Costco, Westfield launch multiple-center agreement
Los Angeles Shopping center owner The Westfield Group and Issaquah, Wash.-based Costco Wholesale Corp. said late Tuesday that the landlord and tenant have forged a multiple-site agreement for the addition of Costco stores at Westfield centers in three U.S. markets: Los Angeles; Sarasota, Fla.; and Wheaton, Md.
“We are pleased to partner with Westfield and look forward to providing great value and convenience to current and future Costco members in three vibrant markets,” said Jim Sinegal, CEO of Costco.
“The introduction of Costco illustrates Westfield’s aim to introduce new goods and services into the malls,” said Peter Lowy, Westfield Group managing director.
In Los Angeles, an approximately 146,000-sq.-ft. Costco is to anchor the proposed Village at Westfield Topanga, sited between Westfield’s existing Topanga and Promenade centers. The Village will encompass nearly one million sq. ft. of new retail, dining, hotel and office area along with community and cultural uses, courtyards and gathering spaces. The inclusion of Costco will allow for a particularly seamless integration with Westfield Topanga, whose own recent $350 million redevelopment and expansion featured the addition of Target and Neiman Marcus along with 300,000 sq. ft. of new shops, restaurants and upscale dining terrace.
In Sarasota, a former department store site will be redeveloped to house an approximately 145,000-sq.-ft. Costco at Westfield Sarasota Square. Currently, the nearest Costco warehouse clubs to Sarasota are located over 40 miles away. Westfield Sarasota Square is a 900,000+-sq.-ft. regional shopping center currently anchored by J.C. Penney, Macy’s and Sears.
In Wheaton, a suburban community just outside of Washington, D.C., an approximately 148,000-sq.-ft. 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-sq.-ft. regional mall anchored by J.C. Penney, Macy’s and Target.
The new Costco stores are slated to open in late 2011/early 2012 at Sarasota and Wheaton, and late 2012 at The Village at Westfield Topanga.