Hong Kong-based Dairy Farm International has revealed plans to double its stores with the establishment of a further 50 7-Eleven convenience outlets over the next six months.
The new stores will form part of a US$20m plan to roll out 300 new outlets over the next four years. This will be carried out through a joint venture company called Guangdong Saiyi Convenience Store established by wholly owned subsidiary Dairy Farm Management Services (DFMS) and Chinese company Sinogiant. The partners will control 65% and 35% of the venture respectively.
David Tso Kun, CEO of 7-Eleven Hong Kong and Southern China, which is a unit of DFMS, revealed that the venture was the first company to win a licence to open convenience store outlets since 1998.