China Resources Enterprises is to continue its aggressive mainland expansion, with plans to open 300 to 400 stores annually.

The company, which runs Vanguard supermarkets and breweries, recorded a turnover increase of 19.1 per cent in its retail division. Excluding the after-tax revaluation surplus and the disposal of the non-core assets, the division‟s attributable profit in 2012 decreased by 35 per cent compared to 2011.

Looking ahead, the supermarket division will further expand its market share by replicating its successful multi-format business model into third-to-fourth tier cities, as well as smaller markets, while continuing to open more stores in core cities.

“Our target is to open 300 to 400 stores every year. That plan will not be changed easily, regardless of the operating environment,” said CFO Frank Lai Ni-hium.

“We aim to gradually expand our market share and we won’t stop looking for good merger and acquisition opportunities.”

China Resources Enterprises, with more than 4400 stores, currently holds 22 per cent market share in China.