The Beijing-based supermarket, hypermarket, and convenience store retailer Jingkelong, has announced plans to open 40 new retail outlets in Beijing in 2009, in spite of the global economic downturn.
Li Chunyan, an executive director of Jingkelong, said that the 40 retail outlets would include two hypermarkets, eight comprehensive supermarkets, eight convenience stores, and over 20 franchise stores. The company would invest about CNY200 million to complete the deployment of these stores.
According to the latest statistics from Jingkelong, at the end of December 2008, the company had opened 243 retail outlets, including 159 convenience stores; and its main competitors were other Chinese domestic retailers such as Wumart and Lianhua Supermarket.
Li said Jingkelong's sales growth in the fourth quarter of 2008 had slowed down, and attributed this to the fall of China's CPI. She did not provide the detailed figures for the decline.
In is previous report Jingkelong stated that the company's total sales in the first nine months of 2008 had increased by 27.8% year-on-year.