Metro Cash and Carry has announced plans to open 13 new Chinese stores, on the back of a steady rise in sales in the market last year.
The German retailer increased its Chinese sales revenue to €1.89bn (US$2.46bn) in the 12 months to 31 December 2012, a 23 per cent year-on-year rise, giving the company confidence it can continue to grow its market share.
“Last year, we opened 12 new stores, and for this year, we aim to open at least 13 stores in China,” Metro China's president Uwe Hoelzer said.
While not disclosing the exact figure, Hoelzer told the Global Times in Shanghai that the company’s profits reached a “record high” in 2012.
In the 16 years since Metro entered the Chinese market, it has opened an average of 3.5 stores per year.
China has set its economic growth target at 7.5 per cent this year, with financial experts seeing huge potential for Metro to continue growing its brand.
“Metro's business model is mainly to target corporate clients with very competitive prices,” Yan Qiang of Adfaith Management Consulting, told the Global Times.
“The market has big potential in China.”
