Woolies and Coles have been given a hard time lately, being blamed for rising food prices. Senator Joyce wants laws to prevent predatory price discounts. This seems dubious to me at best. The net result of such actions would be less competition and higher prices. The answer is more competition not less which is why the entry of Costco to the Australian market is so welcome.
Since the US retail giant opened its first Australian store in August in Docklands, shoppers have been "going berserk" and buying goods in large quantities.
Marketing experts have even come up with a name for the phenomenon, labelling it "Costco-sis".
The discount warehouse sells everything from tyres and spectacles to diamond rings, computers, televisions, toys and furniture.
It also has a big range of fresh and frozen foods, as well as local and imported liquors.
I can tell you the people of Sydney can't wait for Costco to open here.