COSTCO’s only Australian store made $8.9 million in sales and membership fees in its first two weeks of operation, as customers flocked to the warehouse discount outlet.

But Costco Wholesale Australia made an overall loss of $14 million in the year to August 31, 2009, due to the costs of establishing its second store and headquarters in New South Wales, its special purpose annual report revealed.

PhotoAlt

April 15, 2010: Green light for second Australian Costco

April 6, 2010: Shopping centre owners fight planned $60m Auburn Costco

CELEBRITY cult fashion label Ed Hardy collapsed owing creditors more than $15 million, including about $500,000 owed to employees, liquidators said.

A second creditors meeting voted to wind up Ed Hardy Operations on Monday after Deloitte was appointed voluntary administrators last month.

The move only relates to Ed Hardy’s Australian franchise and not the Ed Hardy group internationally.

September 14, 2010: Ed Hardy Operations put into liquidation

August 11, 2010: Ed Hardy Operations calls in administrators

IKEA stores have a “honey pot” effect on surrounding retailers, driving up sales with the furniture chain’s ability to draw large crowds of shoppers from long distances, a retail analyst says.

Deutsche Bank’s Alexi Baker-McLennan says retailers which benefit most are those with complementary home-focused offerings like appliances, storage, Manchester and kitchenware.