Foreign Property News | Posted by Aye Myat Thu
China’s second-ranking e-commerce company continues to expand its online empire into the offline world as JD.com’s founder and chief executive vowed late last week to open 1,000 stores every day this year.
“As of last month, JD.com opened 1,000 convenience stores in China every week. Our target is to open 1,000 stores every day by year-end. Almost every store would be franchised,” Liu Qiangdong, CEO of JD.com said at a conference in the southwestern city of Chongqing, which was first reported in local media.
50,000 Franchisees Apply to Open a Store Daily
The ambitious aim is a part of a plan the retail giant announced last April, when Liu declared that the e-commerce company would open one million convenience stores in the next five years, with half of these located in rural areas. Run on a franchise model, JD.com’s convenience stores are opened and operated by independent investors. Potential franchisees may apply for loans from the retail behemoth to facilitate opening a shop.
“We receive 50,000 applications every day. The applicants are mostly migrant workers who have returned to their villages or small towns. Jingdong Finance would provide them with loans to open stores.
They can earn more than RMB 8,000 each month,” Liu said in the conference, as cited by local media.
The plan’s first batch of shops, comprising 1,111 stores, opened their doors to customers on the same day last November.
when Liu declared that the e-commerce company would open one million convenience stores in the next five years, with half of these located in rural areas. Run on a franchise model, JD.com’s convenience stores are opened and operated by independent investors. Potential franchisees may apply for loans from the retail behemoth to facilitate opening a shop.
Ref : Property Report
