The world's largest convenience store retailer Seven-Eleven has purchased all the 110 Quik convenience stores in Guangzhou.
Guangzhou 7-eleven Convenience Store Company, the subsidiary of The Dairy Farm Group in Hong Kong, has signed an agreement with Guangzhou Lianhua Quick Chain Retailing Company for the acquisition of Quik stores in Guangzhou. After the acquisition, all the former Quik stores in Guangzhou will be re-branded as Seven-Eleven.
Guangzhou 7-Eleven estimates that all the procedures for the acquisition will be finished by the middle of March.
Quik convenience stores target consumers needing fast, convenient and 24-hour shopping services. It now has 110 stores in Guangzhou, more than 90 of which are directly run by Quik and the remaining are franchised stores. Though the size is much smaller than the other formats of retail outlets, Quik convenience store has been suffering a profit loss since its opening in Guangzhou.
Seven-Eleven was one of the first foreign convenience store chains entering the southern part of China. It now operates more than 290 stores in Guangdong province, and 181 of them lie in Guangzhou itself. After the acquisition of Quik stores, Seven-Eleven will have 400 outlets in the province.