Costco Signs 'Win-Win Agreement' for Gimhae Juchon District Store Opening... Scheduled to Open in Early Next Year

A win-win cooperation agreement has been reached between the Gimhae Small Business Association in Gyeongnam and Costco. [Image source=Gimhae City]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Amid ongoing conflicts between the Gimhae Small Business Association and Costco over Costco's entry into Gimhae, a win-win agreement was dramatically reached. Accordingly, Costco is expected to begin operations after filing an opening report within the Juchon Seoncheon District in the first half of next year.

Gyeongnam Gimhae City announced on the 14th that it held a Distribution Industry Win-Win Development Council attended by representatives of the Gimhae Small Business Association and Costco officials, where they mutually agreed on agenda items such as ways to contribute to the local community.

The main contents of the win-win agreement include prioritizing the hiring of local residents, depositing funds in local financial institutions, stocking excellent local products, limiting large-scale advertising and promotions, restricting free delivery services, limiting the handling of certain sales items, and engaging in community contribution activities such as donations and scholarship projects.

Mayor Heo Seong-gon said, "We made every effort to reach an agreement that minimizes the damage to small business owners struggling due to COVID-19 and provides assistance," adding, "The city will actively support the local cooperation plan to ensure it provides practical help to small business owners."

This content was produced with the assistance of AI translation services.