Chinese retailer Wumart Stores has shrugged off the prospects of a slowing domestic economy and greater competition from foreign rivals and insisted it can offer value to consumers.

In an exclusive interview with just-food, Wumart chairman Wu Jianzhong was sanguine about the slowdown in the Chinese economy and moves by Carrefour and Wal-Mart to lower prices.

"So far, there has been no evidence of weaker consumer spending," Wu, the founder of the Beijing-based retailer, told just-food.

Wu founded Wumart in 1994 and the company has grown to become the leading food retailer in Beijing, a city of around 17m people.

The company makes around 80% of its sales in Beijing and Wu argued that the retailer's relationship with local suppliers in and around the Chinese capital meant it could compete on price.

"Better prices are not a problem. We can go lower than Carrefour," Wu insisted.

For more on just-food's exclusive interview with the Wumart chairman, click here.