Suning Holdings Group, China's largest omnichannel retailer by sales revenue, will open 150 smart retail offline stores dedicated to overseas products and consumption experience throughout China over the next three years, a senior executive said.
Steven Zhang, president of Suning International — the international arm of Suning Holdings Group — attends a signing ceremony with representatives from the Italian Trade Agency during the second China International Import Expo, held in Shanghai from Nov 5 to 10. (Photo: China Daily)
Many opportunities come from Chinese consumers, especially millennials, who care about their lifestyle, individuality and travel. When it comes to shopping in both online and offline channels, they have unique tastes, said Steven Zhang, president of Suning International.
"This is the second time Suning has presented at the China International Import Expo with its overseas business, including Carrefour China and Laox Co, a Japanese home appliance chain. The expo is a huge platform that helps us keep up with the local market demands," Zhang said, adding the event has encouraged domestic and foreign companies to unite in advancing the development of economic globalization.
The company has introduced 150 Italian brands into the home market after signing a cooperation agreement with the Rome-based Italian Trade Agency to boost exports of "Made in Italy" products to China in March, and acquired an 80 percent stake in French supermarket giant Carrefour China in a deal worth 4.8 billion yuan ($686 million) earlier this year.
These moves will enhance Suning's global supply chain and bring more global goods into China via different channels, he said, noting the company will also open high-end retail stores in cities such as Shanghai and Nanjing with products covering areas such as fashion, healthcare and cosmetics to further support China's ongoing consumption upgrading.
Along with operating over 70,000 square meters of storage facilities in the United States, Germany, Japan and South Korea, Suning International also runs self-operated bonded warehouse in cities such as Guangzhou, Hangzhou, Ningbo and Zhengzhou. It will continue to apply more digital solutions via blockchain technologies to improve its product tracking systems.