Yonghui has closed three Bravo supermarkets and 14 Mini Stores in China.
Despite the recent store closures, Yonghui remains one of the fastest growing retailers in China. Revenue grew 20.4% in 2019. Its strong fresh offer and omnichannel operations continue to support growth. Yonghui remains committed to format innovation and store expansion. It opened, for example, more than 500 Mini Stores last year. No doubt, such pace has meant that the retailer has been making adjustments where performance has not been desirable or has encountered unforeseen complications with leasing / management.
Lease changes and underperforming stores
- Chaoyang Sun Palace Store (12,801 sq m), operated by subsidiary Beijing Yonghui Supermarket Co., Ltd. The lease was terminated because the owner took back the property
- Hangzhou Binjiang Puyan Store (2,776 sq m), operated by subsidiary of Zhejiang Yonghui Supermarket Co., Ltd. No specific reason provided in relation to store closure
- Guangzhou Man Plaza Store (3,411 sq m), operated by subsidiary Guangdong Yonghui Supermarket Co., Ltd. Closed due to long-term losses
- Mini Store: a total of 14 stores between April and June 2020 were closed due to store optimisation
Want to know more?
Read more about Yonghui’s priorities and 2019 performance here.