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.