Jinan-based Silver Plaza Group has announced plans to accelerate its expansion in northwestern areas of Shandong and will invest CNY500 million to open three new shopping malls in Dezhou.
Of the three new outlets, two are reported to be complete and one is still under construction and is expected to be opened around May 1, 2010.
A representative from Silver Plaza Group told local media that the company's current position in Dezhou is only an interim one and it may add more stores in the counties of Dezhou in the near future. Apart from department stores and supermarkets, Silver Plaza Group will also invest in other industries, including home supplies, tourism, entertainment, and house renting in Dezhou.
When the three new shopping malls are all operational, they are expected to make annual revenues of CNY800 million and realize taxable profits of CNY50 million.