Chinese electronics and home appliances retailer Suning has announced plans to open its first Laox store on the Chinese mainland in Nanjing, Jiangsu, in December 2011.
Located in the central commercial area of Nanjing, Suning's new Laox store will have five floors and a total area of about 20,000 square meters. Unlike traditional home appliances stores, the new Laox store will not only provide home appliances and communications products, but also offer goods like musical instruments, clocks, watches, daily commodities, jewelry, and household supplies.
On June 24, 2009, Suning acquired a 27.36% stake in the Japanese home appliances retail chain Laox for CNY57.3 million and became its major shareholder. According to the development plan of Suning, the company will open 150 Laox stores in China in the next five years. At present, the company is preparing for the site selection of Laox stores in Beijing, Shanghai, and Tianjin.
On June 19, 2011, Suning published its new ten-year development plan, which said the company will open 200 new stores every year during the following decade. Under this plan, the number of its stores is expected to increase from the current 1,500 to 3,500. Meanwhile, the company's Internet retail sector is expected to realize sales of CNY300 billion by 2020.