Chinese supermarket operator Wumart has been granted financial support for its expansion plans by the World Bank’s International Finance Corporation.
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Wumart, China’s second-largest supermarket group, operates around 220 stores. Its expansion plans include ten new hypermarkets, 32 new supermarkets and 152 new convenience stores over the next two years, reported Retail Week.
The IFC is to invest US$6.5m in Wumart, which recently launched a share offering on the Growth Enterprise Market of the Hong Kong Stock Exchange.
The listing enabled the retailer to raise $70m for developments, which include plans to improve its operating, information and logistics systems, Retail Week said.
“This investment shows IFC’s long-term commitment to developing strong local retailers that can compete with international players in the Chinese market,” Javed Hamid, IFC director for east Asia and the Pacific, was quoted as saying.
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