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7-Eleven is Coming
The Thai conglomerate Chia Tai Group is working on an investment plan for a major expansion of its business in China.
The aim is to help the group's 168 ventures -- which have been established in China over the past 22 years -- achieve greater efficiencies, Chia Tai Chairman Dhanin Chearavanont said in Shanghai on Saturday.
Dhanin said the funds earmarked for the plan were expected to account for a considerable portion of the group's total US$1 billion investment over the next five years.
One of Chia Tai's priorities is to establish a more up-to-date logistics system in this country to push forward its retail business, he said.
Chia Tai will focus on developing deep processing of farm goods produced here, improving its business and transportation networks, and building more warehouses.
The chairman said the plan showed that the group had great confidence in the Chinese market.
"China's fast-growing economy has created good opportunities for Chia Tai's further development,'' he said.
The group has set up four Lotus Supercentres in Shanghai, with another four planned for 2001 and more in the future, he said.
It is also looking to introduce advanced management expertise and technology through the opening of 7-Eleven convenience stores. Chia Tai has 1,600 such stores in the Thai capital.
Linked by an electronic system, the stores will enable customers to pay their electricity, telephone, cable TV and Internet bills on site.
"If China's door is open to Chia Tai, the group can set up a 7-Eleven store every day,'' Dhanin said.
The group's Shanghai-based TM International Bank plans to co-operate with other foreign banks to help small enterprises tackle the problem of a shortage of funds by offering loans.
"We are now revising our plan, which will be delivered soon to the People's Bank of China for approval,'' he said.
Dhanin added that the banking co-operation project will use German software to help small enterprises manage their loans.
"Once the plan is approved, we will choose credible small enterprises as the first batch of partners,'' he said.
| 7-Eleven, Inc., founded in 1927 in Dallas, Texas, is the world's largest operator, franchisor and licensor of convenience stores with more than 21,000 units worldwide and is one of the nation's largest independent gasoline retailers. Its corporate name was changed from The Southland Corporation after approval by shareholders on April 28, 1999.
The name 7-Eleven originated in 1946 when the stores were open from 7 a.m. to 11 p.m. Today, offering customers 24-hour convenience, seven days a week is the cornerstone of 7-Eleven's business. |
Source: China Daily
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