Retailing, Franchising, and Consumerism Business Intelligence in China

Red Dragonfly Launches GT Store Mode

Red Dragonfly Group has opened five GT concept stores in Hangzhou.

The group plans to focus on this GT store mode in the next three years and to increase the number of stores to 500.

In the past, different kinds of products were sold in single-product stores. With the help of GT store, Red Dragonfly will sell all different kinds of products in one store. At present, Red Dragonfly Group manufactures shoes as well as leather products, apparel and accessories.

In addition, it is a good way to solve the pressure caused by store rents rising. Qian Jinbo, chairman of Red Dragonfly Group, says that GT store can improve the utilization of store space, which may save about 15% of the store rent. He also says that GT stores are very popular and common in Europe and the United States, but it is the first time this concept has been introduced into the footwear enterprise.

Red Dragonfly Group will promote this kind of store to the whole country, opening more than 30 of these stores by the end of April 2008. According to the development plan of the group, those stores will firstly open in capital cities and southern coastal cities. After 2009, they will appear in inland cities and western cities. In the next three years, 500 GT stores will be opened around the country and the business volume of the group is expected to reach CNY5 billion.

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