Japanese retail group Aeon will launch three new shopping centers in Wuhan, Hubei province, over the next few years.
According to the letter of intent signed between Aeon and the Wuhan government, the three new projects will be located in Dongxihu Development Zone; Wuhan Economic and Technological Development Zone; and Jiang'an district, respectively.
The project in Dongxihu covers an area of 87,700 square meters, and it will start construction in July 2013 and open in May 2014. The one in Wuhan Economic and Technological Development Zone covers an area of 130 mu, and it is preparing for land auction in May 2012 and is expected to be completed in 2015. The one in Jiang'an district covers an area of about 42,000 square meters, and it will start construction in October 2013 and open in October 2014. All the three shopping centers will adopt Japanese business model in the future and offer Japanese brands and foods.
Motoya Okada, chairman and global president of Aeon, said that Aeon is actively developing the Chinese market and it plans to open more shopping centers in the country in the next three years. Wuhan is a major city in central China and its market influence can reach neighboring provinces and even the entire country; therefore, the company plans to invest in several large shopping centers in the city.
In Japan, Aeon reportedly participated in the investment and construction of 95% shopping centers and it cooperates with hundreds of Japanese branded enterprises.