Parkson Retail Group, the chain department store brand of Malaysia's Lion Group, has announced that with the increase in consumer expenditure, the company will maintain its planned rate of expansion in the Chinese market at 15%.
Alfred Cheng, the executive director of Parkson, said the company is likely to open six new department stores in 2010, in Beijing and other Chinese cities, and will continue to regard China as its major market in Asia.
Cheng said that since its first department store opened in China in 1994, Parkson has developed 45 outlets in 29 cities around the country. Currently Parkson is renovating these 45 existing stores to attract more customers.
Cheng further revealed that Parkson now has CNY3 billion cash in hand and enough financing channels for expansion. In addition, the company may grow through acquisition.