Suning Holdings Group, a Chinese commercial leader, has revealed its 2020 strategy. The Group will open more than 10,000 new stores and will create 8,000 new retail jobs. The company is planning to invest US$5.5 billion in new technologies and logistics infrastructure in 2020.
The company is one of the top three among the top 500 non-state-owned enterprises in China.
Zhang Jindong, Chairman of Suning Holdings Group, referring to China’s rising sophisticated middle class, said: “Chinese enterprises rely on a 40 trillion-scale consumer market. China’s market volume is the enviable and desired by any overseas company. As long as the company wants to do the business, there is room. Whoever can more effectively meet and match consumer demand at all levels will succeed in the future.”
Recently Suning Holdings Group has completed the acquisition of Carrefour China. Suning.com has acquired an 80% equity stake in Carrefour, China. The latest acquisition of Carrefour China by Suning following those of Dia China and Wanda Department Stores, the company continues to accelerate the expansion of its brick-and-mortar portfolio for its retail model.
About Suning Holdings Group
Suning headquartered in Nanjing, Jiangsu Province, China, is one of the leading commercial enterprises in the country. The company was founded in 1990, and at present, it ranked as the top three brands among the top 500 non-state owned enterprises in China. Suning has supported retail through a corporate ecosystem comprised of multiple vertical industries, including commercial real estate, financial services, and sports. Suning.com is the primary online subsidiary of the company.