Related News
Suning to open first store in HK
By Pan Xiaoyi |
01:16 UTC+8 January 9, 2009
|
Print Edition
Print Edition
SUNING Appliance Co plans to open its first store in Hong Kong this year, a year ahead of schedule, as a first step toward tapping the overseas market, a senior official of the company said.
Meanwhile, Dazhong Electric Appliance Co, acquired by Gome Electrical Appliances Holdings Ltd, has announced the closure of four stores in Beijing. The biggest electric retailer in Beijing might surrender its No. 1 position to Suning, which is expected to have 70 stores open by the end of this year.
Suning plans to open over 200 more outlets on Chinese mainland this year. The new stores include 20 stores in Shanghai and Beijing, bringing Suning's market share in the two cities above that of key rival Gome for the first time.
Suning sees opportunities in the current slack market. "Land leases fell sharply due to the correction in the domestic real estate market. This will save money as we extend the sales network," Zhang Jindong, president of Suning, said recently in Shanghai.
Gome had boasted of an overwhelming edge in Beijing and Shanghai after it extended across the nation by merging with China Paradise Electronics and gaining control of Dazhong Electrical Appliances and Sanlian Commerce Co.
According to figures released by Gome and Suning, Suning's total sales for the first half of last year amounted to 24.88 billion yuan (US$3.64 billion), slightly overtaking Gome's 24.87 billon yuan.
Zhang said foreign rivals haven't posed a threat to domestic players as there is plenty of room in the marketplace.
Meanwhile, Dazhong Electric Appliance Co, acquired by Gome Electrical Appliances Holdings Ltd, has announced the closure of four stores in Beijing. The biggest electric retailer in Beijing might surrender its No. 1 position to Suning, which is expected to have 70 stores open by the end of this year.
Suning plans to open over 200 more outlets on Chinese mainland this year. The new stores include 20 stores in Shanghai and Beijing, bringing Suning's market share in the two cities above that of key rival Gome for the first time.
Suning sees opportunities in the current slack market. "Land leases fell sharply due to the correction in the domestic real estate market. This will save money as we extend the sales network," Zhang Jindong, president of Suning, said recently in Shanghai.
Gome had boasted of an overwhelming edge in Beijing and Shanghai after it extended across the nation by merging with China Paradise Electronics and gaining control of Dazhong Electrical Appliances and Sanlian Commerce Co.
According to figures released by Gome and Suning, Suning's total sales for the first half of last year amounted to 24.88 billion yuan (US$3.64 billion), slightly overtaking Gome's 24.87 billon yuan.
Zhang said foreign rivals haven't posed a threat to domestic players as there is plenty of room in the marketplace.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
