Wanda Will Open 24 New Department Stores

Wang Jianlin, chairman of Wanda Group, announced Wanda Department Store's performance for the first half of 2014, stating that its revenue increased by 62% year-on-year to CNY11.13 billion, beating 44% of its annual target and completing 108% of its semi-annual target; meanwhile, its net profit also exceeded targets.

According to Wang, this was the first time for Wanda Department Store to achieve its semi-annual target over the past three years. It also proved that though online shopping saw rapid development, offline business still can achieve good performance with proper adjustments and methods.

Xu Peibai, deputy general manager of marketing, said that in 2014 Wanda will open 24 new department stores and they will open 25 new outlets in 2015. Xu said the cultivating period of new department store is between three and five years. Wanda Department Stores has been established for seven years and some of its stores already gained profit. However, Xu admitted that Wanda Department Store has not yet realized overall profit.

Lou Yun, deputy general manager of Wanda Department Store, said that so far, the company has established 83 stores across China, of which seven stores were opened in 2014. Over the next five years, Wanda Department Store will continue its nationwide expansion with over 15 new stores each year. By 2015, it is expected to have 110 chain department stores and a total operating area of three million square meters, aiming to become the largest department store chain group in China.