Shandong-based People’s Food Holdings Ltd has reported plans to double the number of retail outlets in China to 200 during 2002.
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This comes after hitting their 2001 expansion targets of 100 shops, of which 36 were wholly owned and the remaining 64 franchise operations. The company did not elaborate on how it intends to expand its retail network this year or the investment needed.
It revealed: “With the acquisition of the fifth production facility expected to be completed very soon, the company projects that it will have the additional capacity to support the establishment of another 100 retail shops in 2002.”
People’s Food is one of China’s largest meat products manufacturers. The group operates four production bases in Shandong, Sichuan, Hunan and Inner Mongolia and markets throughout most of China its Jinluo brand products comprising processed meat, low temperature meat, frozen and fresh pork, pig-by products and frozen chicken
The company’s successful IPO launch on the Singapore Stock Exchange in 2001 gave it over US$20m in new funds. At the time, the company stated it would use part of the proceeds to buy land, buildings and additional machinery necessary to expand their processing facilities. The majority, however, was allocated to develop a focused national retail concept.
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