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The Thai agribusiness conglomerate Charoen Pokphand Group (CP) plans to invest at least 3.8 billion baht to renovate its Lotus Supercenter branches in China. The investment excludes funds slated to open two to three new branches a year. Each new branch requires about 500 million baht.According to Jim Haworth, chairman of Lotus Shanghai Supercenter Chain Store Co, CP Group is well prepared to move ahead with its investments in the retail business in China despite the global economic slump.
Jim Haworth, chairman of Lotus Shanghai Supercenter Chain Store Co, joins executives during a recent promotion at one of the company’s branches.
The company plans to spend about 50 million baht on renovations per branch, covering outlets, products and customer services.
CP was the first foreign company to start operations in China 30 years ago. Today it is among the country's largest investors and derives most of its global revenue from China.
Last year, the group reported revenue of US$19 billion and 40% of this came from overseas operations, mainly in China.
CP opened its first Lotus Supercenter 12 years ago and currently operates a total of 76 branches and four product distribution centres in China.
According to Mr Haworth, China's retail business sector experienced growth of 21.6% to the equivalent of 50 trillion baht in 2008.
The sector has experienced a slight decrease since the fourth quarter of last year but has started recovering, with sales expected to grow by about 19% this year.
CP has forecast sales of its Lotus Supercenters will grow by 13% this year to 64.5 billion baht.
Relate Search: Charoen Pokphand Group, Lotus Supercenter
