Golden Eagle Retail Group and the Shaanxi government have signed a cooperation project with a worth of CNY5 billion at the just-concluded Shaanxi & Jiangsu economic cooperation project signing ceremony.
In the next five years, Golden Eagle plans to open six to ten chain flagship department stores in Shaanxi.
Xi'an is one of the first cities that Golden Eagle Retail Group has chosen to enter, besides outlets in the Yangtze River Delta. Golden Eagle entered Xi'an in 2005 and as of today has opened two department stores with an annual turnover of over CNY1 billion. Among them, the Golden Eagle store in the high-tech district has become the leading store in the local market with a growth rate ranking first for straight four years among all the Xi'an department stores.
Despite of good turnovers of the two Golden Eagle stores, it still has not entered the mainstream trade areas in Xi'an due to the fierce competition. Golden Eagle's CNY5 billion investment in Shaanxi indicates its great concern about the Shaanxi market. At present, Golden Eagle has decided the locations of its four new projects and accomplished cooperation agreements with the local government on the signing ceremony.