Chinese supermarkets operator Yonghui Superstores has signed a framework agreement with the People's Government of Yuhong, Shenyang, to build a new logistics center in this provincial capital of Liaoning province.
With a total investment of about CNY2.3 billion, the new project will cover an area of 770 mu, and is expected to be completed within five years.
Prior to this, the retailer published reports on June 30 and September 16, 2011, stating that it will invest a total of CNY30 million to set up three new projects in Liaoning, Jilin, and Heilongjiang, which are the three provinces in northeast China. The new move again represents the company's determination to expand its market in northeast China.
The company said that compared with the nationwide retail market in China, the competition in the supermarket business in northeast China is less severe. There are large spaces and potential for the development of hypermarkets in northeast China, and the company aims to gain more market share by creating fresh goods-oriented supermarkets.