In 2020, RBC released a research paper estimating COST could grow its US store base by over 400 units. The population size, density, and median income of many regions of the US are still under-penetrated by Costco. At the 15 year average of ~13 US stores added per year, this gives COST another ~30-years of growth.

But what about International growth?

This is arguably the larger opportunity and it’s proving to be more profitable on an EBIT basis.