German Metro to open more chain stores in China

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Last updated at: (Beijing Time) Friday, November 07, 2003

German Metro to open more chain stores in China

German Metro, a multinational chain-store group, plans to open 40 more supermarkets in China in the coming three to five years.

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German Metro, a multinational chain-store group, plans to open 40 more supermarkets in China in the coming three to five years.

Hans-Joachim Korber, Metro chairman and CEO, said Metro registered sales totaling 600 million euros in China last year, accounting for 1.2 percent of Metro global total sales.

Korber said Metro expected to raise the ratio to 10 percent in the next three to five years.

He said as a result of fast economic growth, the purchasing power of the Chinese people has become stronger, with the purchasing power of the 250 million people in China's coastal areas approaching that the of the total population in Europe.

Metro is the first foreign chain-store group to open chain supermarkets in China and it opened the first chain store in Chinain 1996.

Metro has so far opened 18 supermarkets in China, with a total investment of over 300 million euros. It opened regional headquarters in Shanghai, Guangzhou, Wuhan and Beijing last year and plans to set up Metro-China training institute in Shanghai next year.

The fifth largest commercial company in the world, Metro has opened 2,300 supermarkets around the world.

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