Suning, Evergrande Group to set up JV to accelerate smart retail

Source: Xinhua| 2018-06-23 13:58:44|Editor: Yamei
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BEIJING, June 23 (Xinhua) -- A wholly-owned subsidiary of plans to partner with property developer Evergrande Group on a joint venture to promote smart retail, Suning announced Friday.

Suning Plaza Commercial Property Management Company will invest 9.8 billion yuan (1.5 billion U.S. dollars) in the new firm, holding 49 percent of the joint venture, while Evergrande Group will invest 10.2 billion yuan, according to a statement from Suning.

The joint venture will develop and run Suning's commercial plazas combining online and offline retail services, the statement said.

In recent years, Suning has stepped up efforts to combine e-commerce with offline business to promote the development of smart retail.

Suning partnered with property developers like Wanda and Country Garden this year to expand its offline retail presence. It aims to develop 300 Suning plazas by 2020.

During the mid-year online shopping spree, Suning saw its sales up 121 percent year on year during the period, with smart retail business sales growing 30 percent year on year.