The interest now being shown by Costco Wholesale in the Coca Cola property on Overlea Blvd plays to the membership retailer’s capacity to draw well-heeled consumers long distances to shop there. It’s thought the average income of a Costco member is about $70,000, much higher than that of the average Walmart shopper, or even those who shop at Target. It is also said that the average Costco shopper enters the store planning to spend $50 and instead buys between $350 and $500. That’s why Costco’s hope to start a store on Overlea across the street from the East York Town Centre has the potential to draw both customers and more businesses to the neighborhood. There is concern in Thorncliffe Park for local business if a Coscto opens but in fact it seems likely that local stores would do no less business than they now do if Costco goes ahead. This would be especially true in the Town Centre where many better off Costco shoppers from mid-town neighborhoods would find their way into the mall across the street. Previous post.
