A Costco wardrobe?
Issaquah, Wash.-based Costco Wholesale may be the new “it” store for clothes. The retailer recently revealed it sells more clothing merchandise than Old Navy, Neiman Marcus and Ralph Lauren.
According to the Washington Post, the retail giant sells approximately $7 billion of clothing and footwear annually, with the revenue in its clothing category having climbed 9% a year since 2015, outpacing sales growth for food and electronics.
The company sells private label clothing from its Kirkland Signature brand as well as name brand clothing, such as Calvin Klein and Timmy Hilfiger.
“Costco has quietly become an apparel destination,” Simeon Siegel, a retail analyst for Instinet, told the Washington Post. “It is clearly resonating with shoppers and winning over brands at the expense of department stores.”
Although dozens of major bricks-and-mortar retailers, including Sears, David’s Bridal and Gymboree, have filed for bankruptcy in the past two years, Costco continues to do about 95% of its consumer transactions in-store, according to the Washington Post.
To read the Washington Post article, click here.