Convenience Store Retailing in China 2010: A Market Analysis by AccessAsia

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									CONVENIENCE STORE
   RETAILING IN
   CHINA 2010::
          2010
 A MARKET ANALYSIS




  © Access Asia Limited, 2010
                                                       Convenience Store Retailing in China 2010: A Market Analysis



China Contact
                              Publication date:         October 2010

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© Access Asia Limited, 2010                                                                           Page        i
                                                                                 Convenience Store Retailing in China 2010: A Market Analysis



Contents
INTRODUCTION .........................................................................................................1

           CONVENIENCE
1 NATIONAL CONVENIENCE STORE MARKET .....................................................................3
1.1 Overview ...................................................................................................................................................... 3

1.2 The Wider Retail Market ................................................................................................................................ 4
    1.2.1 The Wider Retail Market: Macroeconomic Context ..................................................................................... 4

Table 1.1     RETAIL SALES AS A % OF GDP, 2003-2009......................................................................... 4
  1.2.2 The Wider Retail Market: The Total Value of Retail in China......................................................................... 4

Table 1.2            TOTAL CURRENT VALUE RETAIL SALES, 2000-2009......................................................... 5

Table 1.3            TOTAL CONSTANT VALUE RETAIL SALES, 2000-2009 ...................................................... 5

Table 1.4     PER CAPITA CURRENT VALUE RETAIL SALES, 2000-2009 ............................................... 6
  1.2.3 The Wider Retail Market: Retail Outlet Definitions ..................................................................................... 7
  1.2.4 The Wider Retail Market: Total Retail Industry Above the Government Statistics Threshold ........................... 8
  1.2.5 The Wider Retail Market: Total Retail Industry........................................................................................... 9

Table 1.5            TOTAL RETAIL INDUSTRY CORE STATISTICS, 2003-2009............................................... 10

1.3 Urban Convenience Store Retail Industry Structure ....................................................................................... 10
    1.3.1 Urban Convenience Store Retail Industry Structure: Above the Official Benchmark..................................... 10

Table 1.6 CONVENIENCE STORE TOTAL OUTLETS, FLOOR SPACE, STAFF, SALES & PROFITS
FOR CHAIN STORE OPERATORS ABOVE THE GOVERNMENT STATISTICAL THRESHOLD, 2003-
2009       ................................................................................................................................................ 11

Table 1.7 CONVENIENCE STORE AVERAGE OUTLET FLOOR SPACE & STAFF FOR CHAIN
STORE OPERATORS ABOVE THE GOVERNMENT STATISTICAL THRESHOLD, 2003-2009 ............... 11

Table 1.8 CONVENIENCE STORE AVERAGE OUTLET SALES FOR CHAIN STORE OPERATORS
ABOVE THE GOVERNMENT STATISTICAL THRESHOLD, 2003-2009.................................................... 12

Table 1.9      CONVENIENCE STORE AVERAGE OUTLET NET PROFITS FOR CHAIN STORE
OPERATORS ABOVE THE GOVERNMENT STATISTICAL THRESHOLD, 2003-2009 ............................ 12
  1.3.2 Urban Convenience Store Industry Overall Structure: The Average Large-scale Chain Convenience Store .... 13

Table 1.10            AVERAGE LARGE-SCALE CHAIN URBAN CONVENIENCE STORE FLOOR SPACE,
STAFF, SALES & PROFITS INDICATORS, 2003-2009 .............................................................................. 13
  1.3.3 Urban Convenience Store Industry Overall Structure: The Average Large-scale Chain Convenience Store by
  Size............................................................................................................................................................ 13

Table 1.11       AVERAGE LARGE-SCALE CHAIN URBAN CONVENIENCE STORE TOTAL OUTLETS,
AVERAGE SALES, TRANSACTIONS & BASKET VALUE, 2003-2009 ..................................................... 14
  1.3.4 Urban Convenience Store Industry Overall Structure: The Total Urban Market Structure ............................. 14




© Access Asia Limited, 2010                                                                                                                         Page           ii
                                                                                  Convenience Store Retailing in China 2010: A Market Analysis

Table 1.12  CONVENIENCE STORE TOTAL OUTLETS, FLOOR SPACE, STAFF, SALES &
PROFITS FOR CHAIN STORE OPERATORS ABOVE & BELOW THE GOVERNMENT STATISTICAL
THRESHOLD, 2003-2009............................................................................................................................. 15

