Chaoshifa and Tiankelong, two local chainstores, merged Tuesday to form Beijing's largest supermarket company, a week after China joins the World Trade Organization.
The Beijing Chaoshifa-Tiankelong Co., Ltd. owns 101 stores and its annual sales volume is estimated to exceed 2.6 billion yuan (313 million U.S. dollars). It is one of China's top 10 chainstores, according to Wednesday's Beijing Daily.
Beijing's retail market now witnesses increasingly fierce competition. France's Carrefour has opened four large supermarkets in the city. Last week Japanese retailer Ito Yokado opened its second store. And Wal-Mart from the United States is expected to enter the local market soon.
The total sales volume of the chainstores in Beijing reached 17.4 billion yuan (2.1 billion U.S. dollars) last year, accounting for 12 percent of the retail sector.
Yang Qirui, general manager of the new company, said they will soon open supermarkets in Moscow, Russia, and north China's Hohhot and Zhuozhou cities.
( December 19, 2001)
