REVEALED: Mega retail giant moving to Ipswich

START saving Ipswich shoppers because a mega-retail giant is moving into the city.

For years the parcel of land where failed hardware store Masters once stood has been earmarked to be taken over by Costco.

After much rumour, a deal has finally been signed off at Costco's head office but it's definitely not the old Masters site.

The QT understands a deal was signed for the opening of a second Queensland store about three weeks ago.

Now a Costco staffer has confirmed to the QT the retail giant is finalising initial construction plans and will lodge a development application within the next month.

The store will be at Bundamba.

The QT had understood that application would be lodged over the old Masters site, based on information from various sources.

However, that has since been debunked.

The agent selling the site says there has been no discussion with Costco to buy the property which is still listed for sale.

Once an application has been lodged, Costco will make a joint announcement with the Ipswich City Council.

Until then, Costco is tight-lipped on its plans.

A Costco spokesperson told the QT last week it was too early to comment.

But they confirmed the mega retail giant "was very interested in a site in Ipswich because it would capture the whole western area of Brisbane".

Ensuring Costco chose Ipswich over other nearby cities was one of former mayor Paul Pisasale's passion projects.

On the day he resigned, Mr Pisasale even hinted at a major pending announcement the Acting Mayor would then delight in revealing to the community.

Since at least 2015, Mr Pisasale had been courting the giant and Acting Mayor Paul Tully was equally as enthusiastic, saying the "city would welcome them with open arms".

And it's not just cheap, bulk groceries Ipswich residents can look forward to; the "Costco effect" is real.

It has been proven at North Lakes where petrol prices plummeted when the wholesale giant moved in.

RACQ's Renee Smith told the QT earlier this year, service stations nearby were forced to drop their prices to compete.

So even if you're not a member, you will still benefit.

"We saw service stations, particularly in North Lakes and Mango Hill, drop their prices which was great news for locals," Ms Smith said in February.

"It had the biggest impact at the peak of the petrol cycle.

"When prices started going up, people living near the Costco didn't feel that pinch because everyone in the area still had to compete with Costco's prices.

"Lately Ipswich has had some of the cheapest petrol prices in Queensland, it really has been the place to fill up.

"If Costco moved in, we'd likely see petrol prices in the neighbouring suburbs dropping their prices to compete."

Costco: How does it work?

First you need a membership.

It costs $60 a year to secure access to a vast selection of bulk groceries and household goods sold at discounted prices.

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