Sainsbury To Assess Opportunities To Enter China
U.K. supermarket group J Sainsbury PLC Tuesday said is assessing opportunities to enter the Chinese market given rapid economic expansion taking place there.
"We do not see international expansion as part of our short-term plans, but given the extraordinary growth in China, we think it wise to assess if there will be an opportunity for us in the future," a spokesman said.
The spokesman also said the group will be looking to open new sourcing offices in the region.
"We already have two sourcing offices in Shanghai and Hong Kong with over 100 colleagues based there and we will also be looking to open further sourcing offices as we accelerate the growth of our business."
The group said the retailer's focus remains on growing the business in the U.K.
Sainsbury appointed a new chief financial officer Monday as part of a boardroom reshuffle, with Darren Shapland, the incumbent finance head, taking on a new executive role in charge of business development.
Earlier this month, Sainsbury reported that sales growth slowed in the first quarter and warned that the company expects little or no short-term industry growth as the U.K. grocer and its peers battle macroeconomic headwinds.
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