Lowell, Arkansas – Costco, the renowned retail conglomerate, has renounced its plan to purchase land for its first store in Northwest Arkansas, specifically in the city of Lowell. This information was confirmed by Hank Kelley, CEO and executive broker of Kelley Commercial Partners, who serves as the representative for Costco in Little Rock.
Kelley stated, “I can confirm the contract has been terminated but can’t comment any further based upon our agreement with our client.” The specifics of the termination remain confidential as per the client-agency agreement.
Earlier this year, Chris Moore, the Mayor of Lowell, had indicated that Costco, based in Washington, had intended to establish a store at the junction of Concord Street and Pleasant Grove Road, just east of Interstate 49 near the boundary of Rogers city.
Moore had verified that Costco had submitted a large-scale development plan to the city in May, outlining its intent to construct a 161,000 square-foot retail facility. The cancellation of this land purchase contract was initially reported by the Northwest Arkansas Democrat-Gazette.
Costco, operating 848 clubs worldwide and boasting an annual sales volume of $222.73 billion, has yet to comment on the terminated land contract or the possibility of opening a store in a different location within Northwest Arkansas. As per the company’s established protocol, announcements regarding new club openings are made three months prior to the launch date.
The closest Costco stores to Northwest Arkansas, according to the company’s website, are in Springfield, Missouri, and Tulsa, Oklahoma.
The plot of land where Costco intended to construct its Lowell store is under the ownership of a limited liability company controlled by Lyndy Lindsey, a businessman based in Fayetteville. Despite the termination of the land contract, Lindsey shared that Costco hasn’t entirely dismissed the idea of establishing a store in Northwest Arkansas. Lindsey mentioned, “They terminated the land contract but said they’ll be back in the picture in Lowell in a year for a store. Who knows; they may end up at the same location.”
