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2002-9-8 04:14:00 p.m. HKT, XFNA
Seven-Eleven, FamilyMart to enter China next year - report
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TOKYO (AFX-ASIA) - Major convenience store chains Seven-Eleven Japan Co
and FamilyMart Co are set to enter the Chinese market next year, the Nihon
Keizai Shimbun reported, citing sources close to the matter.
Seven-Eleven plans to open 500 stores in the country, initially in
Beijing, in five years, while FamilyMart is poised to establish a network of
3,000 stores there by 2010, the report said.
Seven-Eleven will soon set up a convenience store venture in Beijing with
local and Taiwanese partners, 51 pct of which will be owned by the Ito-Yokado
Co group, to which Seven-Eleven belongs, with the remainder to be owned by
the partners.
FamilyMart will open the first outlet in Shanghai in spring 2003 at the
earliest, in a tie-up with its top shareholder, Itochu Corp and other
partners. It also plans to set up outlets in such major cities as Qingdao and
Tianjin.
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