ParknShop, the leading supermarket chain in Hong Kong that withdraw from Shanghai market six years ago, will return to Shanghai with the opening of its first superstore this week.
Sun Jingwu, director of ParknShop eastern China region, says that they plan to open 8 to 10 supermarkets in Shanghai within the next three years.
Located at Guohe Road and World Road, the first ParknShop superstore in Shanghai will be opened on December 27, 2006. Sun Jingwu says that this store involves an investment of HK$80 million.
ParknShop used to be the first foreign-invested chain supermarket in Shanghai when it entered in 1994 and it previously had opened 21 stores in Shanghai. However, at the beginning of 2001, because the registered capital of foreign companies wasn't permitted to be increased in Shanghai, ParknShop quit Shanghai.
ParknShop however has been expanding rapidly in southern China and has 39 chain stores in the Peatrl River Delta area.
Founded in 1973, ParknShop is a member of the A.S. Watson Group (ASW), a wholly owned subsidiary of Hutchison Whampoa Limited. It now has more than 200 stores in Hong Kong.