Table 1.13 CONVENIENCE STORE AVERAGE OUTLET FLOOR SPACE & STAFF FOR CHAIN
STORE OPERATORS ABOVE & BELOW THE GOVERNMENT STATISTICAL THRESHOLD, 2003-2009 .
           ............................................................................................................................................ 15

Table 1.14  CONVENIENCE STORE AVERAGE OUTLET SALES FOR CHAIN STORE OPERATORS
ABOVE & BELOW THE GOVERNMENT STATISTICAL THRESHOLD, 2003-2009 .................................. 16

Table 1.15 CONVENIENCE STORE AVERAGE OUTLET GROSS PROFITS FOR CHAIN STORE
OPERATORS ABOVE & BELOW THE GOVERNMENT STATISTICAL THRESHOLD, 2003-2009 .......... 16

1.4 The Rural Retailing Development Project ...................................................................................................... 16
    1.4.1 The Rural Retailing Development Project: How The Project Began ............................................................. 16

Table 1.16              STANDARDS FOR COUNTRYSIDE STORES IN VILLAGES........................................... 18

Table 1.17        STANDARDS FOR COUNTRYSIDE STORES IN TOWNS/TOWNSHIPS......................... 18
  1.4.2 The Rural Retailing Development Project: The Current Project Size ........................................................... 19

Table 1.18              RURAL RETAILING PROJECT COUNTRYSIDE STORES IN VILLAGES, 2009 ............. 20

Table 1.19              RURAL RETAILING PROJECT COUNTRYSIDE STORES IN TOWNS/TOWNSHIPS, 2009
                        ............................................................................................................................................ 20

Table 1.20        RURAL RETAILING PROJECT DISTRIBUTION CENTRES, 2009................................... 20
  1.4.3 The Rural Retailing Development Project: Encouragement For Company Participation................................ 21

Table 1.21  RURAL RETAIL DEVELOPMENT PROJECT TOTAL NUMBER OF PARTICIPATING
COMPANIES, 2005-2008 ............................................................................................................................. 22

Table 1.22        RURAL RETAIL DEVELOPMENT PROJECT COMPANY STRUCTURE, 2007 ............... 22
  1.4.4 The Rural Retailing Development Project: Significance to the Wider Retail Market ..................................... 24

Table 1.23              RURAL CONVENIENCE STORE NUMBERS BY LOCATION, 2005-2009 ....................... 25

Table 1.24              RURAL CONVENIENCE FLOORSPACE BY LOCATION, 2005-2009 ............................. 25

Table 1.25              RURAL CONVENIENCE TOTAL RETAIL SALES BY LOCATION, 2005-2009................ 26

Table 1.26              RURAL CONVENIENCE AVERAGE OUTLET SALES BY LOCATION, 2005-2009 ........ 26

1.5 Convenience Store Significance Within the Total Retail Industry .................................................................... 27

Table 1.27              CONVENIENCE STORE SIGNIFICANCE WITHIN THE TOTAL RETAIL INDUSTRY, 2003-
2009                    ............................................................................................................................................ 27

    Leading
1.6 Leading Retailers........................................................................................................................................ 28
    1.6.1 Leading Retailers: Selected Leading C-store Chain Outlets ....................................................................... 28

Table 1.28       NUMBER OF OUTLETS OF SELECTED CONVENIENCE STORE CHAINS, 2004-2009 29
  1.6.2 Leading Retailers: Selected Leading C-store Chain Sales ......................................................................... 30

Table 1.29       REVENUE OF SELECTED CONVENIENCE CHAIN STORES, 2004-2009 ...................... 30
  1.6.3 Leading Retailers: Selected Leading C-store Chain Average Outlet Sales ................................................... 30
© Access Asia Limited, 2010                                                                                                                          Page           iii
                                                                                   Convenience Store Retailing in China 2010: A Market Analysis

Table 1.30       AVERAGE SALES PER STORE OF SELECTED CONVENIENCE CHAIN STORES, 2004-
2009             ............................................................................................................................................ 30
  1.6.4 Leading Retailers: Selected Leading C-store Chain Gross Profit Margins.................................................... 31

Table 1.31         GROSS PROFIT MARGIN OF SELECTED CONVENIENCE CHAIN STORES, 2004-2009.
                   ............................................................................................................................................ 31
    1.6.5 Leading Retailers: Selected Leading C-store Chain Operating Profit Margins ............................................. 31

