Patrick Oppmann, CNN’s correspondent on the island, marveled at what he described as “Cuba’s first Cotsco.”
“After years of having to go out to find the most basic products, it’s a bit surreal to see that some private entrepreneur is building what is the first Costco in Cuba. Anyone who can afford the high prices can’ g shop here; Payments accepted in CUP, USD and euros”, said the reporter.
Oppmann includes pictures of the business built in the style of any hypermarket in the world and even one of the store clerks wearing a sweater with the Kirkland logo, the brand of the Cotsco franchise.
In November last year, it was approved by Cuba the first joint venture for domestic wholesale tradeafter relaxing regulations for foreign investment in the island’s commercial sector.
The company is called Gran Ferretero SA, approved by the Ministry of Domestic Trade and should start operations before the end of 2022.
Gran Ferretero SA will be dedicated to the sale of hardware items in the widest sense and building materials.
Gran Ferretero SA finally started operations in July on a limited basis and it is expected to expand its operations.
Last March, for its part, the Italian company Italsav announced that in September it will be inaugurated in first mixed shopping center in Cuba.
The company belongs to the Italian businessman Berto Savina, who entered the Cuban market in 1992 through the TODOx1 store network, which sells hygiene products, household items, toys and gift items, among others. , at a low price; although they are not free to criticize customers because of the quality of what is sold and the profit it reports for military-controlled stores.