New World Department Store China Limited is one of the largest owners and operators of department stores in the PRC, is pleased to announce the soft opening of its new Nanjing store tomorrow. The new store marks the Company's expansion into a new market, Nanjing City, Jiangsu. It brings the Group's total number of stores to 33, including two new managed stores in Wuhan and Beijing which are expected to commence operation next year.
The new store is situated at the junction of the most developed districts of the city, Xuanwu District and Gulou District. It is a five-storey department store with a gross floor area ("GFA") of approximately 30,000 sq.m.
Commenting on the new store in Nanjing, Mr. Adrian Cheng, Executive Director of NWDS, said, "Nanjing is one of the key cities in our strategic development plan. As the provincial capital city of Jiangsu Province, it is the political, economic and cultural centre of the province. Nanjing drives the economic growth of the downstream of Yangtze River Delta, with a 15.1% growth of GDP and 16.9% growth of disposal income per capita in cities in 2006 . The opening of the Nanjing store is in line with our growth strategy to enter markets with radiation effect from cities where we have strong presence. This new self-owned store not only demonstrates our confidence in the growth potential of Nanjing's retail sector, but also strengthens our presence in Eastern China."
Mr. Philip Cheung, Executive Director and Managing Director of NWDS, added, "With the Anshan store commencing operation last month, this new Nanjing store is our 31st store. It enhances our coverage to 18 major cities in the PRC (inclusive of Hong Kong). The Group's store network will further increase to 33 stores next year, with two new managed stores in the pipeline - in Wuhan and Beijing - which are scheduled to open in 2008. Our portfolio will then comprise 18 self-owned stores and 15 managed stores, with an aggregate GFA of around 1,014,180 sq.m."