansion strategy in Mexico.

The new store will be built on nearly 70,000m2 and will include a 15,000m2 sales floor and more than 700 parking spaces, said Patricia Quiles Arteaga, Real Estate and Legal Director, Costco Mexico. The project is expected to create 360 direct jobs, in addition to construction and operational employment, according to Genaro Montes Díaz, Deputy Minister of Economic Development. The facility will also include a gas station, a feature the company described as part of an evolving store format. The branch will offer approximately 5,600 national and imported products, including Kirkland Signature items, and will incorporate a Sushi Room, a specialized takeaway Japanese food section.

Local authorities said the project reflects continued investment interest in the metropolitan municipality of Corregidora, which has experienced population and economic growth. Mayor Josué Guerrero said the municipality is positioned as a strategic location for new commercial development.

Expansion Strategy in Mexico

The Queretaro project forms part of Costco’s broader expansion strategy in Mexico, where the retailer continues to increase infrastructure and service capacity in high-growth regions. As of early January, Costco operated 43 locations in Mexico and plans to reach 47 stores by the end of the year. New branches are under consideration or development in Mexico City, Queretaro and Nuevo Leon.

In parallel with its Queretaro investment, Costco announced a US$100 million expansion in Aguascalientes, marking the start of its 2026 growth plan in Mexico. The project will develop one of the company’s largest locations in the country, expanding an existing facility on a 60,000m2 lot adjacent to the current branch at Boulevard Aguascalientes Norte 802. Once completed, the combined site will reach approximately 90,000m2, reported MBN. 

Construction is expected to last nine months, and current operations will continue without interruption, Quiles said. The expansion will increase parking capacity from 360 to 900 spaces and add a new Costco gasoline station. Authorities in Aguascalientes said the project will generate local employment and improve access to goods.

The Aguascalientes facility is scheduled for completion in late 2026, with a tentative opening planned for September.

Financial Performance and Market Context

The expansion comes as Costco continues to report steady growth. In its 3Q25 results, the company reported revenue of US$61.96 billion, an 8% year-over-year increase, though slightly below analysts’ expectations of US$63.19 billion. Earnings, excluding certain items, reached US$4.28 per share, exceeding projections of US$4.24.

The retailer attributed its performance to adjustments in its import strategy, pulling forward shipments originally slated for summer and redirecting goods from high-tariff regions to non-US markets. These measures aimed to offset the impact of ongoing US tariffs. Unlike Walmart, which plans to raise prices this month, Costco emphasized that price hikes remain a "last resort." Target, meanwhile, has held prices steady but revised its annual outlook downward.

 Costco filed a lawsuit in December against the US government seeking the ability to recover tariff payments if the Supreme Court rules that former President Donald Trump lacked authority to impose certain tariffs without congressional approval.

The case, filed in the US Court of International Trade in Manhattan, addresses “reciprocal” tariffs applied to trading partners including China, Canada and Mexico. The White House defended the tariffs, warning that an unfavorable ruling could weaken negotiating leverage and reduce federal revenue.

To mitigate tariff pressures, Costco said it reduced its supplier base, increased local sourcing and expanded its private-label Kirkland brand. “As inflation and supply chain issues push more consumers toward bulk purchasing, warehouse clubs like Costco are increasingly appealing,” noted Zak Stambor, an eMarketer analyst.