Costco Wants Price Club Korea Costco Cos., Issaquah, Wash., said it has formed a joint venture in the Republic of Korea with Shinsegae Department Store Co. to acquire the retailer's Price Club Korea membership warehouse clubs. Shinsegae has operated the stores under a license agreement with Costco since 1993. Price Club Korea has one store in Seoul, one in Taegu and a third due to open late this month in Taejon. Costco said it will own 93.75% of the joint venture and Shinsegae the other 6.25%, pending approval by Korean authorities over the next several weeks. Costco said it will initially invest approximately $100 million in the venture, of which $80 million will go for capital leases and $20 million for inventories and other assets and for working capital.