CHINA: Wumart bullish amid foreign onslaught
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.
"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.
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