Nearly 70% of Icelanders Have a Costco Membership……and There’s Only One Costco in the Country

A common complaint heard on the streets of Reykjavik in Iceland — apart from the weather — is about prices. A standard burger will set you back as much as $20, while branded sneakers cost double what they sell for in the U.S. All that changed when Costco moved to town, and now nearly 70% of Icelanders have a membership with the discount giant. A reliance on imports from far away places — the closest European place being Dublin, Ireland — means generations of Icelanders have grown accustomed to higher prices. With the opening of Costco, Icelanders are have not only treated to discount prices, but it has opened up the market to more competition and local merchants lowering their prices to lure customers away from Costco. Either way, it’s a win-win for Icelandic customers.