Zong Qinghou, chairman of beverage maker Wahaha Group Co Ltd, said late Wednesday that the company will open its first department store in Hangzhou on Thursday.
"The first department store will be officially opened in Hangzhou city tomorrow, when Wahaha will accept the challenges in a brand new area," Zong said on his Sina Weibo account. The Chinese billionaire said earlier that he plans to open 100 department stores in the future.
Zong said on weibo that the department store will provide European high-end products aimed at lowering the expensive price of luxury goods, "so that the general public can afford cheap and fashionable overseas products".
"Cash flow and sales channels are the two elements Wahaha is pursuing after entering the retail industry," said Guo Zengli, president of China Shopping Center Development Association. "There are a lot of opportunities for Wahaha because it has good management skills. At the same time there are a lot of challenges as several retail giants have set up shop in the country."
Wahaha, the third-biggest soft drink maker in China by market share, was founded in 1987 by Zong. The company said earlier that it will also invest in the mining and high-tech industries.
liwoke@chinadaily.com.cn
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