Intime Department Store will expand boldly in China during the next five years.
Intime will open two stores in Shaoxing, Zhejiang province next year and will double the number of its stores in the province within two to three years.
“Intime has about 40 stores in China at present and the number will reach 100 in the next five years,” said Intime president Shen Guojun.
Intime has sold 134.2 million new and existing shares to Government of Singapore Investment Corporation (GIC) raising the GIC’s stake to 9.08 per cent from 2.44 per cent. The company will use the new capital for its Chinese expansion.
“GIC is pleased to partner with Intime which has built a strong department store business focused on delivering a great shopping experience to its young and modern customers,” said Ang Eng Seng, global head, Direct Investments Group, GIC Special Investments.
The company’s three subsidiaries namely Intime Property, Intime Department Store and Yintai are co-planning to develop three commercial complex products, Intime city, Intime mall and Intime centre which target first-, second- and third-tier cities. It also holds an equity interest in Wuhan Department Store Group and Baida Group.
Intime department stores are located in Beijing, Xi’an, Wuhan, Hangzhou and other cities.