Japanese supermarket chain Uny is planning to expand into China through a venture with the parent of China’s largest instant noodle maker.
Uny, which runs the bulk of its stores in central Japan, has one outlet in Hong Kong but has decided to embark onto the Chinese mainland.
The retailer said today (13 October) that the venture is planning for the first store to open in Shanghai in 2012.
Uny plans to take a 70% stake in the venture, which will have a capitalisation of US$33.1m. The remaining 30% is to be held by Ting Hsin (Cayman Islands) Holding Corp., the parent of noodle maker Tingyi.
The Japanese firm said a shrinking domestic market and a maturing consumer market in China had led the business to decide to expand in the fast-growing economy.