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Dairy Queen steps up expansion in smaller Chinese cities
By Ye Zhen |
June 21, 2012, Thursday
|
Online Edition
Online Edition
INTERNATIONAL Dairy Queen Inc, the ice-cream maker owned by Warren Buffett's Berkshire Hathaway Inc, plans to extend its business to more second- and third-tier cities after its stores have covered over 90 percent provincial capitals in China.
"We will slow the expansion speed in Shanghai while tap more second- and third-tier cities," Ying Wuwei, CEO of Shanghai Shida Catering Management Co, IDQ's largest Chinese partner, said yesterday at a ceremony celebrating the ice-cream maker's 20th year in China. The company currently has 80 stores in Shanghai and over 500 stores across the country.
"In fact, stores in second- and third-tier cities posted higher returns than those in major cities, with stores in Henan and Guizhou as best performers," Ying said.
The company even extended its operation to several county-level cities, or fourth-tier cities, including Jinjiang in Fujian Province and Cixi in Zhejiang Province.
Headquartered in Minneapolis in the United States, the world's leading ice cream chain entered China in 1992 by opening its first store in Beijing, but it was not until 2005 that the company started its rapid expansion.
The ice-cream maker earlier said it aims to operate 2,000 stores outside America and Canada by the end of 2016, with at least 1,000 to be located in China.
"We will slow the expansion speed in Shanghai while tap more second- and third-tier cities," Ying Wuwei, CEO of Shanghai Shida Catering Management Co, IDQ's largest Chinese partner, said yesterday at a ceremony celebrating the ice-cream maker's 20th year in China. The company currently has 80 stores in Shanghai and over 500 stores across the country.
"In fact, stores in second- and third-tier cities posted higher returns than those in major cities, with stores in Henan and Guizhou as best performers," Ying said.
The company even extended its operation to several county-level cities, or fourth-tier cities, including Jinjiang in Fujian Province and Cixi in Zhejiang Province.
Headquartered in Minneapolis in the United States, the world's leading ice cream chain entered China in 1992 by opening its first store in Beijing, but it was not until 2005 that the company started its rapid expansion.
The ice-cream maker earlier said it aims to operate 2,000 stores outside America and Canada by the end of 2016, with at least 1,000 to be located in China.
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