Lotus marks first premier outlet|
Jan 25
2010
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LOTUS Supermarket yesterday opened its first premier store on China's mainland in Shanghai as it taps booming consumption and the growing ranks of wealthy individuals. The 11,800-square-meter "five-star" supermarket is located in Super Brand Mall in Pudong New Area, and more than 40 percent of its 40,000 products are imported. The supermarket also sells 1,000 varieties of imported wines as well as fresh seafood. "Lotus will actively expand the presence of such premier supermarkets in first and second-tier cities to meet the rising consumer demand," said Joe Zhou, chief operating officer and chief merchandize officer of Lotus, whose parent is Charoen Pokphand Group, one of Thailand's biggest conglomerates. Officials of Lotus Supermarket said they are eying commercial areas, high-end business zones or luxury communities in major cities to open more premier stores.
"The retail market is shifting its focus from rampant expansion in stores to seeking better profitability," TX Investment Consulting Co said. "And China's consumer market will brace for a strong expansion momentum this year amid rapid economic growth."
China's retail sales rose 15.5 percent from a year earlier to 12.5 trillion yuan in 2009.
Lotus' rivals such as Hutchinson Whampoa, Park N Shop and Hualian Hypermarket entered the premier market segment last year.
