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Germany’s Metro Coming to Summer Palace Area

2005/12/15

Germany's Metro Coming to Summer Palace Area

The world's third-largest retailer, Germany's Metro Company, has begun construction of its first store in Beijing, according to Xinhua News Agency.

The new Metro is scheduled to open next April near the Summer Palace in the western part of the capital, Metro's public relations manager Huang Zhongjie was quoted as saying.

The failure of Metro's earlier attempts to construct a store in Beijing, reportedly because of high land prices, has long delayed its entry into the capital.

In the end, Metro decided to reduce costs by leasing property, a deviation from its normal business practice.

Metro has established 15 stores since its entry into the Chinese market in 1995, and it plans to open six to ten stores annually in the next three to five years.

Statistics from the Ministry of Commerce show that foreign-funded enterprises were providing about 3 percent of China's retail consumer products by the end of 2004.



 
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