Retail News
- Dubai retail company to open stores in China
Date: 29-Aug-2007 Sources: (Xinhua Online)
ABU DHABI, Aug. 29 (Xinhua) -- The Dubai-based retail company Landmark Group will open six stores in China over the next 12 months as part of its global expansion plan, local newspaper Gulf News reported on Wednesday.
The company plans to open a total of six stores over the next 12 months in and around Shanghai covering 285,000 square feet. Four will be Babyshop units and two will be outlets of home furniture and furnishings brand Home Centre.
Landmark will open its first store next month in Shanghai, the commercial hub of China. The store will be its in-house children's clothes brand Babyshop.
'China is opening up for foreign investment and if we get the right sites we will expand rapidly throughout the country. Initially China will represent a small percentage of our turnover, but it's a great opportunity for the future,' Landmark's CEO Vipen Sethi was quoted as saying.
The company is committing 25 million U.S. dollars to store openings in China over the next six months, Sethi said.
'Once the business in China shows signs of growth we will commit more funds. We believe Home Centre has great potential considering the construction boom in Shanghai, while Babyshop will cater to the children's market, which has so far been unorganized,' he added.
Landmark currently operates 572 stores in the United Arab Emirates (UAE), Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, Jordan, India, Spain and Pakistan.
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