In Markets

Wanda Department Store renamed to Suning.com Plaza

Suning

Chinese retailer Wanda Department Store will be renamed to Suning.com Plaza, with the first store change to take place by end of May, according to its new owner, Suning.com.

SEE ALSO : Suning develops omnichannel smart retail through Wanda department stores

Part of the Suning Holdings group, Suning.com CEO Hou Enlong said in a press release that the 37 Wanda stores will adopt the name change, but will continue to operate based on the previous supplier advantages accumulated by Wanda. The CEO added that the new store model will be transformed into “an innovative, smart-retail commercial complex, where it enables nowadays urban consumers to eat, shop and entertain.”

The malls will connect Suning’s financial payment methods and provide Suning Logistics free three-kilometre delivery service to shoppers. It will also see the Nanjing-based firm invest in domestic and overseas supply chains to bring in international brands and collaborate with popular fashion buyers, the company added.

In March, Suning signed a strategic agreement with Italy Trade Agency to strengthen cooperation between the two parties in introducing quality Italian brands into the Chinese market towards Suning’s online and offline platforms.

“It is seen as an important step for Suning to further enhance its overseas supply chain capability, specializing in fashion and general merchandise category,” said the company, which also operates RedBaby, Suning JIWU and Suning Convenience Stores.

In February, Suning acquired Wanda Department Stores nationwide from its previous owner, Wanda Group, which is Chinese commercial real estate developer.

The bricks-and-mortar retail portfolio was purchased to help facilitate merchandise supply chains, to service local consumers and boost profits in the Chinese retail market.

SEE ALSO : Dazed launches in China with Yoho platform

Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan. In 2018, Suning Holdings ranked second among the top 500 non-state owned enterprises in China with annual revenues of 80.85 billion USD (557.9 billion RMB).

Follow Retail in Asia on Facebook, Twitter and LinkedIn.

Get our top stories delivered to your inbox:

 

Stay ahead
Subscribe for free!
Register now
Stay ahead