Sports goods retailer Intersport, in partnership with local company New Huadu Group, is to open its first store in China by the end of the month.
China’s sports goods industry is facing headwinds including intense competition and excessive inventory, however, the company remains true to its plan to open 100 stores in five years.
The first store will be in Fuzhou in Fujian Province.
“We are taking a cautious approach to expanding in China, considering the adverse market conditions,” said Intersport Fujian deputy marketing director Ji Tao.
“But we will by no means shrink our expansion plan since we are eyeing mid to long-term growth in China.”
Intersport will face competition from local companies Li Ning, Anta and Peak and French company Decathlon, which plans to take its store network to 150 by 2015 from 57 now.
Intersport aims to open 500 shops in Asia by 2022 with potential annual retail sales of US$1 billion.