Wanda founder Wang Jianlin vows to speed up openings to hit 1,000 mall target in 10 years
The Chinese billionaire reveals his expansion plan in his first high-profile speech since July when he disposed the bulk of Wanda’s domestic assets
Mainland Chinese billionaire Wang Jianlin has vowed to accelerate the opening of his flagship malls to hit 1,000 by 2028 as he announced an upcoming cooperation with retailer Suning Commerce Group in his first high-profile speech after dumping the bulk of his domestic assets in July.
“The expansion of Wanda Plaza will significantly speed up from 2019 and hit 1,000 malls in 10 years. What does that mean? The average [footfall] traffic of a Wanda Plaza that has been in operation for a year is 20 million, and those for malls in the third and fourth-tier cities range between 13 to 15 million. That means a total of 13 to 15 billion in traffic,” said Wang, founder and chairman of Dalian Wanda Group at a Sunning business partners convention on Tuesday.
To achieve the 1,000 target, Wanda – which would have about 300 complexes by end of 2017 – will need to open 70 malls a year in the coming 10 years, up from the current yearly pace of 50 malls.
Wang said the company would begin its cooperation with Suning next year, which could involve capital investments, though no specific deals have been signed.
“We plan to tailor make bricks-and-mortar stores for Suning. As Suning expands its business into fresh food supermarket and other new stores, we’ll develop other restaurant, entertainment amenities around Suning,” he said.
Wang has stayed under the radar after July, when Wanda shocked the industry by selling the bulk of its domestic assets: 13 Wanda Cities, or theme parks, and 77 hotels in deals totalling US$9.3 billion to Sunac China Holdings and Guangzhou R&F Properties.
