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.
Go deeper with GlobalData
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.
