PriceSmart China, which operates under a license from US retailer PriceSmart Inc, has said that it plans to open 14 stores next year.
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The company said that its mainland stores that have been open longer than one year are profitable, despite intense competition, reported Reuters
PriceSmart China was granted a licence by San Diego-based PriceSmart in 1996 to open stores under its brand and now operates 13 PriceSmart outlets in China, as well as 27 N-Mart stores.
The company plans to open ten N-Mart stores next year and four PriceSmart stores.
“The membership PriceSmart stores will focus on middle to high-end tier-one cities,” Fu Lu Yong, executive vice president of PriceSmart China, told Reuters.
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By GlobalData“For N-Mart, we’re targeting second-tier cities, which will be difficult for Wal-Mart to enter,” Fu said.
Foreign retail giants such as Carrefour, Metro and Wal-Mart are increasing their presence in China, leading to tough competition in the retail sector.
