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Chinese Retailer Makes 10 Billion Yuan in Annual Sales
Despite the influx of foreign retailers into China in recent years, China's largest retailer --Lianhua -- for the first time in its history topped 10 billion yuan in annual sales volume last year.
The latest statistics show that Lianhua Supermarket, the fastest-growing retail chain in China, last year reported 11.14 billion yuan in sales volume altogether in its 950 branches across the country.
Supermarkets burgeoned in China about a decade ago, breaking the traditional retailing pattern dominated by department stores.
With 7.3 billion yuan of annual sales volume, Lianhua took the first place in domestic retailers in 1997.
Thanks to its active policy of cooperating with local supermarkets, the Lianhua network has expanded rapidly.
Lianhua expects the number of its branches to reach 1,400 by the end of this year.
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