Hypermarket group eyes regional expansion
Sun Art Retail Group, a joint venture between Taiwanese conglomerate Ruentex and French retail group Auchan SA, is looking to expand into overseas markets including Indonesia, Malaysia and Vietnam.
The hypermarket chain, with 240 stores in China, says the three countries have strong economic growth thus pose a potential for the company’s development.
Euromonitor rated Sun Art as one of the largest and fastest growing hypermarket operators in China in terms of sales in 2010 and market share increase from 2008 to 2011 respectively.
The chain has edged out foreign rivals such as Walmart by supporting the local economy and counting on consumer loyalty to Chinese brands.
“We represent what benefits Chinese customers, so all local governments are very supportive of us.
“We help them stabilise consumer prices and add jobs,” said Samuel Yin, Ruentex Group chairman.