Family Mart enters Chinese market

Family Mart, one of the world's leading chain convenience store operators based in Japan, has opened its first chain outlet, Shanghai Family Mart Co. Ltd in China Monday, as an indication of its entry into Chinese market.

The Shanghai-based company is the sixth regional company that Family Mart has set up around the world. As planned, the company is expected to open 350 chain convenience stores in Shanghai by 2006.

"Domestic convenience stores still run at a low level, while Family Mart can compete on the Chinese market with its mature experience and technology in service and logistics," said Wei Yingxing, board chairman of Shanghai Family Mart Co. Ltd. on Monday.

By 2010, Family Mart will have more than 1,000 chain stores in China's major cities such as Beijing, Shanghai and Guangzhou.

From Dec. 11, 2004 on, China's retail industry fully opened itself to foreign investment, to comply with the requirements of the World Trade Organization.

Source: Xinhua