COSTCO PLANS $1 BILLION INVESTMENT

BELLEVUE, Wash., (FNS) -- Costco Wholesale Corp. told shareholders gathered for its annual meeting here that it will add 60 new stores over the next two years and maintain absolute pricing authority.However, Costco Fresh, a gourmet grocery format that was to debut here in the fall, will apparently not be part of the company's expansion. Costco President Jim Sinegal told local media last week the company

BELLEVUE, Wash., (FNS) -- Costco Wholesale Corp. told shareholders gathered for its annual meeting here that it will add 60 new stores over the next two years and maintain absolute pricing authority.

However, Costco Fresh, a gourmet grocery format that was to debut here in the fall, will apparently not be part of the company's expansion. Costco President Jim Sinegal told local media last week the company has decided not to go forward with the new concept due to rising expenses.

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