Table 1.32       OPERATING PROFIT MARGIN OF SELECTED CONVENIENCE CHAIN STORES, 2004-
2009             ............................................................................................................................................ 31
  1.6.6 Leading Retailers: Selected Leading C-store Chain Net Profit Margins ....................................................... 31

Table 1.33        NET PROFIT MARGIN OF SELECTED CONVENIENCE CHAIN STORES, 2004-2009... 31
  1.6.7 Leading Retailers: Selected Leading C-store Chain Net Profits .................................................................. 31

Table 1.34       NET PROFIT OF SELECTED CONVENIENCE CHAIN STORES, 2004-2009 .................. 31
  1.6.8 Leading Retailers: Competitiveness of Convenience Stores & Discount Stores........................................... 31

Table 1.35               CONVENIENCE STORE & DISCOUNT STORE OVERALL SATISFACTION INDEX, 2007-
2009                     ............................................................................................................................................ 32

Table 1.36               CONVENIENCE STORE & DISCOUNT STORE EXPENSE INDEX, 2007-2009............... 32

1.7 Retail Prices & Operational Costs .................................................................................................................. 33
    1.7.1 Prices: Retail Price Indices .................................................................................................................... 33

Table 1.37               AVERAGE INCOME ANNUAL GROWTH BY SECTOR, 2005-2008 ................................ 34

Table 1.38         RETAIL PRICE INDICES BY BROAD SECTOR, 2000-2009 ............................................ 35
  1.7.2 Retail Prices & Operational Costs: Outlet Rent ......................................................................................... 36

Table 1.39         NATIONAL AVERAGE RETAIL PROPERTY RENTAL PRICE, 2001-2009...................... 37
  1.7.3 Retail Prices & Operational Costs: Salaries ............................................................................................. 38

Table 1.40               AVERAGE RETAIL STAFF SALARIES BY PROVINCE, 2002-2008................................ 38

Table 1.41   % ANNUAL & TOTAL GROWTH OF AVERAGE RETAIL STAFF SALARIES BY
PROVINCE, 2002-2008 ................................................................................................................................ 39

Table 1.42         AVERAGE RETAIL STAFF SALARY BILL PER OUTLET FOR THE TOTAL RETAIL
INDUSTRY AND SUPERMARKETS & HYPERMARKETS, 2003-2009 ...................................................... 40
  1.7.4 Retail Prices & Operational Costs: Business Taxes ................................................................................... 40

1.8 Outlook ...................................................................................................................................................... 40
    1.8.1 Outlook: Forecast Trends....................................................................................................................... 40
    1.9.2 Outlook: Total Market Size ..................................................................................................................... 44

Table 1.43        FORECAST TOTAL CONSTANT VALUE RETAIL SALES, 2010-2014 ........................... 44
  1.9.3 Outlook: Food/Non-food & Urban/Rural Values ........................................................................................ 45

Table 1.44        FORECAST CONSTANT VALUE RETAIL MARKET BY FOOD/NON-FOOD &
URBAN/RURAL SPLITS, 2010-2014........................................................................................................... 45
  1.9.4 Outlook: Food/Non-food & Urban/Rural Shares ........................................................................................ 45

Table 1.45        % BREAKDOWN OF FORECAST CONSTANT VALUE RETAIL MARKET BY
FOOD/NON-FOOD & URBAN/RURAL SPLITS, 2010-2014........................................................................ 45
  1.9.5 Outlook: Growth Rates .......................................................................................................................... 46
© Access Asia Limited, 2010                                                                                                                           Page           iv
                                                                                 Convenience Store Retailing in China 2010: A Market Analysis

Table 1.46        ANNUAL GROWTH RATES FOR FORECAST CONSTANT VALUE RETAIL MARKET BY
FOOD/NON-FOOD & URBAN/RURAL SPLITS, 2010-2014........................................................................ 46
  1.9.6 Outlook: Convenience Store Sector Measures......................................................................................... 46

Table 1.47 FORECAST TOTAL CONVENIENCE STORE SALES, PROFITS, SIZE & STAFF (ABOVE
THE GOVERNMENT STATISTICAL THRESHOLD), 2010-2014 ................................................................ 47


