Caixin Global – Latest China News & Headlines

Home >

By Charlotte Yang / Feb 12, 2019 05:46 PM / Business & Tech

Photo: VCG

Photo: VCG, one of China’s largest retailers, has acquired 37 outlets from Wanda Department Stores for an undisclosed amount, according to a press release distributed on Tuesday. Wanda Department Stores operates as a subsidiary of Chinese conglomerate Dalian Wanda Group.

Suning Chairman Zhang Jindong announced the takeover in a Lunar New Year company meeting, saying the move will help facilitate Suning’s efforts to build an integrated retail scene that provides service coverage “from online to offline,” according to the press release.

Suning said the move is an important part of its 2019 strategy and the 37 department stores are mostly located in first- and second-tier cities and have more than four million member-customers, according to the press release.

In recent years, Chinese giants from Alibaba to Tencent have been making heavy investments in retail space, with a focus on digitizing physical retail stores to integrate consumers’ online and offline experiences.

Related: Says Financial Unit to Raise 10 Billion Yuan

Support independent journalism from China. Subscribe to Caixin Global starting at $0.99.

Share this article
Open WeChat and scan the QR code
Copyright © 2019 Caixin Global Limited. All Rights Reserved.