While some Taiwanese retailers are keen to get a slice of the ever growing market in Chinese cities, Dennis Group (丹尼斯集團) has set its sights on Henan Province.
After 13 years Dennis Group is now the largest retailer in Henan. The firm has never lost its focus and has no immediate plans for aggressive expansion.
“I have been approached about stake selling, acquisitions or an -initial public offering, but I said no to all of them,” chairman Wang Ren-sheng (王任生) said at a cross-strait retail forum organized by the Taiwan External Trade Development Council (TAITRA, 外貿協會) in Taipei on Dec. 23.
The group — which operates more than 100 retail outlets from hypermarkets and shopping centers to convenience stores — is funded exclusively by Wang without the involvement of any third-party capital, he said.
The 64-year-old Wang was born in Henan Province and came to Taitung when he was only 14 years old.
After his first venture selling Christmas lights proved a success, Wang returned to Henan to launch his retail company.
The first Dennis shopping center opened its doors in November 1997, the year of the Asian financial crisis.
Henan wasn’t a business hub at that time and people had to travel to Shanghai, Beijing or overseas to find quality shopping-mall products. Wang’s idea was to remove the need to travel by providing quality goods at a local level.
The shopping centers cater to those at the top of the salary pyramid, while hypermarkets and convenience stores offer groceries.
“Have faith in yourself and do not worry. You have got to have a lot of courage to launch your own business,” Wang said of his business philosophy.
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