2 CURRENT ISSUES ..................................................................................................48
2.1 The Relative Potential Markets in Urban Areas ............................................................................................... 48
   2.1.1 The Relative Potential Markets in Urban Areas: The Retail Market Split ...................................................... 48

Table 2.1          RETAIL SALES VALUE BY HABITATION, 2003-2009 ......................................................... 48

Table 2.2      RETAIL SALES % BREAKDOWN BY HABITATION, 2003-2009 ......................................... 48
  2.1.2 The Relative Potential Markets in Urban Areas: The Leading Commercial Cities.......................................... 49

Table 2.3          LEADING CITIES KEY ECONOMIC INDICATORS, 2008 ..................................................... 49

Table 2.4          LEADING CITIES TOTAL RETAIL SALES, 2006-2008......................................................... 50

Table 2.5      LEADING CITIES PER CAPITA RETAIL SALES, 2006-2008 ............................................... 51
  2.1.3 The Relative Potential Markets in Urban Areas: High Levels of Savings – Self-taxation? ............................... 51

Table 2.6      LEADING CITIES KEY HOUSEHOLD SAVINGS INDICATORS, 2006-2008........................ 52
  2.1.4 The Relative Potential Markets in Urban Areas: Urban Consumer Spending Power ...................................... 53

Table 2.7      URBAN AVERAGE HOUSEHOLD EXPENDABLE INCOME, EXPENDITURE, SAVINGS &
POTENTIAL EXPENDABLE INCOME AFTER BASIC OUTGOINGS, 2003-2009 ...................................... 54
  2.1.5 The Relative Potential Markets in Urban Areas: China’s Leading Shoppers Only Spend US$5 A Day!............... 54

Table 2.8      US$ PER CAPITA RETAIL SALES BY TOP-, MIDDLE- & BOTTOM-SCALES, 2002-2008 54
  2.1.6 The Relative Potential Markets in Urban Areas: Defining “Consuming China” ............................................. 55

Table 2.9          POPULATION AND PER CAPITA GDP OF “CONSUMING CHINA”, 2008.......................... 55

Table 2.10        TWO COMPARATIVE ESTIMATES OF THE TOTAL SIZE AND SHAPE OF
“CONSUMING CHINA”, 2008...................................................................................................................... 55
  2.1.7 The Relative Potential Markets in Urban Areas: Quantifying “Consuming China” ......................................... 55

Table 2.11 COMPARATIVE BREAKDOWN OF AVERAGE HOUSEHOLD INCOME & SPENDING IN
“CONSUMING CHINA” CITIES’ AGAINST TOTAL NATIONAL AVERAGE, 2008 .................................... 56

2.2 Does Rural China Have a Potential? .............................................................................................................. 57
   2.2.1 Does Rural China Have a Potential?: Per-capita Sales by Province............................................................. 57

Table 2.12             RURAL AVERAGE HOUSEHOLD EXPENDABLE INCOME & EXPENDITURE, 2003-2009
                       ............................................................................................................................................ 57

Map 2.1            PER CAPITA RETAIL SALES BY PROVINCE, 2000/2007/2008 .......................................... 57

Table 2.13             PER CAPITA RETAIL SALES BY PROVINCE, 2002-2008............................................... 59

2.3 Defining The Potential Market ...................................................................................................................... 60
   2.3.1 Defining The Potential Market: So, How Big is the Consumer Market? ........................................................ 60
   2.3.2 Defining The Potential Market: The Mythical Chinese Middle Class........................................................... 60
© Access Asia Limited, 2010                                                                                            Page           v
                                                                                  Convenience Store Retailing in China 2010: A Market Analysis

Table 2.14              MIDDLE AND UPPER INCOME HOUSEHOLDS IN CHINA, 1995/2000/2005/2010/2015 60

Table 2.15     TOTAL CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS,
2005/2010/2015 ............................................................................................................................................ 61

Table 2.16 CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS & % OF TOTAL
HOUSEHOLDS, 1995/2000/2005/2010/2015 ............................................................................................... 62

2.4 The Domestic Economy (Q4 2009 and H1 2010) ............................................................................................... 63

2.5 The Chinese Government’s Five-point Plan for Domestic Economic Growth....................................................... 65
                             Five-

2.6 Private Label .............................................................................................................................................. 68

Table 2.17  CHINA TOP-100 RETAILER’S TOTAL SALES AND PRIVATE LABEL SALES
COMPARED, 2005-2009.............................................................................................................................. 69

