President forms retail venture on mainland

President Chain Store Corp, Taiwan's largest convenience store operator, is rolling out a new retail cosmetics and pharmacy joint venture on the mainland, Shenzhen President Cosmed Corp.

The Taiwanese company and local partner Livzon Pharmaceutical Group will set up the first Cosmed stores in Shenzhen and Guangzhou.

'We are after fast-growing markets with great potential,' said President Chain Store president Hsu Chung-jen.

Parent Uni-President Group, the largest Taiwanese investor on the mainland, has already invested US$1.4 billion in the country through its mainstay instant food business.

The Cosmed business plan, which targets women between 25 and 45, calls for expansion into the rest of Guangdong province with 100 shops within five years.

Each store will have a sales area of between 300 and 2,000 square metres, with start-up capital of between 1.5 million yuan and 5 million yuan.