According to Zheng Wanhe, the chairman of Wangfujing Department Store, the company will take the downturn in the market as a period of expansion for Wangfujing and open four or five new outlets around China in 2009 to lay the foundation for its future development.
Zheng said the company would not slow its development speed. On the contrary, it plans to accelerate its development by opening four or five new stores in cities such as Taiyuan.
To date, Wangfujing has 17 outlets around China and, until now, the company had opened no more than four outlets each year.
Although the new outlets will not bring immediate profits to the company, they are expected to lay the foundation for Wangfujing's development when the market recovers. In face of the current financial crisis, Wangfujing chooses to take the opportunity cautiously and enlarge its advantage in the industry, instead of reacting passively.
Zheng added that, in the current economic climate Wangfujing would focus on non-price oriented marketing methods to enhance its high-quality marketing service and to improve its services to customers.