China Resources Vanguard, the supermarket subsidiary of China Resources (Holdings) Company, has confirmed that it has taken over Century Mart's Pangjiang store in Shenyang and Vanguard will re-develop it into a large retail supermarket.
According to Vanguard, the company has signed an agreement with Century Mart, taking over the latter's two outlets in Shenyang and Benxi. Both stores are in Liaoning, a northeastern province in China.
Since the beginning of 2009, Vanguard has accelerated its expansion in Shenyang. As well as its existing store in Tiexi district, the company has opened a new store on Lianhe road, Dadong district and another new store in Sanjing street is in preparation.
Vanguard sees Shenyang and the entire northeastern market as having great potential and will be one of Vanguard's main investment focuses. The company is reported to be paying great attention to these marketplaces and it plans maintain the current rate of expansion.