E-Mart, a retail brand of the Korean Shinsegae Group, has signed a contract with Taizhou Baojiang Estate Co, Ltd. to open a new store on Pozi Street, Taizhou, Jiangsu Province.
Yao Jianhua, mayor of Taizhou and Liu Li, vice mayor of Taizhou attended the signing ceremony.
Before the signing of the contract, Yao and Liu met Zheng Minhu, vice president of E-Mart, and introduced the commercial culture of Taizhou to Zheng. Yao said that Pozi Street had been the business center of Taizhou City for a long time. On the entry of E-Mart into the street, the commercial brand and model of Pozi Street will be further improved, which will promote the street's development from a traditional business center to a modern commercial area. The city government will offer convenience to E-Mart to accelerate the opening of its new store.
Located at B1 of the Pozi Street, the new E-Mart store will have a construction area of 12,000 square meters and a total business area of 7,000 square meters. With a total investment of USD10 million, the store is expected to start operation in December 2008.
Shinsegae Group, the owner E-Mart, is one of the largest commercial distribution groups in South Korea. It owns 121 stores in South Korea and the Pozi Street Store is the group's first E-Mart store in the central Jiangsu area. A representative of Shinsegae Group said that the potential of the China market is infinite and the group plans to open more than 25 comprehensive supermarkets by 2009.