Chinese supermarket plans expansion
Chinese supermarket chain Yonghui will open 60 new stores this year.
Its expansion plan will continue over the next three to five years as it is targeting to open 40-50 stores during the period.
Last year, Yonghui opened 46 stores, mostly in mature markets like Guangzhou, Shanghai, Beijing, Chongqing and Fujian. As at January 1, the retailer has opened 293 stores across China.
Yonghui is not alone in its expansion efforts in the nation. Its foreign rival Walmart will accelerate development in China by opening up to 110 new stores over the next three years. It will also expand its Sam’s Club chain there.
Meanwhile, British retailer Tesco and Chinese China Resources Enterprises have combined their forces by forming a joint venture that combines its 134 and 2986 stores.