German retail giant Metro Group has said it will continue to invest in China this year.
A spokesperson for the group told just-food today (29 May) it opened 12 cash-and-carry stores in the country in 2012 and its first this year in Yancheng, in the north-eastern Jiangsu province. As a result, sales of Metro Cash & Carry China in increased by 23% in 2012 to EUR1.89bn (US$2.44bn).
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A spokesperson told just-food: “We will certainly continue to invest and grow in China. However, he declined to give any specific store opening or investment figures for the remainder of the year. “We don’t disclose investment amount for individual countries.” It has been reported Metro could open 13 stores in China this year.
Since entering China in 1996, Metro has opened 64 of its cash-and-carry outlets across 46 cities. According to chairman Olaf Koch, China is one of its most important markets.
Earlier this month, the retailer appointed a director of restructuring for its Egypt and Kazakhstan operations, countries the German retail group is reported to be looking to exit. Japan and Bulgaria are also two markets the retailer is reported to be considering exiting.
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