The nation's second-largest convenience store operator, Taiwan FamilyMart Co (
"The company plans to expand operations to 300 outlets in the greater Shanghai area by 2006 and accelerate to achieve the goal of 1,000 stores in Jiangsu Province with Shanghai as the center by 2010," said Yeh Jung-ting (
"The first outlet across the Taiwan Strait will be inaugurated, hopefully, in June if everything goes smoothly," Yeh said.
In order to catch a bigger slice of China's booming retail market, Taiwan FamilyMart is teaming up with Ting Hsin International Group (頂新集團), its Japanese parent FamilyMart Co, Itochu Group and a government-affiliated Chinese financial institution for a joint venture to manage its China operations.
The joint venture has a paid-in capital of 70 million yuan (US$8.47 million), Taiwan FamilyMart said in a statement.
With some 1,300 outlets here, the 15-year-old Taiwan FamilyMart is expected to transfer its successful operation experience to Shanghai to tap rising consumer spending there, company chairman Pan Jin-tin (
China will have to open up its retail market next year, as stipulated in WTO regulations, after its accession into the global trade body in November 2001.
Apart from Taiwan FamilyMart, the booming Chinese market has also lured its bigger rival, President Chain Store Corp (
President Chain, Taiwan's largest convenience store operator with more than 3,500 7-Eleven stores across the country, said earlier that it hoped to join 7-Eleven Japan Co and two Chinese partners to tap into the China market this year.
But the Tokyo-based 7-Eleven Japan announced in January that it had established a US$35-million venture, 7-Eleven (Beijing) Co, and was planning to open several stores in Beijing and expand operations in the surrounding area.
"We have the ambition and determination to enter the Chinese market," Wang said.
As Shanghai is already crowded with many convenience stores, President Chain Store was more interested in the potential market offered by Beijing, she added.
President Chain will negotiate with US-based 7-Eleven Inc for authorization to set up shop in China, with several high-level executives of the US company slated to visit President Chain Store president Hsu Chung-jen (
"We'll highlight our outstanding performance in Taiwan to win their recognition and authorization to exploit the Beijing market," Wang said.
Kao Chin-yen (高清愿), chief executive officer of Uni-President Enterprise Group (統一集團), the parent company of President Chain, used a rare, hardline tone at a different event last week, saying that as the market in China was 60 times of that of Taiwan, the group would move westward next year even if it had to give up its 7-Eleven operations.
Wang, however, retreated from that position somewhat yesterday, saying, "We will never give up the 7-Eleven brand."
On the TAIEX, President Chain rose NT$0.5 to close at NT$61.5, while Taiwan FamilyMart dropped NT$1.0 to NT$53.0.
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