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| German Retail Giant to Expand Business in China |
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Metro AG, the German retail giant, will rapidly expand its business in China by opening six to 10 new outlets annually over the next five years. Jean-Luc Tuzes, president of Metro Jinjiang Cash & Carry Co Ltd, made the announcement at the ongoing China Chain Store Exposition. Tuzes said Metro regards China as one of Asia's most important markets. The retail giant has opened two stories in Beijing this year, and will set up at least two other outlets in the Chinese capital before the 2008 Olympic Games. Currently, Metro operates 33 "cash and carry" stores in China, said Tuzes. Metro AG, the world's third-biggest retailer, opened its first Chinese store in Shanghai in 1996. It has 250,000 employees and 2,200 stores in 30 countries, with sales volume reaching 55.7 billion euros (US$71 billion) in 2005. (Xinhua News Agency November 4, 2006) |
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