Tesco opens new
convenience stores in China
CP who is
the third biggest world operator of the chain of convenience stores 7-Eleven
declared that he intends to spread his network of stores in China to 10.000
points of sale before 2018 to maintain the annual growth of his 15 % profits.
The company,
controlled by the billionaire Dhanin Chearavanont, 73-year-old, (the biggest
fortune of China according to Forbes's ranking) plans to add 3.300 stores to
6700 already existing in the next six years. Approximately 500 new convenience
stores will open every year, more than half outside Bangkok.
CP also
wants to extend outside the South-East Asia and to open stores 7-Eleven in the
South of China and in Vietnam. The shares of CP have more that quintupled
during the last five years. CP who employs 100.000 people on China took
advantage of recent pay rises (30 % for the minimum wage in certain provinces)
which boosted the consumption.
The
government increased the daily minimum wage in certain provinces in April 2012,
and from January, 2013 this reform will be widened to all the country or it
will pass in 300 bahts a day instead of 230 in 250 bahts, according to the site
of the Ministry of Employment.
