New World Department Store China has acquired a real estate project for CNY287.540 million in Shenyang, Liaoning Province and plans to develop the project into its fourth directly-owned department store in the city.
Covering a total area of about 32,500 square meters, the new department store is located in the prosperous Zhongjie Business Center, Dadong District, Shenyang and it is expected to start operation in 2010. As one of the biggest trading centers in Shenyang, Zhongjie Business Center offers local residents comprehensive services including shopping, leisure, entertainment, dining, and cultural activities.
Zheng Zhigang, executive director of New World Department Store, said that Shenyang is one of the major cities in Northeast China and it is also one of New World Department Store's strongholds in China's retail market.
Since the entry of New World Department Store into the Shenyang market in 1995, the group has opened three self-owned department stores in the city. As it becomes more and more difficult for department stores to gain new sites in city centers, New World Department Store's strategy, which is to implement acquisitions in major second-tier Chinese cities, is a rapid development model. The strategy will help the group to store enough land for future development.