A Costco store in the US (Photo: VCG)

The world's second-largest retailer, Costco Wholesale, will open its first brick-and-Mortar store on the Chinese mainland in the Minhang District of Shanghai on August 27.

Membership for family and corporate customers will cost 299 yuan (around 42 US dollars).

With over 700 stores worldwide, Costco is known for its low prices and varied inventory.

It had annual revenue of more than 140 billion US dollars in 2018.

The global membership warehouse retailer will face direct competition from Walmart China's Sam's Club, which already has 26 stores in China, including two in Shanghai.