Suning continues to expand: acquired 37 department stores of Wanda Group
Suning president and Inter owner, Zhang Jindong, announced that his company has acquired 37 stores of Wanda Department Store, part of the Wanda Group conglomerate.
The announcement arrived at the meeting for Lunar New Year and terms of agreement are not disclosed according to Sina France. The 37 stores are mainly located in the central districts or areas of China’s first and second tier cities and have annual customer traffic of nearly 3.2 billion people. Thanks to this acquisition, Suning.com intends to take advantage of the power of new technology such as big data and artificial intelligence.
“The growth of retail industry cannot be based on traditional models. It is necessary to improve efficiency and experience using Internet technology in a way that our customers can receive quality of service,” said Zhang Jindong.
Source: Sina France