Wumart news

16 December 2013
Wumart will no longer pursue plans to acquire Lotus stores, as deal deadline passes. October plans have not come to fruition In October Beijing-based retailer Wumart announced plans to acquire 36 stores from Thai owned CP Lotus, alongside both companies buying a significant stake in each other's businesses. This news followed shortly after the formal announcement about Tesco and CRE's pa...
04 November 2013
A series of key retail developments in China over the last month will reshape the competitive landscape: we assess the latest news from the grocery market’s movers and shakers. A new phase of consolidation Out of the haze of speculation around potential partnerships in China’s grocery market, two key deals have emerged in the last few weeks. Firstly Tesco’s joint venture with China Resource...
29 October 2013
Wumart, a key domestic player in the Chinese grocery market, reports double digit revenue growth for the third quarter. Wumart maintaining double digit revenue growth In the third quarter Wumart saw total revenue growth of 10.2% to RMB 4.9bn (USD 805m), slightly dampening year-to-date growth for the ninth months to 11.1%. Net profit declined by 0.9% to RMB 124m (USD 20m), with the nine mo...
15 October 2013
Wumart and CP Lotus have entered into a framework agreement in which both retailers will hold a minority share in the other, and Wumart will acquire the majority of Lotus stores in China. What does the deal comprise of? Wumart will gain 36 of CP Lotus' 57 stores, in provinces including Beijing and Shanghai. This equates to sales space of around 310,000 square metres Wumart will acq...
22 August 2013
Wumart sales were up by 11.3% to RMB8.5 billion and net profit rose by 0.4% to RMB340 million. Growth focused on directly-owned stores During the first half of the year, Wumart opened 7 directly-owned superstores and 21 directly-owned mini marts while it took on just 6 new franchised stores. The company also continued to optimise its portfolio closing 21 franchised stores during the p...
27 March 2013
Leading Beijing grocery operator Wumart announced full year revenue of RMB 17.3bn, an increase of 5.7% year on year. Consolidated gross profit rose 7.4%, reaching RMB 3.4bn. Maintaining a competitive advantage in fresh categories In a challenging environment for growth, Wumart's like-for-like growth of 2.1% has been aided by improvements to its fresh categories, an area of competitive...
28 February 2013
The Year of the Snake might be the year new leadership in China's national government boosts social reform. If your business is operating in China it needs to start preparing now.  Vicky Ray, IGD's Head of Asia, explains how your business could benefit... Xi Jinping took the helm as head of the Chinese national government in November 2012, with Li Keqiang as the new Premier. Com...