2.7 Convenience Stores in Petrol Stations: New Activity & Opportunity................................................................... 70

Table 2.18              TOTAL NUMBER OF PETROL STATIONS IN CHINA, 2006-2008................................... 70

Table 2.19              NON-FUEL BUSINESS OF PETROCHINA & SINOPEC, 2007-2008................................ 71

Table 2.20              HAVE NOT BOUGHT THE FOLLOWING ITEMS AT PETROL STATION CONVENIENCE
STORE, 2008             ............................................................................................................................................ 72

2.8 Tale Of Two Cities: Shanghai & Beijing .......................................................................................................... 73

2.9 Linking the Chill Chain ................................................................................................................................ 74

2.10 Convenience Store Franchise Schemes ...................................................................................................... 76

Table 2.21              C-STORE: FRANCHISE SCHEME .................................................................................... 76

Table 2.22              SHANGHAI LIANGYOU JINBAN (BUDDIES): FRANCHISE SCHEME............................ 76

Table 2.23              FAMILY MART: FRANCHISE SCHEME............................................................................ 76

Table 2.24              SHANXI JINHU CONVENIENCE CHAIN: FRANCHISE SCHEME.................................... 76

Table 2.25              SHANXI TAIYUAN TANGJIU SUPERMARKET: FRANCHISE SCHEME......................... 77

Table 2.26              HEBEI GUODA CHAIN COMMERCIAL (GUODA 36524): FRANCHISE SCHEME.......... 77

Table 2.27              SUN HIGH TRADERS (SHANGHAO): FRANCHISE SCHEME ........................................ 77

Table 2.28              SUGUO (HOWDY): FRANCHISE SCHEME ...................................................................... 77

Table 2.29              KEDI: FRANCHISE SCHEME............................................................................................ 78

Table 2.30              WANDIANTONG: FRANCHISE SCHEME......................................................................... 78

2.11 Reducing Cost Through the Green Approach ................................................................................................ 78

Table 2.31              SUPERMARKET OPERATIONAL COST STRUCTURE, 2008 ......................................... 79


© Access Asia Limited, 2010                                                                                                                          Page           vi
                                                                                  Convenience Store Retailing in China 2010: A Market Analysis

Table 2.32              HYPERMARKET OPERATIONAL COST STRUCTURE, 2008 ......................................... 80

Table 2.33              UTILITY COST STRUCTURE OF FMCG RETAILERS IN CHINA, 2007-2008* ................ 80


3 COMPANY PROFILES ..............................................................................................81
3.1 Beijing Jingkelong Co., Ltd. ........................................................................................................................... 81
    3.1.1 Beijing Jingkelong: Company Details...................................................................................................... 81
    3.1.2 Beijing Jingkelong: Company Background .............................................................................................. 81

Table 3.1           BEIJING JINGKELONG CO., LTD.: NUMBER OF OUTLETS BY RETAIL FORMAT, 2003-
2009                ................................................................................................................................................ 82

Table 3.2           BEIJING JINGKELONG CO., LTD.: NUMBER OF OUTLETS, 2003-2009 ........................... 82

Table 3.3           BEIJING JINGKELONG CO., LTD.: NET OPERATING AREA, 2006-2009 .......................... 82

Table 3.4           BEIJING JINGKELONG CO., LTD.: AVERAGE SIZE OF RETAIL OUTLETS, 2006-2009 .. 83

Table 3.5 BEIJING JINGKELONG CO., LTD.: REVENUE BREAKDOWN & GROSS PROFIT MARGIN
OF DIRECTLY-OPERATED OUTLETS, 2005-2009 .................................................................................... 83

Table 3.6 BEIJING JINGKELONG CO., LTD.: REVENUE BREAKDOWN & GROSS PROFIT MARGIN
OF WHOLESALE BUSINESS, 2005-2009................................................................................................... 83

Table 3.7      BEIJING JINGKELONG CO., LTD.: SAME-STORE SALES, 2005-2008.............................. 83
  3.1.3 Beijing Jingkelong: Financial Results..................................................................................................... 84

Table 3.8           BEIJING JINGKELONG CO., LTD.: FINANCIAL RESULTS, 2004-2009* ............................ 84

3.2 China Resources Enterprise Co., Ltd. ............................................................................................................. 85
    3.2.1 China Resources Enterprise: Company Details........................................................................................ 85
    3.2.2 China Resources Enterprise: Company Background ................................................................................ 85

