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|Thursday, April 12, 2001, updated at 15:06(GMT+8)|
Wumei Merged With Pujinda, Totaling 34 Chain Stores in BeijingAs increasing number of foreign chain stores are settling in Beijing, local supermarket dealers, feeling pinched, began to take action. Beijing Wumei Supermarket Group (Wumei) lately announced that it has to merge with Beijing Pujinda 34-Chain-Store Supermarket (Original Chongwen District Non-staple Food General Company).
As disclosed, Wumei is to buy the share with cash, and Pujinda is to be a shareholder by investing with its net assets. With the merge ratified by the Chongwen District government the Wumei Pujinda Supermarket, instead of the previous Pujinda will soon begin to operate.
As revealed by an anonymous high-level insider, Wumei had successfully acquired several non-staple food chain stores in Shijingshan, Fengtai and Chongwen Districts respectively in 1998, 1999 and 2000. So far, Wumei claims to be the biggest chain-store enterprise in north China with 102 stores all told and 1.27 bn yuan annually in terms of sales turnover. As he told, Wumei will make continued efforts to strengthen its competitiveness. For the chain-store business currently remains still on a small scale, comparatively spreading out in Beijing. Moreover, China's prospective admission into the World Trade Organization will certainly bring pressure to the local chain-store business.
Though Pujinda, for the moment still has profit to make, said General Manager Xia of Pujinda we have to get prepared for further development after China's accession into the WTO. In this way, Pujinda may avail of the advantages of Wumei in logistic management to make both sides buttered in the long run.
By PD Online staff member Yin Zhili
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