Times the Hong Kong-based hypermarkets and supermarkets operator, has announced plans to open six new stores in China in the second half of 2008, completing its goal of opening totally ten new stores for 2008.
At the same time, the first and second stages of the group's 26,000 square meters logistics center project have been put into operation and it is expected to start distribution for its stores in the second half of 2009.
Kenneth Fang, chairman of Times said at a press conference that apart from natural growth, the group is seeking acquisition opportunities. He said that the group will focus on companies that are suitable for developing large supermarkets and it will still concentrate on the markets of such provinces as Shandong, Jiangsu, Anhui, and Zhejiang in the short term.
Fang said that by the end of June 2008, the group had operated a network of 62 retail outlets, including 45 hypermarkets and 17 supermarkets, with a total retail gross floor area of about 725,000 square meters. In the first half of 2008, the group opened four new hypermarkets in addition to seeking for new sites for its 17 new outlets, of which six will be opened in the second half of 2008.