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Iceland shoppers seem thrilled about Costco's arrival

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It’s usually an exciting time when a new retailer opens their doors nearby, and the launch of the first Costco in Iceland proves that Reykjavik residents are not immune to the power of a big box brand.

The first location opened on May 23 at 9 a.m. local time and the Iceland Monitor reports that the company called in the national search and rescue team to help with crowd control. It was expected to be a busy opening day, with almost 70,000 Icelanders joining a Facebook group dedicated to the country’s only location. That’s more than one-fifth of Iceland’s population.

It’s no surprise that the arrival of the wholesale giant has been eagerly awaited by many citizens of the Nordic nation. Iceland has some of the highest prices for everyday goods. Consumer prices in Iceland are 75 per cent higher than in the U.S., according to Numbeo. If Costco’s prices are cheaper than other distributors on the island, that may force the country’s other retailers to lower their prices.

“People are excited about (Costco) because it is a chance to boycott the big chains that control all the prices and show that people will not have it any longer,” an Icelandic expat living in the U.S. told Quartz.

Icelanders have been posting their hauls all over the popular Facebook page.

“Went to Costco for the first time today,” wrote Frú Eva Björk after filling her trunk with goods.

Fórum í fyrsta skiptið í costco í dag….. ]]>😂