Hypermarket operator Sun Art Retail Group said on Thursday [11 August 2016] it plans to invest 1 billion yuan ($150.6 million) in e-commerce development over the next two years. Executive Director Huang Mingduan, speaking at an earnings briefing, said he expects the company’s e-commerce business to break even in 2020-21…Full Article: The Global Times Aug 2016
- From January to June 2016, Sun Art Retail (HKG:6808) recorded a 2.7% decline in profits (year-on-year).
- From 2015 to 2016, Sun Art Group’s e-commerce sales as a percent of total sales was projected to grow from 1% to 5%.
- In 2015, Sun Art Group opened 38 new hypermarkets, equating to 409 stores under its operation for that year. As a result of declining profits and increased e-commerce competition, Sun Art plans to lower its annual new store openings rate from 40-50 to 30-40.
- As of June 2015, Sun Art Retail Group had 388 hypermarkets in China.
- In April 2015, Sun Art Retail Group purchased, Fields China (www.fieldschina.com), an e-commerce grocery website.
- During the second quarter (April to June) of 2015, Sun Art Retail Group had a 6.9% share of Chinese supermarket sales while China Resources Vanguard had a 6.6% share.
- In January 2014, the company launched its e-commerce site FeiNiu (www.feiniu.com).
- In 2012, China’s hypermarket industry was led by Sun Art Retail Group, whose 273 hypermarkets held a 13.6% market share.
- In 2010, Sun Art Retail Group, a JV between Taiwan’s Ruentex Group and French retailer Groupe Auchan, overtook Walmart in the number of China-based hypermarkets.
- Founded in 1998 and headquartered in Hong Kong, Sun Art Retail (HKG:6808) opened its first hypermarket store in Shanghai.