Seven foreign retail chains will expand into Beijing next year, after operating for several years in Shanghai, the official China Daily said yesterday.
The retailers are the British-based B&Q, Germany's OBI, Leroy Merlin and Auchan of France, US-based Seven Eleven and Wal-Mart and Spain's Discount, the daily said, citing officials from the Beijing Commerce and Trade Committee.
Some joint venture retailers including Ikea, Carrefour and Ito Yokada will expand their operations in the Chinese capital, the daily said, quoting a city trade committee official Yang Xinjing.
Rapid economic growth, the approach of the Beijing 2008 Olympic Games and China's accession to the WTO were the reasons for the surge in interest, the daily said.
There were 17 retail joint ventures in the capital in October, the China Daily said, adding that the total retail sales of 15 of them reached 7.72 billion yuan (US$930 million) last year, making up 4.8 percent of Beijing's total.
Meanwhile, the daily also said China will promote more chain outlets in the backward central and western regions over the next three years.
The State Economic and Trade Commission's plan envisages 100,000 chain stores by end 2005, with total sales of 700 million yuan, up from 21,000 stores with 155 billion yuan in 2000.
"China will open the chain store field wider to foreign investors, especially in the central and western regions," the daily said.
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