At the behest of the State-owned Assets Supervision and Administration Commission of Shanghai, the Shanghai Bailian Group has announced plans to acquire two retailers, Shanghai Join Buy and Shanghai New World, to integrate into its retail businesses in the city.
Established in Shanghai in 1990, Shanghai Bailian Group operates department stores and supermarkets across China, leading the retail market with more than 6,000 outlets. At present, Bailian Group's department stores have market share of about 28% market in Shanghai.
Shanghai New World — which is primarily engaged in the department store, medicine, and hotel service businesses — currently has about a 3% to 4% share of Shanghai's department store market. A subsidiary of Join Buy Group, Shanghai Join Buy is engaged in the manufacture and sale of industrial electric appliances and textile products.
After the acquisition, the two retailers' shopping mall assets will be transferred to Shanghai Bailian Group's listed unit.