Intime Department Store has announced plans to invest CNY80 million to open its first store in Shanghai.
Unlike its existing high-end model, the new Intime store will be a discount theme store. Shanghai South Railway Station Business Management, a wholly owned subsidiary of Intime, said that because of the financial crisis, consumers are attempting to cut their spending. Under such conditions, the launch of discount theme store is the right choice.
Located near Shanghai South Railway Station, the new Intime department store is expected to go into operation at the end of November or the beginning of December 2008. With a sales area of 65,000 square meters and 40,000 square meters of parking space, the new outlet of Intime includes apparel and dining departments and the most distinguishing feature of this store is a large-area men's wear and sports wear stores.
A spokesperson for Shanghai South Railway Station Business Management added that this discount model will only be adopted in the Shanghai Intime store and it will not affect stores in other areas of China.
According to Intime's interim financial report, by June 30, 2008, the company had made revenues of CNY552 million, a year-on-year increase of 36%.