Wumart Archives - Inside Retail Asia
Chinese retail group Wumart has won a lengthy bidding process for the Metro China business.
China is set to overtake the US to become the world’s largest grocery market by 2023 in value terms, according to new forecasts.
The Metro China sale has progressed to the shortlisting of four companies invited to submit final bids.
The Chinese grocery market by grow by 32.6 per cent by 2022, preserving its status as the largest grocery market in Asia.
Wumei Holdings and associated investors have increased their stake in the West Chinese retailer to 40 per cent.
Lotte China says it has sold one of its four Chinese subsidiaries to local retailer Wumei Holdings for US$230 million.
This week’s Alibaba-Sun Art deal is a major step in the development of a new retail landscape in China.
Wumart Stores, the Beijing-based, Hong Kong-listed grocery retailing giant, has today reported an 11.9 per cent increase in sales in the first six months of the year.
China’s largest food retailers – supermarkets and hypermarkets – have suffered “a torrid 18 months” and will need to transform their offer to recover from declining growth.
UK-based home improvement retailer Kingfisher is to sell a 70 per cent controlling stake in its B&Q China business. The company has entered into a binding agreement with Wumei Holdings for a total cash consideration of £140 million. Kingfish says the deal follows an earlier announcement it would seek a strategic partner to help develop its B&Q business in China. The transaction is conditional on Chinese Ministry of Commerce approval and, assuming approval, is expected to close dur…
Tougher competition and rising costs have dented the profit of Chinese retailer Wumart. The supermarket operator said 2013 net profit dropped 23.7 per cent to 459 million yuan, its first fall since 2008. The company attributed the decline on the extended initial incubation period for new stores, losses on one-off disposal of assets resulting from store closures, the pace of rising staff costs exceeding sales growth and rising rental expenses. The Beijing-based company shuttered 52 store…
CP Group has scrapped plans to sell its 36 CP Lotus supermarket stores in China to Wumart. In October, the Thai company reached a deal with Wumart to sell its stores in Beijing, Shanghai and most provinces in China, excluding South China’s Guangdong Province and Central China’s Hunan Province, for HK$2.3 billion (US$302 million). The two also discussed a share swap in which Wumart would buy 10 per cent of CP Lotus for HK$548 million (US$70.7 million) and CP Lotus would buy 14 per cent …