Tiens Closes BannerStore In Beijing
According reports from local media, Tiens Group has closed its only supermarket in Beijing — the outlet operated under the brand name of BannerStore.
A representative from the leasing department of Beijing Ocean International Mansion said that BannerStore had only one outlet in Beijing, which lead to inconvenience in distribution and management as well as high logistics costs. In addition, the labor costs of the store were higher than general supermarkets. These factors contributed to the difficulties BannerStore had in making a profit in Beijing.
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Tiens Plans To Open More BannerStores In 2008
Li Jinyuan, president of Tiens Group, told First Financial Daily that BannerStore, a supermarket brand owned by Tiens Group, will start its global expansion in 2008.
Apart from opening 2,000 franchise chain stores abroad, the group will invest money to open 1000 domestic Chinese stores. In addition, it formally starts cooperation with China Post Logistics Corporation to realize the greater development.
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