Costco coming to Centerville

The discount retailer submitted a major site plan Monday to be part of the Cornerstone development the city is planning at Wilmington Pike and Feedwire roads near Interstate 675.

Oberer Companies, the developer, also submitted amended overall site plan for the project.

Costco will be an anchor tenant for the mixed-use development, which is planned for property formerly owned by the Dille family.

The site is bordered by Feedwire and Brown roads on land in Greene County that has been annexed by Centerville. The city will use tax-increment financing to fund public improvements for the development.

Costco Wholesale Corp., based in Issaquah, Wash., currently operates 634 membership warehouses, including stores in the Columbus and Cincinnati areas. Costco plans to open as many as 15 new warehouses before the end of 2013.

The average Costco store has about 200 employees.

The company reported net sales of $102.9 billion for the fiscal year that ended Sept. 1, a 6 percent increase from the $97.1 billion reported in fiscal year 2012.

Costco operates on the concept that offering its members low prices on a limited selection of nationally branded and select private-label products in a wide range of merchandise will produce high sales and rapid inventory turnover, according to a company filing with the U.S. Securities and Exchange Commission.

Costco also achieves sales growth by opening new warehouses and, to a lesser extent, relocating existing warehouses to larger and better-located facilities, the filing said.

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