Suning diversifies
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E-mail Shanghai Daily, May 9, 2012
Suning Appliance Co plans to open at least eight Laox Life stores in Shanghai by the end of this year as it seeks to diversify its income stream by entering the department store market.
Suning, China's largest consumer electronics retailer, had previously said it plans to open 150 department stores in 25 major cities on the mainland.
The first Laox Life store in Shanghai will open in Hongkou District later this month.
"We expect Laox Life stores to generate 20 to 30 percent more unit income compared with existing Suning stores," said Tian Rui, general manager of Laox China.
The Laox Life stores will be different from the existing Suning outlets by offering more imported and high-end products. Over 50 percent of the merchandise will be imported goods, including furniture, toys and consumer electronics.
