Golden Eagle Retail Group Ltd, an upmarket Chinese department store chain operator listed in Hong Kong, said yesterday in Shanghai that it plans to increase its portfolio on the Chinese mainland.
Golden Eagle plans to expand to more than 30 stores in 20 cities from its current 19 stores in 13 cities over the next three years.
The Nanjing-based retailer, which has established a solid foothold in the Yangtze River Delta, said it aims to further consolidate its position in the region while seeking more opportunities in other parts of the country.
"About 15 new stores will be opened around the country over the next three years and that will help add a minimum of 800,000 square meters of retail space to our current portfolio of more than 500,000 square meters," said Roger Wang, chairman and chief executive officer of Golden Eagle. "Among that, some 600,000 square meters will be owned by Golden Eagle while the rest will be leased properties."
In July, Golden Eagle acquired two top-tier department stores in Hefei, capital city of Anhui Province, for a total of 267 million yuan (US$40 million). The company plans to expand its presence in Anhui to 10 stores within the next three years.
In the first half of this year, sales registered at Golden Eagle chain stores reached 5 billion yuan, a year-on-year increase of 34 percent, the company said.
