Wumart on course for expanding store space

Beijing supermarket chain Wumart Stores is planning a capital outlay of $160 million in the second half, primarily to add about 60,000 square metres of saleable area, according to director of finance, Xu Ying.

The Growth Enterprise Market-listed company operates 490 hypermarkets, supermarkets, convenience stores and drug stores with a total saleable area of 190,492 sq m as at June 30 this year.

Ms Xu said the number of new stores to be opened had not yet been finalised.

For the year to December, the company plans to open five hypermarkets and 10 supermarkets.

'Our expansion target has been largely achieved in the first half,' she said.

Chairman Zhang Wenzhong said Wumart would benefit from the yuan revaluation, saying it would boost domestic consumption. The company plans to import more foreign products to entice customers in the second half, he said.

'We now enjoy a price advantage when we buy overseas products,' he said.