Tianjin based Home World Hypermarket has signed an agreement with Shanxi Meet All United Supermarket Company for transferring 9 of Home World stores to Meet All.
According to the agreement, Home World will transfer nine of its stores in Shanxi Province, Inner Mongolia, Shandong and Baoding to Meet All Group in order to focus on developing in Tianjin, Xi'an, Beijing, and Zhengzhou.
So far, Meet All Group and Home World have both published a letter to the suppliers of Home World on their websites, saying that after the transfer, suppliers of the concerned stores need to sign a new contract with Meet All Group and get the payments two months later.
Chu Dequn, founder and president of Meet All Group, has expressed his wish of establishing a long-term and effective relationship with the suppliers and the employees of Home World. Du Sha, chairman of Home World, has also shown his expectation for this cooperation and says that this will enable Home World to expand its business in the main markets and help Meet All Group win the opportunity to expand out of Shanxi Province.
Founded in 1994, Home World is the largest home-grown hypermarket retailer in northern China, based in Tianjin. It has 65 hypermarkets in 18 cities of northern China.
Meet All Group was founded in 1998 in Shanxi Province. It has been expanding inside Shanxi Province for years, but with the merger with Home World, it now begins to expansion into northern China.