Wumart, Beijing’s biggest supermarket chain, will invest US$500m in new stores and acquisitions to strengthen its position in the highly competitive Chinese retail market, the South China Morning Post has reported.

As previously reported on just-food, the firm announced yesterday (21 February) that net profit rose 52.4%  in 2005 to CNY164.53m (US$20.44) due to improved margins and expansion.

“We are eyeing two or three acquisition targets but there are no concrete details at the moment,” the Hong Kong-based newspaper cited company finance director Xu Ying as saying.