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Online Platform Buys into Bricks and Mortar Convenience Store Chain

By Yuan Ruiyang and Anniek Bao / Aug 13, 2020 07:04 PM / Business & Tech has invested in a convenience store brand for the first time, following the trend of online retailers tapping into bricks-and-mortar businesses.

China’s No. 2 e-commerce company snapped up a 20% share of Fujian province-based convenience store chain Fook Convenience Stores for 31.25 million yuan ($4.5 million), becoming the retailer's second-largest shareholder, it said in a statement Tuesday.

It’s part of’s efforts to expand its “omnichannel strategy” which takes in both online and offline business, the company says.

JD's arch-rival Alibaba brought its online sales platform Tmall to offline vendors in 2017. As of January 2019, it had reached a total of over 1 million retail stores in cities nationwide.

Read the full story on Caixin Global later today.

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