Carrefour in discount stores venture
1 May 2003
French-owned supermarket chain Carrefour has formed a joint venture with a unit of Shanghai Lianhua Supermarket Co, China's biggest grocery chain, to run discount stores in Shanghai, according to a report in Shanghai Daily said. Shanghai Dia Lianhua Retailing would be 45 per cent owned by Lianhua and 55 per cent owned by Promodes, a subsidiary of Carrefour. It would open 300 stores in residential areas of Shanghai, selling at prices up to 15 per cent lower than hypermarkets in order so as to attract lower-income customers.
Carrefour recorded sales of US$1.2bn in China last year and plans to open 14 new stores there this year.
Bookmark and Share:
