Zhou Minghai, president of Zhejiang Intime Department Store Group Company, says that the group plans to open more than ten department stores in Zhejiang province in the coming five years.
Zhou says that each of the department stores will involve an investment of US$30 to US$50 million and will be expected to be profitable within two years of opening.
Zhou says that there is still great potential for the retailing industry in China. Intime now takes up 18% of the Chinese market, and is seeking more opportunities to purchase properties to open new department stores outside Zhejiang province. The group now holds 29.88% and 22.62% of the stake of Baida Group Company and Wuhan Dept Store Group Company. respectively. Zhou Minghai says that Intime will continue to communicate with the main shareholders of Baida and Wuhan Dept Store and enhance its influence within these two companies.
In addition, the Wangfujing Department Store, which is jointly operated by Intime and Korea's Lotte, is slated to open with renovations at the beginning of 2008.