China Resources Enterprises (CRE) has signalled its intention to continue its aggressive expansion in mainland China with plans to open between 300 and 400 outlets annually.
CRE recorded a turnover increase of just over 19 per cent for its retail sector, amounting to a 35 per cent reduction in attributable profit from 2011 to 2012.
The supermarket division plans to expand its market share further by reproducing its successful multidimensional business model to open stores in both core cities and smaller markets, including third-to-fourth tier cities.
CRE, which runs Vanguard supermarkets and breweries, expressed a steadfast commitment to its expansion plan.
'Our target is to open 300 to 400 stores every year. That plan will not be changed easily, regardless of the operating environment,' said Frank Lai Ni-hium, the company’s chief financial officer.
'We aim to gradually expand our market share and we won't stop looking for good merger and acquisition opportunities.'
CRE currently holds a 22 per cent market share in China with more than 4400 outlets.
