Guangzhou Grandbuy Company, which has opened its first outlet in Huizhou, is the first Guangzhou-based department store to enter the Huizhou market.
With an investment of CNY150 million, this four-story department store will cover an area of 17,000 square meters.
This is the first step for Grandbuy's expansion in 2009 and the company has already decided to open another two outlets in Jieyang and Chengdu before the end of this year.
Grandbuy told local media that the spending power suppressed during the financial crisis will explode soon. Grandbuy plans to grab this opportunity to realize its nationwide distribution goal. The opening of the Huizhou store will meet the local demand for medium and high-end brands and provide an ideal shopping place for local high-end consumers.
By the end of 2008, Grandbuy had developed ten department stores. Apart from the two in Zhaoqing and Zhanjiang, the remaining stores are all in Guangzhou. Following the its headquarters strategy, the company will take Guangzhou as its base and will further expand into the Pearl River Delta and South China areas with the aim of becoming a leading distribution enterprise in these areas.