German-based Metro opens 22nd outlet in China

Metro, the German-based retail and distribution giant, opens its 22nd outlet in China Thursday, with a new shopping mall coming into being in Harbin, capital city of China's northernmost Heilongjiang Province.

It is Metro's third outlet in northeast China and 501st in the world. The outlet located in the city's commercial center, Daoli District, covers an area of 30,412 square meters.

China is becoming an enticing market for world retailers thanksto its rapid economic growth and a huge market.

Metro focuses on expanding business in China and wants to increase investment in the country, said Jean-Luc Tuzes, president of Metro Jinjiang Cash & Carry Co Ltd.

Tuzes also said Metro plans to open at least 10 outlets in China next year and another 40 outlets in the next three to five years.

Metro employs what it calls a "cash and carry" system, which means it provides services for various member clients, including small retailers, hotels, companies, government organizations and social institutions.

Metro is among a group of transnational retail giants that are speeding up expansion into the Chinese market, as China will completely open its retail industry to businesses from overseas bythe end of 2004.

Currently, approximately 70 percent of the world's top 50 retailers do business in China.

Source: Xinhua