Yonghui to have 350 stores by 2014

Yonghui Superstores Co Ltd said on Thursday that it will further expand in China despite a slowdown in the retail industry, Beijing Business Today reported.

The Fujian-based supermarket chain plans to have 350 stores and 50 billion yuan ($8 billion) in sales revenue in China by 2014.

CTR, a Chinese research firm, said that Yonghui is emerging as the fastest-growing retailer in the first quarter of the year.

In the retailer's latest quarterly report, for the quarter ended Sept 30, the number of Yonghui stores was at 239, while its net profit grew 40 percent year-on-year.