Business
GigaCloud Technology Adds Three Warehouses in the U.S. and Germany
Additional Capacity Needs Fueled by Expansion of B2B Marketplace, Representing 16 Warehouses in the U.S. and Eight Internationally WALNUT, Calif., Sept. 22,
About this update from Gigacloud Technology Inc
[{"type":"text","content":"Additional Capacity Needs Fueled by Expansion of B2B Marketplace, Representing 16 Warehouses in the U.S. and Eight Internationally\nWALNUT, Calif., Sept. 22, 2023 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise, announced today it has entered into three new warehouse leases in September 2023. These warehouses are scheduled to commence operations in October 2023, resulting in 24 total warehouses globally for the Company. The additional capacity need was fueled by further expansion of GigaCloud’s B2B marketplace and ensures customers receive the logistical support they need to run their businesses. Two of these warehouses will be situated in the U.S. in Savannah, Georgia, and Rancho Cucamonga, California, covering a combined area of approximately 784,300 square feet, resulting in a 20.7% increase of the warehousing space in the U.S. The third warehouse, located in Bremen, Germany, will encompass a total space of approximately 110,400 square feet, marking a 47.8% increase of the total warehouse areas in Germany. These strategically placed warehouses will primarily serve as key distribution centers for GigaCloud's large parcel merchandise, ensuring efficient storage, processing, and distribution of products. Following the addition of three new warehouses, totaling approximately 894,700 square feet, the GigaCloud global warehouse network now spans across North America, Europe, and Asia, encompassing a total area of approximately 5.2 million square feet. “The decision to expand our warehouse footprint is a clear indicator of the continued organic growth of our marketplace,” said Larry Wu, Founder, Chairman, and Chief Executive Officer of GigaCloud. “Moreover, the establishment of our new warehouse in Savannah, Georgia represents a significant step in our warehouse network. This new location is fully aligned with our strategy to optimize efficiency and scalability while enhancing the seamless load balancing across our nationwide operations. It is set to facilitate transactions and strengthen our fulfillment capabilities to enhance our supplier fulfilled retailing business model.” “Our growing warehouse network is a testament to our commitment to meet the evolving demands of our customers,” said Iman Schrock, Pr...