How does introducing a big-box retailer like Costco into a community impact nearby property values? Using Costco openings from 2002 to 2020 across the U.S. and spatial difference-in-differences and event study methodologies, I find that Costco openings caused no significant changes in property values on average. I also find no significant dynamic effects of Costco openings on property values within 20 miles for 2.5 years following store openings. However, Costco openings caused a 7.9% increase in property values within 5 miles in counties with above-average population density, and a 5.2% increase within 5 miles in counties with above-average household income 2.5 years following store openings.
