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| Jiangsu-based Times is an operator of hypermarket and supermarket under the Times and Times Extra banners in the provinces of Jiangsu, Zhejiang, Anhui and Shandong and in the municipality of Shanghai.
The company focuses its operation in the fast-growing and affluent second and third tier cities in eastern China. Times is also increasingly focusing on large-scale hypermarket stores, rather than smaller supermarkets, due to the greater efficiency of the larger format. Times obtained 93.28% of its revenue from the hypermarket business in 2008, up from 85.22% in 2006. In October 2009, South Korea’s Lotte Shopping agreed to pay up to US$650m to buy Times to enable the South Korean firm to expand more rapidly in China. Lotte Shopping operates Lotte Mart in Beijing, Tianjin and Shandong and a department store in Beijing. Times will give Lotte Shopping a presence in eastern China. Times was delisted from the Hong Kong Stock Exchange in May 2010. |
Additional Information
Access Asia’s Company Profile series of reports are meant to provide independent analysis on Chinese companies either in the news, or on the M&A radar. All company profiles contain contact details, company background and history, key activities in China, a SWOT analysis and key financial figures. We also include any key company events that have made the news, new product releases and branding activity.
