Ito Yokado, one of Japan’s largest retailers and part of Seven & I Holdings, parent of 7-Eleven has announced it will be entering the high-end boutique supermarket sector in China.
These new supermarkets will be located near high-density residential areas, with between 2,000 and 3,000 square meters of floor space, selling daily necessities, especially fresh food products. 90% of the products sold in these new supermarkets will be from Ito Yokado’s house brand.
It’s the fifteenth year that Ito Yokado has been in the Chinese market. According to an official with Ito Yokado, there are increasing numbers of large-scale commercial centers in China, but in the next 15 to 20 years, small-scale supermarkets will be the driving force in the supermarket industry.
“Considering the population structure, China will enter into an aging society in the next 15 to 20 years. During that time, shopping nearby will become a practical demand,” said the general representative of Ito Yokado (China).
Different from convenience stores such as Seven-Eleven, the new supermarkets will be larger and have more abundant supplies.
At present, Ito Yokado has set a special team to be responsible for this project and plans to open the first new supermarket in Chengdu in 2013.
Source: Fresh Plaza Nov 2012