Table 3.9 CHINA RESOURCES ENTERPRISE CO., LTD.: PRINCIPAL RETAIL SUBSIDIARIES &
ASSOCIATES IN CHINA, END-2009 ........................................................................................................... 86

Table 3.10 CHINA RESOURCES ENTERPRISE CO., LTD.: GEOGRPAHICAL TURNOVER
BREAKDOWN OF SUPERMARKET BUSINESS, 2004-2009 ..................................................................... 86

Table 3.11   CHINA RESOURCES ENTERPRISE CO., LTD.: SUPERMARKET BUSINESS OUTLET
BY PROVINCE, 2009 ................................................................................................................................... 86

Table 3.12 CHINA RESOURCES ENTERPRISE CO., LTD.: SUPERMARKET BUSINESS
TURNOVER BREAKDOWN BY STORE FORMAT, 2008 ........................................................................... 86

Table 3.13 CHINA RESOURCES ENTERPRISE CO., LTD.: BREAKDOWN OF CR VANGUARD &
SUGUO STORES IN CHINA BY STORE FORMAT, 2004-2008.................................................................. 87

Table 3.14 CHINA RESOURCES ENTERPRISE CO., LTD.: BREAKDOWN OF STORES IN CHINA &
HONG KONG BY FORMAT, 2008-2009 ...................................................................................................... 88

Table 3.15 CHINA RESOURCES ENTERPRISE CO., LTD.: BREAKDOWN OF CR VANGUARD &
SUGUO STORES IN CHINA BY STORE MANAGEMENT (FRANCHISE/SELF-OPERATED), 2004-2008 89



© Access Asia Limited, 2010                                                                                                                          Page           vii
                                                                                   Convenience Store Retailing in China 2010: A Market Analysis

Table 3.16      CHINA RESOURCES ENTERPRISE CO., LTD.: NUMBER OF SUGUO, CR VANGUARD
STORES IN CHINA, 2004-2008 ................................................................................................................... 89
  New Formats............................................................................................................................................... 89

Table 3.17      CHINA RESOURCES ENTERPRISE CO., LTD.: CR VANGUARD STORES IN CHINA,
2006-2008       ............................................................................................................................................ 90
  Geographical Spread & Ownership................................................................................................................ 91

Table 3.18  CHINA RESOURCES ENTERPRISE: CR VANGUARD STORES BY GEOGRAPHICAL
LOCATION & OWNERSHIP IN CHINA, 2006-2008..................................................................................... 91

Table 3.19   CHINA RESOURCES ENTERPRISE: CR VANGUARD STORES BY GEOGRAPHICAL
LOCATION, 2006-2008 ................................................................................................................................ 91

Table 3.20               CHINA RESOURCES ENTERPRISE CO., LTD.: SUGUO STORES IN CHINA, 2004-2008.
                         ............................................................................................................................................ 92

Table 3.21      CHINA RESOURCES ENTERPRISE CO., LTD.: SUGUO STORES BY GEOGRAPHICAL
LOCATION IN CHINA, 2004-2008 ............................................................................................................... 92
  Same Store Sales ........................................................................................................................................ 93

Table 3.22       CHINA RESOURCES ENTERPRISE CO., LTD.: SAME-STORE SALES OF
SUPERMARKET BUSINESS, 2003-2009 .................................................................................................... 93
  Recent Activities......................................................................................................................................... 93
  3.2.3 China Resources Enterprise: Financial Results....................................................................................... 93

Table 3.23 CHINA RESOURCES ENTERPRISE CO., LTD.: FINANCIAL RESULTS OF
SUPERMARKET BUSINESS, 2004-2009*................................................................................................... 94

3.3 Convenience Retail Asia Ltd. (Circle K).......................................................................................................... 94
    3.3.1 Convenience Retail Asia: Company Details ............................................................................................. 94
    3.3.2 Convenience Retail Asia: China-based Activities .................................................................................... 94

Table 3.24    CONVENIENCE RETAIL ASIA LTD.: NUMBER OF CIRCLE K STORES IN CHINA, 2002-
2009 & 1Q2009-1Q2010............................................................................................................................... 95

Table 3.25      CONVENIENCE RETAIL ASIA LTD.: COMPARABLE STORE SALES IN SOUTHERN
CHINA, 2006- 2009 & 1Q2
								
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