Retailers/CR Vanguard/News

China Resources Vanguard news

23 September 2014
CR Vanguard's stores have started carrying Tesco branded products and it is reported that more than 700 SKUs will be listed by the end of the year. A stronger private label portfolio The first batch of Tesco products listed include some of Tesco's top selling products in both food and non-food, such as crisps, honey, sesame seeds, gloves and liquid laundry products. It is a good complime...
21 August 2014
China Resources Enterprise has reported half year results for the six months to 30 June 2014, with the turnover of its retail division rising 9.8% to HK$52,589m and profit up 9.9% to HK$700m. However, excluding the after-tax asset revaluation surplus, following its JV with Tesco, the retail division actually saw profit decline 29.6%. Trading environment and e-commerce growth impacting sales ...
29 May 2014
The CRE and Tesco joint venture has been approved by the Chinese authorities, with no material changes in the agreement. CRE and Tesco will hold 80% and 20% respective interests. Tesco brand to be phased out of China The partnership which was first announced last August and confirmed in October , will see Tesco inject all of its 135 mainland stores into the joint venture, creating China'...
27 May 2014
China Resources Vanguard has announced that it will further expand its convenience store chain V>nGo to 12 more metro stations in Hangzhou, Zhejiang Province. V>nGo in Hangzhou V> nGo opened 25 convenience stores in Hangzhou in November 2012 with the opening of Metro Line 1. It currently has 14 shops on the ground and 26 metro convenience store. The 12 new stores will be opened at stations of l...
27 May 2014
CRE reported turnover of HK$28 bn (US$3.6 bn) from retail division, representing an increase of 8.3% from the same quarter last year, and attributable profit down 10.3% to HK$471 mn (US$61 mn). Like-for-like down 0.4% Retail division saw a 0.4% decrease in like-for-like growth overall, due to the slowdown in domestic economy, less consumption of luxury products and pressure from e-commerce. ...
24 March 2014
China Resources Enterprise reported turnover of its retail division to have increased by 14.0% year-on-year to HK$ 95,174m in 2013. Same store sales growth increased by 4.7% year-on-year. At the end of 2013, CRE operated over 4,600 stores in China, of which approximately 83% were self-operated. Continues to expand The retail division continued to extend its network into new regions and to im...
20 February 2014
With the economic slowdown weighing on the retail industry in China, many retailers are easing up on the pace of store openings in 2014. Chinese chain CR Vanguard (China Resources Enterprise) said it plans to open 8 hypermarkets and 50 convenience stores in eastern China this year. The retailer currently operates 351 stores in the region. Lotte Mart, the largest retailer in South Korea annou...
30 January 2014
.style1 { text-align: center; }.style2 { text-align: right; font-weight: normal; } Spring Festival, the biggest festival of the year in China, is not only a time for reunions, but also the busiest period in the Chinese retail calendar. During the last Spring Festival holiday in 2013, sales at stores and restaurants around the country surpassed RMB539 bn (USD89 bn). With all the gatherings a...
14 November 2013
Whilst China Resources Enterprise's retail division reported double digit turnover growth for the third quarter, profit saw a steep decline. Retail: consistent turnover performance, but feeling cost pressures CRE's reported 14.5% growth in turnover for the third quarter, to HKD112.4 billion (US$14.5 billion). Each of its consumer goods divisions made a positive contribution to this performan...
04 November 2013
A series of key retail developments in China over the last month will reshape the competitive landscape: we assess the latest news from the grocery market’s movers and shakers. A new phase of consolidation Out of the haze of speculation around potential partnerships in China’s grocery market, two key deals have emerged in the last few weeks. Firstly Tesco’s joint venture with China Resource...