New World Department Store China Limited (“NWDS” or the “Company”; Hong Kong stock code: 0825), one of the largest owners and operators of department stores in the PRC, is pleased to announce a new Wuhan store – Wuhan Xudong store will have its official opening tomorrow.
The new store is located at the prime commercial district in Wuhan, namely Xu Dong Lu Commercial Circle (徐东路商圈). Wuhan Xudong store is a managed store which occupies a four-storey with an aggregate gross floor area (“GFA”) of approximately 30,000 sq. m.
For the eleven months ended 30 November 2007, Wuhan’s total sales value of consumption goods grew by 17.2%* over the same period a year ago to RMB134.9 billion*. This evidences the strong purchasing power of the city. Located at the heart of Mainland China with rich natural resources, Wuhan is not only a transportation hub, but also an important commercial and industrial centre in the Mainland.
Commenting on the new store in Wuhan, Mr. Adrian Cheng, Executive Director of NWDS, said, “Wuhan is the origin of the Company, where we have a strong presence. Together with this new store, we have a total of five stores in Wuhan, making us one of the largest store operators in the city. The opening of this new store is in line with our expansion strategy to have multiple stores within a city or a province. This not only enhances our market share in Wuhan, but also reinforces our foothold in Central China region as well as strengthens our cost efficiency. Going forward, we will continue to open new stores in major cities, and to look for potential acquisition opportunities in order to expand our network.”
Mr. Philip Cheung, Executive Director and Managing Director of NWDS, added, “With the opening of this new Wuhan Xudong store, the number of stores we are operating will increase to 32 stores. Together with a new managed store in Beijing to commence operation by the end of this year, our portfolio will then reach 33 stores, with an aggregate GFA of around 1,014,180 sq.m.”
* Source: Statistical Information of Wuhan (www.whtj.gov.cn)
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