Suning embarks on reinvention
Mainland appliance chain aims to expand product range and services to other retailers
Suning Appliance, the mainland's largest retailer of electronic appliances, is moving fast towards its goal of becoming China's "Wal-Mart plus Amazon".
The Nanjing-based company announced yesterday it had changed its name to "Suning Commerce", reflecting its ambition to transform from a home appliance chain into an operator of both online and offline businesses and a service provider to other retailers.
As part of its plan, Suning said it was going to invest billions of dollars in logistics and hire 38,000 more employees over the next three years.
The company will also expand its product categories to mother-and-baby products, books, cosmetics and groceries; overhaul its internal management structure; and start to offer services such as financing, business travel, logistics and after-sales services to other retailers.
"Suning will get on the fast track of growth from this year," said company chairman Zhang Jindong.
"At the core of our new business model is consolidating Suning's front line and back office as well as its online and offline businesses," Zhang said.