Suning to invest €5 billion in retail strategy
Chinese retail giant Suning is to create more than 10,000 new stores and 8,000 jobs next year while investing around €5 billion in new technologies and logistics infrastructure.
This will include investing in its smart retail infrastructure as the company looks to deliver an enhanced customer experience for a new generation of more affluent Chinese consumers.
With annual annual revenues of RMB 602.5 billion, Suning will celebrate its 30th anniversary next year.
Suning is currently looking to meet demand from a rising sophisticated middle class in China.
Zhang Jindong, chairman of Suning Holdings Group, said: “Chinese enterprises rely on a 40 trillion-scale consumer market. China’s market volume is the enviable and desired by any overseas company. As long as the company wants to do the business, there is room. Whoever can more effectively meet and match consumer demand at all levels will succeed in the future.”
Earlier this year, Suning acquired 37 Wanda department stores and an 80% equity stake in Carrefour’s Chinese operations for €620 million as part of plans to increase its physical store portfolio.
