German wholesaler Metro will speed its expansion plans in China with 13 new stores to be added this year.

According to Metro China president Uwe Hoelzer, the company achieved a “record high” profit in 2012 in China, hence its confidence in the market.

“Last year, we opened 12 new stores, and for this year, we aim to open at least 13 stores in China,” Hoelzer said.

China offers a strong potential market for Metro due to its economic growth of seven to eight per cent and a population of 1.3 billion.

Metro is not alone in its expansion plans for the nation. Rival Walmart says it will renovate 50 stores and open 30 new ones this year. Tang Jianian, head of Carrefour’s operations in Greater China, said that Carrefour will keep expanding in China.

“Carrefour and Walmart, which focus totally on retail in China, need to choose good store locations. Considering the increasing rent, the business pressure is obvious,” said Yan Qiang of Adfaith Management Consulting.

“Metro’s business model is mainly to target corporate clients with very competitive prices. The market has big potential in China,” added Qiang.